Buy-to-Let; helping to supplement your income
We know that almost instinctively, that over the longer term, UK property is a great investment and buy-to-let offers security that also delivers good returns. With property prices, and rental rates on the rise combined with the increasing demand for rental properties; the buy-to-let market is fast becoming more lucrative.
Therefore, it is no surprise that the number of part-time landlords in the private rental sector has reached its highest level ever. The National Landlord Association (NLA) that represents a body of 1.4 million landlords across the UK has revealed that 70% of landlords are classified as either part-time or amateur. I am proud to say that I, myself am a part-time landlord and have been for close to 10 years. I've always had a real interest in property and in particular buy-to-let. I think I am really lucky to have been able to enter the property market when I did. It's amazing the surprise on people's faces when they realise I am a landlord, I guess I don't suit the stereotypical image of a landlord.
Part-time landlords are often bashed for their inexperience and lack of awareness regarding their obligations and responsibilities to their tenants. Select Property published a piece on the topic of part-time landlords and the increasing number that are using buy-to-let to supplement their income. The research gathered from the NLA highlighted that “over a quarter of private sector landlords have owned their property for less than five years.” As previously mentioned, I have been in the business for close to 10 years and as expected it has been a challenging yet rewarding journey that I have learnt a lot from. The Chief Executive Officer of the NLA, Richard Lambert made a statement directed at all the part-time landlords in the private sector stressing the importance of the responsibilities.
“Even the most seasoned of landlords experience problems, so it is crucial that anyone new to the industry is aware of their obligations and understands that being a landlord involves much more than simply purchasing a property.”
I could not agree more with Richard Lambert’s statement, being a landlord is anything but a walk in the park, it is like running a business. You must accept the risks with the rewards. It is crucial that landlords are educated on their responsibilities and obligations, and finding that balance between profit and service. However, I would encourage everyone to invest and make a return from buy-to-let. Select Property states that “high yields and strong capital appreciation associated with property in the UK’s private rented sector are persuading an increasing amount of people to invest in buy-to-let property.”
With rental rates predicted to increase over the past 12 months, some might say there is no better time to invest in buy-to-let property. Whether you are interested in becoming a landlord or even a property investor, the buy-to-let market is a great way for young professionals, mothers, everyone and anyone to supplement their income.
At CrowdLords we are making it possible for people to do just that. We are big believers that more people should be given the opportunity to invest in buy-to-let regardless of their income or knowledge. We are in support of educating the UKs part-time landlords, as we intend to provide the necessary advice and access to tools required to create a pool of trust worthy landlords that meet with the standards of the private rental sector.
Are you interested is being a landlord and running your own business?
Read Select Property's full article here.
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