Are you thinking of becoming a landlord? If so, there are plenty of resources out there (aside from your Letting Agent!) to support you as you get started, from assisting with tax returns to decorating your buy-to-let property.
Here’s a round-up of the best apps and websites to help you as a new landlord.
The Best Resources for New Landlords
- The National Landlords Association. Many private landlords choose to become a member of The National Landlords Association when you get started. Full membership grants unlimited access to their advisory telephone service, discounted rates on their courses and the chance to connect with other, more experienced landlords.
- Mortgage calculator. When you’re considering a buy-to-let property, it’s important to work out your budget and check that you can afford the monthly repayments. There are many mortgage calculators, online and in app form, that provide quick, easy ways to get very rough estimates of how much you might end up paying each month. Please note – you should never rely on a mortgage calculator alone. You will need to speak to an experience financial advisor or mortgage broker to get a real number.
- Location scoping tools. Your estate agent will be able to give you plenty of information about the area you’re thinking of investing in. However, it’s a good idea to do some research yourself too. Apps like AroundMe (Windows, Android & iOS) give you the scoop on what schools are nearby, where the closest train station is, and which good pubs and bars are in the vicinity, helping you to determine exactly how desirable the property will be with tenants. Other apps are available.
- Property Tribes. The Property Tribes website is read widely by private and commercial landlords across the country, and is regarded as one of the leading forums in the industry. It provides the opportunity to ask experienced landlords some important questions, and to chat with other new landlords about the process.
- Landlord Law. As a landlord, you sometimes need to look up the law relating to your property or tenant. It can be challenging to wrap your ahead around laws that can be difficult to understand. Your agent should be able to advise you, but still The Landlord Law website has a wealth of informative material and training resources to support you. Many landlords report positively on this site, which requires a monthly subscription fee.
- Genius Scan. This clever app transforms your smartphone into a paper-to-PDF scanner, letting you scan in any document (such as a contract or an inventory) and turn it into a PDF file. Useful for filing or if you need to share these documents with anyone in a hurry.
- Rent Central. Rent Central is a smart bit of software which enables you to keep records of all your private landlord activities. For a monthly fee, you can track your rental income, upload bank statements, get reminders when payments are due, have assistance with your tax returns, and much more. Especially useful if you’re not currently represented by an agent.
- Dulux Visualiser. When you’re decorating your new buy-to-let property, it’s useful knowing what paint to put on the wall. Will the living room look too dark in that particular shade of blue? Is all-over magnolia going to be too dull? The Dulux Visualiser app (iOS and Android, free) lets you view the colour on the wall via your phone screen. It’s a great way to test out shades before you buy.