NLA offer top tips for landlords

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by Kay Murchie

The mortgage squeeze has meant that many buyers have been unable to get onto the property ladder, therefore, landlords have been reaping the benefits as demand for rental properties soars.

However, the recent doom and gloom surrounding the housing market, particularly house price falls, has meant that landlords are becoming concerned about their financial circumstances.

As a result, the National Landlords Association (NLA) which represents 20,000 landlords, is offering top tips to landlords to help them survive the economic downturn.

According to the NLA, research is key and landlords should take time to understand who their tenants are and what they are looking for. Building a good relationship right from the start is essential with communication being crucial.

It is advised if a landlord is struggling with mortgage repayments, it is important to talk to their lender to arrange a new repayment plan.

Keeping good tenants is a sure fire way of having no gaps and therefore, properties are rented all-year-round.

Landlords must be aware that they now have the responsibility of providing Energy Performance Certificates. Furthermore, the right insurance policy is important.

It is recommended that landlords take a deposit, however, they must be aware that changes in the law now means the cash has to be protected in a Government-approved scheme.

David Salusbury, Chairman of the National Landlords Association, said proper advice for landlords is crucial. By following our advice, landlords could boost their chances of getting the most from their properties.