22nd November 2021
What Has The Pandemic Taught Us and How Has The Market Changed?
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. ...
This is the message from the Ministry of Housing, Communities and Local Government as Agents go back to work. So, what should you know as a self-managing Landlord, or to make sure you are being protected by your agent? In a new document issued by the Ministry of Housing, agents and landlords are being told to do the following. "Endeavour to avoid ending tenancies where the tenant wants to, and is able, to stay.” My interpretation of this is, when the ‘non-eviction’ rules finish at the end of June, the Courts will still look unfavourably on any eviction process that is due in full, or part, to the impact of the Corona Virus. “Private landlords and letting agents should not conduct viewings in properties where tenants are symptomatic or self-isolating, or where it has been determined that they are clinically extremely vulnerable and shielding.” So, viewings can proceed only in line with social distancing rules and if the tenants are clear of COVID-19. “Visits to a property must be made in accordance with government guidelines on working from other peoples’ homes and social distancing.” If possible, any necessary repairs should be conducted in the period between a property being vacated and a new tenant moving in. If this is not possible, and visits to an occupied property are necessary, it should be done by appointment, with measures in place to ensure physical contact is minimised. That could mean residents staying in another room during the visit. Letting agents may also want to consider obtaining landlord and tenant consent for inventory clerk appointments to occur during vacant periods (before a tenant moves in, or...
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...
What Has The Pandemic Taught Us and How Has The Market Changed?
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