We’re pleased to say that we have assisted many landlords in Bournemouth and we can offer guidance and advice. It would be correct to say that existing landlords are experiencing challenges in the market, but many of the problems wouldn’t be as notable for new landlords. This is because landlords will have had business plans and models in place that have had to respond to many changes of late.
Landlords have to contend with many matters
Landlords have had to deal with new regulations, tax challenges, increasing fees and all manner of pressure. It is understandable that some existing landlords have struggled to contend with these matters and still turn a profit with their existing properties and outlays. However, new landlords will be aware of these issues before they create their business plan, which should provide new landlords with the chance to calculate for these problems.
A recent study undertaken by Sainsbury’s Banking suggests that there is a strong level of demand for people to become landlords. It was found that 9% of respondents said they held an interest in obtaining a buy to let mortgage this year. While it is unlikely that all these people will follow through with these plans, a smaller proportion of these people would still positively impact on the property market.
There are valid reasons for people to become landlords
When it comes to the reasons these people are expressing an interest in joining the market, there are valid points. 35% of the people who have expressed an interest in becoming a landlord have said that changes in their own income and circumstances have led them to believe that being a landlord is a sensible move for them. There was also 29% of these people who said that the opportunity provided by the rental market is too good to ignore. With an increasing number of people priced out of the property market, there will be a continual demand for rental accommodation, and this is the case for Bournemouth as any other major town or city in the country.
No one is saying that being a landlord will be easy. There are many challenges to contend with but with a clear business plan and help from experienced professionals, it should be possible for new landlords in Bournemouth to achieve success.
If you are considering becoming a Bournemouth landlord, contact Austin Property Services and we will be more than happy to help. We have assisted many local landlords and we look forward to doing the same for you.