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According to one landlord, the answer is a resounding “yes”. An Oxford landlady has decided to sell up after 13 years running a profitable buy to let flat in Oxford. She has recounted her experiences in the Guardian, including some of the valuable lessons she learned during her time as a landlady in Oxford.
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Increased Costs and Legislative Burden
This landlady’s main reason for leaving the private rental sector is the increase in costs and legislation. The government is reducing mortgage interest tax relief and stamp duty on second homes has gone up. It is no longer as profitable in the buy to let sector if you finance your properties with a mortgage. There is also Brexit and a general dampening of the economy. Even experienced landlords like Fergus Wilson are convinced that buy to let is no longer a smart investment. Nevertheless, if you do want to invest in property, take heed of the Oxford landlady’s tips.
Landlord Tips
- Carry out regular tenant inspections – this landlady learned the hard way that failing to check up on tenants means you may miss major problems, such as pet damage.
- Document everything – Documenting conversations covers you if there is a dispute.
- Buy boiler insurance – Boilers break down, often in winter, but an insurance policy gives you and the tenant peace of mind.
- Hang on to good tenants – Don’t be too quick to put the rent up if you have a reliable tenant.
Find out what other landlords have to say here:
The UK’s Largest Landlord Says He Wouldn’t Become a Buy to Let Landlord Now
Although, not all landlords think that buy to let is in trouble:
