Whether you’re a portfolio landlord or an accidental one, make sure that before you put your property on the market you’ve made it as pretty as you can and as practical as necessary. A combination of the two is perfect! I was thinking about things to consider before starting a project..........
1. Don’t let your heart rule your head – this is a business – you’re not aiming to make the most individual or exciting décor that YOU love – you’re looking to appeal to the masses – keep it simple and at every step of the way think “is this just my preference, or is this a good business decision?”
So April 2017 hit and you may still be wondering what strategy you should adopt to ensure that the tax man gets his mitts on less of those shiny pennies of yours!
Obviously, everyone’s situation is unique, so you should seek the advice of a good tax lawyer or accountant, but here’s a few things to ponder to get you started.
1. Consider setting up a Limited Company to buy and own your property in. Companies will still be able to claim full tax relief on finance costs BUT you may have to stump up for capital gains tax and stamp duty if you transfer your portfolio from your private name. You may have to change your mortgage, and you’ll probably be charged more (typical!) but overall this scenario may save you money in the long run.
My first tip, which may have you heading for the “back a page” button is “If you can afford it, hire a professional”. Your photos are your shop front and your best chance to both increase your rental income and to minimise the risk of a void period.
But let’s suppose that right now, it’s not an option for you – what can you do to maximise impact? Follow our tips from a pro photographer:
1. Get the best camera that you can. Beg steal or borrow a DSLR with a wide angled lens and a flash – but if you really can’t a smartphone will do! (note - don’t really steal one!!)