Regulation, Recession, Tax Changes, Licensing, Bills, More Regulation, Deposit Disputes, More Regulation.....
Life as a landlord in Nottingham has hardly been a bed of roses for some time, and it shows no sign of letting up with the government's recent announcement on tax changes that could have massive impacts for many buy-to-let landlords that have mortgages on their properties.
Interestingly, for many the constant hurdles are seen as nothing new and just part of the job, and we are finding that there are almost as many landlords looking to buy as there are looking to sell, which is good news for tenants looking to rent in the current housing shortage.
We are also finding that, post-recession, we now have a healthy run of first time buyers returning to the market, and they have a different shopping list. For many years, in Nottingham, First Time Buyers bought a little terraced house and then spent their next two years of weekends at Do-It-All, that's just what you did.
Old fashioned terraces don't top First Time Buyers shopping lists.
Fast Forward to 2015 and we have a City Centre full of flats, Changing Homes is thankfully no longer on the telly, and many First Time Buyers have a war chest they've been building up for the past 8 years.
Swanky flats with built-in appliances, or larger, more flexible homes are very much the order of the day. Good news for landlords at the end of their tether...
Over the past 4 years, we have represented many landlords that wanted to sell, and in many instances we've been able to sell their properties either to First Time Buyers, or onto other investors with a tenant in situ. In either case, there has been some rare good news for the landlord as they have been receiving rent right up until completion.
Don't panic Mr Mainwaring
If you are thinking of selling, we'd recommend talking it through with one of our specialists so we can advise you of the best route to achieve a sale. Jumping ship straight away often isn't the best solution.
Let me know if we can help?