This article explores what registering your business will mean for you as a sole trader, what the benefits of registering a business are, & why to consider it.
For a good while, buy-to-let schemes have proved to be profitable in the United Kingdom. Last year, rental prices in England rose by 1%; Wales was the second best market with a 0.9% growth in rental prices. Any estate owner can give the buy-to-let scheme a try with good prospects of earnings; it’s easy to find tenants thanks to social media and websites, and rental prices can be established without much research. Now, you need to consider some important factors before you launch yourself into the landlord scene.
Looking for tenants? Adapt your property for accessibility
Legally, you’re not bound to make renovations to your property to make it accessible. However, doing so will help you expand your base of potential tenants.
An accessible house that features proper ramps, wide enough doors and adapted bathrooms, will have a competitive advantage over other properties without those features, even if the people moving in are not disabled. 47% of Brits have stated that they’re more likely to choose a property with a bathroom on the ground floor. Depending on the structure of the house, these renovations won't be costly, and will add a lot of competitive value to your property.
Sign up for a virtual mailbox
Running an independent business can push your personal boundaries and become too intrusive on your daily life. A dedicated virtual mailbox for your business-related messages will prevent this from happening.
Not only will you be able to switch off and give yourself some much needed mental rest, but also, you’ll be protecting your valuable personal information.
A virtual mailbox will also help you to seem more professional and reliable, creating a good impression with prospective tenants. No tenant would be happy with their landlords mail turning up at their new home!
Landlord tip - Seek legal advice from the very start
Seeking legal advice from the beginning of your venture is a must, you don’t want to mess up with law or taxes. The British Landlord Association gives legal advice for free, so make sure to check out the resources they offer.
You can learn about the process of registering as a landlord, how to handle difficult tenants and evictions, unusual situations with tenants and many more. You will need to contact other advisers for enquiries about building and planning, deposits, and court proceedings.
The buy-to-let market is alive and promising
Buy-to-let schemes, when managed correctly, have proven to be so profitable that some people consider them an option for retirement. Personal financing schemes include buy-to-let strategies as a viable way to fund your later life or finance major projects like business investments and careers. If you get ready from the beginning, with the right advice and the proper measures taken, becoming a landlord can change your life for the better.