Top 5 most costly mistakes landlords make
Being a landlord comes with its own set of challenges, and mistakes can be costly both in terms of time and money. Here are five of the most common landlord mistakes that can have significant consequences:
The UK government introduced a significant directive, aimed at addressing issues of damp and mould in rental properties. These new guidelines place a strong emphasis on private landlords, holding them accountable for the condition of their rental units and introducing unlimited fines and (in the most serious of cases) legal action, for those who neglect damp and mould problems. Housing Secretary Michael Gove emphasised that these issues are not the result of ‘lifestyle choices’ but rather the responsibility of landlords to identify and address the root causes, such as structural problems or inadequate ventilation.
The largest overhaul of the PRS in 3 decades.
The thought of Section 21 being abolished and fixed term tenancies no longer being an option is enough to make most property investors ‘tap out early’.
Coupled with the recent Section 24 tax implications, what feels like never ending hikes in mortgage interest rates and looming EPC legislation – it’s not hard to see why landlords are leaving the sector.
In the week that we were all poised for the publication of the Renters’ Reform Bill, set to be the biggest shake up of the PRS, in over three decades, we heard, yesterday, that it was being postponed due to “procedural issues.”
This leaves us all waiting in limbo, with few details of time frames. What we do have, however, is the Government’s White Paper, which was published in June of last year (2022), so let’s have a look at the major points here…
As property investors and letting agents, we are regularly having conversations with people about compliance. What often comes across is that people find it changeable and confusing. It is changeable, this is true, but it needn’t be confusing. With this in mind, we have put together a series on some of the most common compliance issues, in an attempt to explain them, in a way which is succinct and non-confusing. The seventh in this series is all about the recent amendment to the Smoke and Fire Alarms Regulations, which came into effect on 1st October.
