Are you making the most you can?
Are you maximising your profit as a buy-to-let landlord?
Buy to let has become an increasingly popular form of investment in the last 10 to 15 years. However, being a property landlord does not just mean buying a property, renting it out and waiting for the money to roll in.
As a landlord you have certain responsibilities in relation to the property you have bought and rented out, in particular maintenance of the exterior. While the tenant may be responsible for internal maintenance, you are responsible for making sure that the property is dry and sound. While you can certainly offset the cost of property maintenance against rental income in order to reduce your tax liability, this doesn’t mean maintenance is free.
It goes without saying that to maximise your investment, you not only need to look after the property, but you also don’t want it to be a money pit where you are continually spending good money after bad trying to keep it in reasonable condition.
One of the mistakes a number of property landlords make is to continually repair tired and rotting fascia boards, leaking guttering and dodgy downpipes. If you do the maintenance yourself, this can eat up valuable time, time you could be better spent doing something else. If you have to employ somebody to do this maintenance, then it is your pocket that hurts afterwards. So, the best plan, is to minimise your annual maintenance budget.
Where the outside of your property is concerned, replacing wooden fascia boards and old cast-iron guttering and downpipes with plastic fascias, plastic guttering, plastic downpipes and using plastic building materials wherever possible will drastically reduce your maintenance liability and, over not too long a period of time, will save you time and money.
If you’re a property landlord you would do well to either call us or pay us a visit at our outlets in Yate, near Bristol, Bath, and also in Hereford where you may be surprised to see just how economical building plastics are.