Recent tax changes are forcing landlords to examine their property portfolios in even greater depth. It’s not only new investors seeking buy-to-let property for sale that need to examine their profits carefully. Even experienced landlords need to assess costs, rental yields and margins to ensure their investment is performing as it should.
Maintaining Your Property – Is it Worthwhile?
When pressure is on to get a good return on your investment, maintenance suddenly looks like a bit of a luxury. After all, if you’re already generating a good rent from your property, and you have no problem getting tenants, why bother?
However, there are instances where it pays to maintain, improve or fully renovate your property. Here’s some tips about when you should consider putting the money in – with a view to getting more money out!
Tips – When to Maintain or Improve Your Property
Chances are, when you first began to invest in property in the UK, you were focused on improvement. You may even have been actively seeking a buy-to-let property for sale that offered renovation potential – which meant you could make a profit from improvement and capital growth.
However, as time goes on, maintenance can slide. Listed below are some situations where it’s important to maintain or improve – or adversely impact your profits in the future.
Know Your Tax Rights
Bear in mind that you’ll be able to claim some forms of work (namely maintenance and refurbishment) against your income. Significant improvements can only be deducted from capital gains – which you’ll only receive when you sell your property. If you need advice in this area, talk to a specialist property investment agent.
The Buy2Let Shop in Bromley
If you’re looking for buy-to-let property for sale, or want advice on how to develop your property portfolio, speak to The Buy2Let Shop team. We’re experienced property investment agents in London, and we’ll help you to find the right property for your requirements.
We also offer assistance with buying a house at auction, and hold property investment seminars in London, to help extend your knowledge of the current property market. To find out more, visit The Buy2Let Shop site today.