1. Find more ways to borrow
You may find that it is going to be harder to borrow money in traditional ways these last few years, so when there is a commercial property deal you are keen to take advantage of, you may have to find more ways to borrow. Banks are likely to be less lenient with lending funds, but we predict that there will be more private financers, crowdfunding opportunities and other such methods of raising funds growing in popularity. Remember, even during tougher years, money doesn’t simply evaporate!
2. Embrace technology more
More buy to let property investors are running their entire portfolios from their smartphones, so if you don’t already, embrace technology more. The amount of apps to make your life easier is growing by the day, so take advantage of or investigate Rightmove, Zoopla, Property Property Property and much more are out there for your use. Don’t limit your portfolio or your advertising to just face-to-face or estate agents.
3. Don’t worry about Brexit
Don’t fear Brexit when it comes to investing. The UK economy is the fastest-growing in the world and will continue to grow. As the government are introducing new laws and regulations take advantage of the ones that benefit you now and later.
4. Serviced accommodation
The buy-to-let property market is changing, being shaken up and disrupted. One of the biggest recent changes is the advent of websites such as Airbnb and more investors looking to investigate providing serviced accommodation. Bridging the gap between living accommodation and hotel stays, serviced accommodation is a growing market take advantage of it!
5. Limited company
We are looking at a year of buy-to-let property tax changes. Clause 24 has began phasing through 2017, and will eventually require landlords to pay full tax to the basic rate (20%) on rental income. This controversial development will see landlords seeking ways to reduce the tax they pay – so many will consider becoming a LTD company. While this will not be the answer for everyone, this will be particularly appealing to landlords wishing to reinvest their profits, due to the cumulative build of the money saved in tax over time.
6. New developments
Another change suggested in the Housing White Paper 2017 is that there may be imposed density requirements for new properties being built. For this reason, think carefully about how to use space to your best advantage in new developments.
7. Educate yourself
Educate yourself more! If you haven’t already, join a buy-to-let property network, attend networking events and property meets, read, listen to podcasts and audiobooks, watch more videos. You cannot inform yourself “too much”, so take advantage of all the free material available. For those wishing to take their knowledge to the next level, whatever stage you have already reached, Progressive Property offers everything from day events, through to intensive courses, and up to direct mentoring.