Any of the strategies I listed or a different one, or a combination of several of them , when applied effectively, can get you to where you need to be. Each of them has different risk factors, requires different time commitments, are suited to different skill sets, and so on. Someone else might be hopeless at anything hands-on, but a master negotiator. To take the pressure off though, remember: Having an appropriate goal and a solid strategy to get you there are essential, sure — but nothing is going to happen until you actually take the steps that are necessary to execute that strategy.
The best things usually are. However big, ambitious and far in the future a goal seems to be, all goals are achieved in exactly the same way: Sub-goals are how you stay on track: Think of them as mile markers at the side of a marathon course. So, this final step in your plan is about breaking that big goal down into sub-goals, and those sub-goals down into bite-sized individual tasks. These two types of task will both appear in your weekly, monthly and quarterly to-do lists. A useful way of planning your time is to start by filling in your recurring tasks — like going through portals to find new potential acquisitions every day, and calling agents to follow up on offers once per week — then adding your recurring tasks on top.
Just like you break a goal down into sub-goals and sub-goals down into tasks, I favour breaking every one-off task down into the smallest possible unit. Because it seems nebulous and you can never identify a block of time when you can do it from start to finish, you can end up never doing it at all. The solution is to break every task down into as many sub-tasks as possible.
A property business is no exception. The types of task that fall within each function will depend on your business plan. Could the business achieve better results if you bring in specialists to do what they do best? You could go big and employ an assistant to view properties and make offers for you, or just make sure you outsource functions like management and accountancy to the relevant professionals. Its power is in its simplicity: There may also be an additional fee to set up a tenancy agreement.
By law, deposits must be placed in a government-backed tenancy deposit protection scheme within 30 days. Check your agent is regulated by a body such as the Association of Residential Letting Agents and has a redress scheme. If you manage the property yourself, you will need to pay a solicitor to draw up a tenancy contract for you.
Finally, you will need to run gas safety checks once a year and provide an energy efficiency certificate. You will have to pay income tax on the profit you make from rent. Many costs are tax deductible — repairs, letting agent fees, landlord insurance, and travel to and from your property are obvious ones, but you can also deduct the interest you pay on the mortgage.
On top of this, when you sell the property, you may have to pay capital gains tax. There are benefits to letting out a home you have previously lived in. You will also benefit from lettings relief, which could reduce your capital gains liability even further. The views expressed in the contents above are those of our users and do not necessarily reflect the views of MailOnline.
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Buy-to-let is a business, so be professional. There are typically two options when hiring a lettings agent: let only, and full management. The former is cheaper.
A business plan is always helpful to manage the risks and rewards of your buy to let investment. Download our business plan template for your buy to let property.
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