2022 is drawing to a close, and you may already be looking forward to the new year ahead. If you are a landlord in Peterborough, preparation is the key to success for 2023. There are a lot of changes coming and you need to be prepared for them. Inflation and the cost-of-living crisis is affecting lots of people. In turn, it will affect the housing market and is probably affecting your tenants too.
Based on the current climate, it is crucial that as a landlord you prepare for success in 2023. You need to be efficient with your future-proof planning. It’s essential that you are up to date with all the legislation changes and rent caps in your area too. When you work with the team here at AGT Property Management and Lettings you can rest assured that you will get the help you need to prepare for success in 2023.
It’s a good idea to set yourself realistic goals. This way you will be planning ahead and be prepared for whatever comes your way. By planning ahead and staying organised you will be far more likely to achieve the goals that you set yourself. It’s easy not to feel positive or optimistic about the year ahead, but when you have goals and a plan in place, positivity will soon follow.
You may want to consider diversifying your rented property portfolio. Think about the sort of people that will be looking to rent in 2023. Do you have properties that will suit their needs? Many Peterborough landlords have been looking into HMO properties. These are particularly popular in Peterborough due to lower living costs for tenants. The new university in Peterborough has meant a rise in the need for student accommodation too.
While some people may say that now isn’t the time for focusing on portfolio growth, you may feel it’s right for you. There are interest-only mortgages available that offer landlords the financial freedom they are looking for. Houses prices are currently dropping too, so you could be able to snap up a bargain for your next rented property.
Take the time to look at your existing rented properties too. Is there anything you can do to improve them and charge more for them? By improving your rented properties, you are showing your existing tenants that you care about them. They’ll also see what they are getting for their money. This can help with tenants staying in your property longer, reducing the risk of vacant properties. Then, when the tenants move out, you could charge more for the rented property.
When you are a landlord preparing for success in 2023 you need to start by breaking down what needs to be done. This could be arranging your EPC assessments, applying for loans, updating your properties or more.
Need help managing your rented properties in Peterborough? Call us now.
