Is it the end or just the beginning for landlords in this financial year?
That was the question I was asked the other day when I met some friends for lunch. Freezing cold outside and huddled around some of Millsy’s best coffee discussing what fears or woes they may have. Resounding feelings were around the impeding and current challenges facing Coventry Landlords, such as Tax Changes, EPC’s minimum rating and Mandatory HMO Licensing to name but a few.
So, back to the first question, Is it the end or a new beginning?. I took a few minutes to think about it, then confused them by saying it can be both. An end to what is seen as a mostly unregulated industry (Those “Good” Landlords will welcome this) and the beginning of complete transparency and possibly a bigger market share for Landlords willing to “stick it out” and reap the rewards of this new reformed industry.
After leaving them confused for a short while, then I explained. Like everything in life, you have to adapt to survive. I explained that property is probably still the more stable investment if looked after because we have such a large population and only a small land mass to work with. I also advised those with property to look at their investments and consider selling the poor ones and reinvesting into ones with better prospects.
Because a lot of people will listen to the negative chatter and this will provide opportunities for those who still believe in this type of investment. There are only 2 main reason for owning a buy to let property as an investment. 1] Cash Flow or 2] Long term gain.
So, I asked all of my friends to go away and put together all of the paperwork they have for their properties and write down their reason for owning them. I am arranging to meet with each of them on a one to one basis to better understand their situation and provide the right journey to take in this ever changing market.
If you are a Landlord who is interested in the Coventry Property Market or investment then please get in touch and have a review of your position and possible journey.
For more on the Coventry Property Market Blog please click here.