As a veteran landlord, what would you say to a prospective investor as he or she apprehensively eyes the precarious trail to the summit of the UK property market?
Being a landlord anywhere, but particularly in the UK, is nothing short of an extraordinary experience. HMO licences, inventories, gas safety checks, deposit protection, prescribed information, landlord training, and Rent Smart Wales are just a few of the many obstacles you will encounter on your landlord journey.
But, if you like a challenge, go ahead, fasten up those bootlaces and start climbing.
It is true that 2016 was not an easy one for the PRS landlord. Nor was 2015 before it.
An avalanche of legislative changes have been forced upon the sector by the Government in the space of just a year, from changes to Mortgage Interest Relief to the introduction of mandatory licensing in Wales.
Despite this uncertain landscape, experienced landlords are standing firm – remaining in the market and navigating the rocky roads of the UK property owning experience.
A resilient bunch, additional licensing, changes to the wear and tear allowance and the impending introduction of minimum EPC ratings have failed to knock the majority of RLA landlords off their stride.
Of course there are some who have left the market – either by choice or because the regulatory burden has got too much. This is normal – and is a decision not taken lightly.
However, for those determined to continue we would advise them – be realistic. Keep the summit in sight, but know that challenges lie ahead.
For those embarking on this journey for the first time the task ahead can seem overwhelming. But fear not, we at the Residential Landlords Association (RLA) are here to be your guides and offer essential landlord help.
Our advice team, with their unrivalled knowledge of UK housing issues, is available daily to answer your questions and offer help and advice.
We will also keep you up to date with all new legislation. Our policy team cannot control the regulators, but they are constantly fighting for your interests at Westminster and local level.
We also offer a dynamic and contemporary training programme, covering everything from preventing Legionnaire’s Disease to understanding mortgage tax changes, competitive deposit protection rates, and networking opportunities with other landlords on RLA forums.
RLA membership is an essential for providing support, advice, services, discounts, advice, and landlord help
You wouldn’t think of climbing a mountain without at least a harness and a helmet, so it would be wise to provide a similar level of care towards your investments – whether that is a single rental home or a portfolio of properties.
The RLA’s full landlord help package of resources for private landlords can offer that peace of mind.
2017 promises to be another challenging year. We will begin to see the first effects of the reduction in mortgage interest relief and in Wales the introduction of standard tenancy contracts.
There is more to come with the UK-wide Smart Meter roll-out, minimum energy efficiency requirements to prepare for, and the ever changing number of additional and mandatory licensing schemes being introduced.
Yes, there may be a steep climb ahead – but that first step is one step closer to the summit. With the RLA by your side to help you every step of the way, you will soon be in a position to confidently stride though this treacherous terrain, steering your property portfolio in the direction you want it to go.
So the question is… are you ready to take on the challenge?