December 18, 2024

What we learned in 2024 #37

18 minutes

In this episode of Good Landlording, Suzanne and Richard reflect on what they’ve learned as landlords in 2024, and what we’ll be doing differently in 2025. Their “landlord reflections” on the year.

They discussed the challenges and changes they faced, particularly in light of the upcoming implementation of the Renters’ Rights Bill, sharing valuable lessons learned, including the importance of tenant screening, the impact of service charges, and why it’s valuable to have a strong network.

Looking ahead to 2025, they outline their resolutions and plans for adapting to the ever-changing rental landscape, emphasising the ongoing demand for rental properties and the need for proactive management by landlords.

Key takeaways

These are the key takeaways from Richard and Suzanne’s reflections on 2024, looking towards 2025:

Adapting to changes is crucial for landlords as we go through the upheaval that the Renters’ Rights Act will bring.

Rent guarantee insurance is going to be even more important for new tenancies, even those with glowing references.

Service charges can unexpectedly increase, requiring vigilance, and awareness of the risk of forfeiture. See Episode 24: Labour’s plans for leasehold and commonhold reform.

Why spending money on inventories is worthwhile.

The importance of having a contingency fund for unexpected expenses, and constantly checking for maintenance.

Networking with other landlords can provide valuable support.

EPC ratings will become even more important in the coming years, with the expected requirement for rental properties to have a C rating by 2030. Suzanne managed to get an EPC C without putting in wall insulation, but her walls weren’t single skinned, which helps. She put 300mm insulation in the loft and 150mm in the cellar ceiling. See Episode 31: What landlords need to know about EPC ratings.

Try not to waste emotional energy by reading speculation in the press and in landlord forums.

We should always keep our portfolio under review.

Suzanne predicts Q4 2025 as the earliest for the “commencement date” of the Renters’ Rights Act.

The demand for rental properties remains strong.

Planning for the worst while hoping for the best is a sound strategy.

Richard and Suzanne have a lot of projects planned for the New Year, and will be taking a break from the podcast. They thank everyone who has supported the podcast in 2024.

Credits

Music: “Paradise Found” by Kevin MacLeod of Incompetech. Licensed under Creative Commons: Attribution 4.0 License.

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By Suzanne Smith and Richard Jackson