22nd November 2021
What Has The Pandemic Taught Us and How Has The Market Changed?
It’s an exciting time when you first venture into property investment, but beware there are a number of things to consider so you avoid the dreaded rookie mistakes. Research, Research and a little more Research! I would always recommend you purchase your first buy to let in a location you know well, subject to suitability. Don’t be afraid to talk to local agents about what types of property they have the best demand for as these are likely to also have the best returns. What type of tenants do you wish to attract and what would their main criteria be? Take the rental value the selling agent gives you with a pinch of salt as it is in their interests to sell you the property. Get at least 2 more valuations. Take the lowest rental value to do your calculations and you will not be disappointed. Try and also pick local independent agents as their local knowledge is normally far superior to the big corporate agents. Location, Location, Location! A well-used phrase I know but never truer than when you buy a rental property. Rental properties must be near all facilities such as transport links, shops, gyms, parks etc. etc. People who rent will always make practical decisions and properties must ‘tick their boxes’. Tips. Do not make emotional decisions! A stunning conversion flat or Victorian cottage may take your breath away, but it may also take your profit away! Older properties will take a lot more looking after and these costs are always going to be yours! If they have been recently refurbished, then great but you must look long term. Do not be put off by ugly...
As of 1 July 2020 the new electrical safety regulation will come into being for all new tenancies. You will have until April 1st 2021 to comply on existing tenancies. The new regulations mean that landlords must ensure every fixed electrical installation is inspected and tested at least every five years by a qualified person. Here's a summary of a landlords responsibility under the new law: A landlord must obtain a report of the results of the inspection and test and supply it the teneants within 28 days and retain a copy until the next inspection is due. If requested, the report must be provided to the local housing authority within 7 days. Private landlords must supply a copy of the last report to any new tenant before occupation, or any prospective tenant within 28 days of a request from the prospective tenant. What about the lockdown? You are still required to complete the safety checks despite being in lock down. Proven breaches of the Regulations could result in the local housing authority imposing a financial penalty of up to £30,000 for each breach. It is possible to complete the checks safely at the moment, but it is essential that you ensure your contractor wears protective equipment to minimise the risk of contamination. If you need help arranging your inspections contact us today. We've got you covered. ...
Industry pundits are predicting a boom in rental movements, which leads to an uptick in rental income. Are you ready to earn more? If you're coming to the end of your tenancy agreement and you are thinking you might want to increase the rental income on that property, now might be a great opportunity to do that. If you have a property that is currently empty use this time to get it freshened up and enhanced so you can take advantage of market conditions. If the experts are correct, post COVID-19 lockdown will see a dramatic uptick in rental movement. If you need some help organizing contractors to visit your property during the lockdown, contact us and we'll get you rolling. ...
What Has The Pandemic Taught Us and How Has The Market Changed?
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