If you’re a landlord in Chorley, chances are you’re feeling a bit hard done by at the moment. It seems like every week, new legislation and regulations plus revisions to current landlord and tenant laws are being announced, which means you have to change the way you work and may face higher taxes.

But is it really that bad?

Is it time to put your properties on the market?

We definitely don’t think so.

In this quick read, we explain why investing in buy-to-let property is still a good idea if you’ve got the money (and the patience).

Rental demand

The pandemic turned the property world upside down. Suddenly, the UK urban rental market went flat, whilst rural and suburban rental markets saw a surge in demand. People couldn’t move around so vacant properties stayed empty and tenancies lasted longer.

However, as the world tries to get back to normal, many people have returned to their offices, and students are looking for accommodation. So, it’s a good time to get back in the game. Demand for rental properties will always go up and down but currently in the UK, due primarily to a huge lack of available rental properties, it looks like rental prices are staying high.

Steady income

Most people, usually those who have no knowledge of the industry, think being a landlord is the key to getting rich quick – but that’s never been the case. It’s about the long game, property is still a popular alternative/addition to a pension.

There are lots of costs involved with being a landlord, but ultimately, if you manage your investment carefully, it will pay off. If you’re a part-time landlord, you can expect a regular sum to supplement your monthly income. If you’re a full-time landlord with multiple properties, you’ll see a rise in income as demand increases.

Buying (and spending) sensibly

As a landlord, the first rule to remember is that it’s not your home, it’s a business. Take your time finding a buy-to-let and decide whether you want a no-hassle ready to move-in rental property or a renovation project to which you can add value. A good letting agent can tell you what style properties and local areas are the best to invest in, how much rent to expect and the necessary changes that need to be made to maximise earning potential.

If you watch your pennies and don’t pay out too much for décor and furnishings, you can still earn a respectable income once you’ve taken taxes and other expenses into account.

Saving for retirement

Despite changes to tax laws and what you can claim in expenses, one thing remains the same: your rental property is an investment into your future. Many people look at rental properties as part of their retirement income, either by the monthly rental yields or by selling the property on in later years.

Being a landlord isn’t an easy route to riches; it takes a lot of hard work and commitment. However, if you maintain the property and work with a regulated and reliable letting agent, it’s still worth investing in the buy-to-let market.

We highly recommend speaking with a financial advisor before you commit to ensure this is the right decision for you.

If you’re looking to invest in a buy-to-let in Chorley, Leyland, Preston or the surrounding areas, contact our lettings specialists at PR Lettings & Management for help and advice.