“Worst Winter in Decades” Landlords Advised to Prepare!
As the Beast from the East threatens to make a comeback, landlords of buy-to-let properties would do well to ensure premises are winter ready before temperatures threaten to plunge to levels much colder and snowier than average for this time of year and to avoid further costs.
Landlords have a duty of care to tenants and a responsibility to ensure properties (even empty ones) are weather-proof to avoid small problems turning into expensive jobs.
With new buy-to-let tax laws being enforced in April 2020 which could see thousands of ‘accidental’ landlords taking a financial hit due to tax relief savings being scrapped, not having enough insurance in place could potentially force many landlords to sell up as they struggle to pay thousands of pounds in add-on duties when they eventually sell a property due to capital gains tax protection being taken away.
Landlords have been hit hard in recent times due to a number of buy-to-let reforms that have cut deep into the wallets of property owners. From the phasing out of tax breaks on mortgage interest payments to stricter regulation surrounding the eviction of tenants, only time will tell if there is still a profit to be made from buy-to-let properties or if landlords will need to go down a different route when planning a portfolio.
5 ways to protect your property; Bleed radiators, Insulate pipes, Unblock guttering and drains, Seal doors and windows and switch on central heating for at least an hour a day during winter!