While buy-to-let landlords will face higher buying costs from the start of April, spring is an ideal time to find your next property investment. So get looking this Easter weekend!
From 1st April, landlords and second homebuyers will be charged an extra 3% in Stamp Duty on homes worth over £40,000. Last week’s Budget confirmed that large-scale investors will also face the additional charge.
Although recent months have seen a rush of buy-to-let landlords into the property market trying to avoid the charge, it is unclear how the housing sector will change when the surcharge is enforced. As demand is still incredible strong, and many young Brits believe they will be renting for the rest of their lives, buy-to-let still looks to be a lucrative business.
As rental demand looks set to remain strong, follow our top tips on finding your next property investment this spring:
Take advantage of longer days
With longer, lighter days comes the opportunity for more viewing time. If you’re trying to fit in lots of viewings, you will have more daylight hours to have a good look around from Easter Sunday.
While everything looks nicer in the spring, you can also see a property’s full potential – how much natural light comes in, how much sunlight the garden gets, and how the flowers and trees bloom.
If you’re viewing later on in the day, you’ll also get a better chance to see the exterior of the property and the other houses on the street.
While we may not yet have virtual reality property viewings, there are many ways that you can use technology to your advantage when searching for a new property or home.
Start off your search by browsing on the top property portals, such as Rightmove and Zoopla, to find out what’s on offer in the area you’re interested in. You will also get a good idea of prices and you can search for rental properties in the area to work out the average rent price for that spot.
If you’re a bit more tech savvy, why not try the Knocker app? You may be taking an Easter trip to a certain area this weekend and want to know what’s on offer there – simply take out your smartphone in the place you’re looking, and a selection of available properties will be at your disposal!
Make sure it’s energy efficient
A property investment is not just for Easter, or so the saying goes… So you need to make sure that it will comply with legislation set to be introduced in the future. From April 2018, all rental properties must be above an F or G energy efficiency rating.
If you let a property that is under an E rating from this date, you will be liable for a penalty. Therefore, you must check certain aspects of the property before you seal the deal. Ask about the boiler, whether the windows are double or triple glazed, and what type of loft and wall insulation the home has.
Also, be aware that as of April 2016, tenants have the right to request energy efficiency improvements on their rental properties. While you are not required to conduct the work, you cannot reasonably deny a tenant to undertake improvements themselves.
Looking in London?
If you’re looking for a new build property to invest in in London, take a trip to the capital this Easter weekend to enjoy family attractions between viewings.
Here are the latest developments for you to consider: https://landlordnews.co.uk/go-london-property-easter-hunt-weekend/
Happy property hunting!