Who wants to be a landlord?
As the National Landlords Association (NLA) meets with new Junior Housing Minister, Heather Wheeler, to discuss the future of tenancy policy, Adore Properties MD, Jeremy O’Connor, looks at some of the challenges facing landlords today.
Imagine having a home, steadily increasing in value to make a handsome addition to your pension pot; paid by someone else. This is the dream many hope to achieve when they consider renting properties.
Sadly, this dream is increasingly turning into more of a nightmare as regulations increase, leaving even the most scrupulous of landlords in danger of falling foul of the law. I’ve written previously about the struggles faced by landlords, including the tenants fee ban.
Now, with the new housing minister suggesting minimum three-year tenancy proposals, finding suitable tenants could become even more of an issue and, as the NLA state, fail to incentivise landlords to offer a wider rage of tenancies to cater for the increasingly diverse range of what tenants may need.
One of the ways those wishing to make an income from property can safely do so is to work with a local estate agency. A team to help source and vet tenants, keep abreast of the latest in rules and regulations, complete paperwork and manage issues as they arise.
Becoming a landlord, whether it is for one property or several, can still be a worthwhile pursuit. However, without professional support, it can quickly become a headache that will make people think twice.