Buy to let changes
The National Association of Estate Agents (NAEA) has announced that the supply of housing has fallen to a fourteen year low as buy to let investors seek to make final purchases before the landlord’s stamp duty hike in April.
On average they say, an estate agent only has 33 properties on their books per store. And as landlords try to finalise last-minute deals, many others have been left contemplating increased costs that will soon begin to bite.
After April, an increased rate of stamp duty on second homes will make it more difficult for investors to expand their portfolios.
More worrying still, landlords will soon no longer be able to deduct as much mortgage interest from their tax bill.
The Telegraph reports that these changes could lead to many landlords making a loss. Many, they say, will be forced to sell properties or increase rents.
Over the next weeks and months, it will become more important for landlords to reign in their costs if they are going to continue making profit, or avoid making a loss.
There are several ways that landlords can reduce their monthly outgoings.
They can try to make savings by letting and managing properties themselves. But this is usually too much hassle.
Another option is to reduce maintenance costs. There are several ways of doing this. You can minimise maintenance costs by investing in solid furniture and fittings from the outset.
Cut down on services by carrying out any work yourself, or better yet eliminate the work completely. Artificial grass is a great way of negating the need for garden work. You can also decrease your tax obligation by claiming an allowance for general ‘wear and tear’ to a property.
There are a number of benefits for artificial grass that are specific to landlords.
Advantages of artificial grass for landlords
- Kerb appeal – When you are trying to attract new tenants it is important to make the most of your properties kerb appeal. People decide whether they like a property within a few seconds of seeing it. Make sure your first impression is a lasting one by scrapping that scratchy turf and laying some fresh bright artificial grass.
- Less worry – Artificial grass is tough. And Cheshire Artificial Grass’ Springback technology is especially tough. You won’t have to worry about your tenants damaging the turf because it’s very tough.
- Target older buyers and families – Artificial grass is perfect for a certain type of person which just so happens to also be the ideal tenant for landlords. Older renters and families tend to take out long term rents and are fairly clean. Retired people who are looking to downsize often want their rental to be easy to manager. Families who have children and pets also love the idea of having an open garden that can be used all year round.