Posts Tagged ‘landlord’

Consider new doors

When you’ve bought a new property and are getting ready to let it out, or are doing a quick revamp in between tenants, then changing the interior doors could help lift the look and help revive the property.

Interior doors can inevitably suffer from wear and tear, as most of them will be used on a daily basis. Not all tenants will take good care of a property, banging doors, sticking things on them and knocking them, for example when children play with toys that knock into doors.

In addition, older houses may still have older style doors on them (look for doors that are completely flat, rather than panelled and doors where the handles are higher up than modern doors) which, unless you are keen on promoting a period look, can date the interior of a property.

Changing the doors is an easy and relatively inexpensive way of helping spruce up the interior of a rental property and give it a more modern or up-to-date look at the same time. If you’re in contact with any local trades people, or have your own account at a trade store, then it’s worth keeping an eye out for offers on doors. From experience, they do frequently tend to have good door deals, especially if you’re buying more than one, and it can help cut the cost for landlords.

If there are any rooms of the property that tend to be particularly dark, such as a dark hallway or kitchen, then you could help add a bit more light into the house by choosing half glazed doors.

Once the doors are purchased, all you need to is hang them, fit door furniture (handles etc) and paint them. If you don’t fancy doing it yourself, then this is an ideal job for a maintenance person. Painting the doors finishes them off well, but if you’re pushed for time or needing to cut costs further, you can leave the doors unpainted if you wish.

Google maps property search

It’s been talked about for a while, and already exists in Australia, but now Google Maps has finally launched its new UK property search.

The Google maps property search has hundreds of thousands of properties for sale and up for rent in the UK. It includes results from several major property portals and estate agents (although not Rightmove or Primelocation, who have opted out of getting involved) and it’s also possible for landlords or home owners to list their own properties too, as long as they have a website.

The search facility is easy to use and you can search by location name, street or postcode. The results are shown on a map, so you can easily see the location of the property, and in a column on the left hand side of the screen, where a picture of the property and a brief write-up appears. If you’re interested in learning more, you can click through for more details, or use the Streetview option to see in more detail where the property is located.  

For landlords, the new search facility offers an additional way of getting your property noticed and for free. If you have an existing listing with a property portal or estate agent, then you may well find that your property is already on there. Individuals can upload details too, although there is the prerequisite that you have to have a website with the property listed on it too, so that Google can link through to it.

In addition to listing a property, the Google property search offers a good way of sussing out how much properties in certain areas are on the market for, what rental prices other landlords are charging and for sussing out the locations of different properties. Many property investors have already been taking advantage of the benefits of Google Streetview, which gives you a bird’s eye view of streets across the UK, and this offers another way of easily identifying properties.

The search will be useful for tenants too, as they can easily look at properties on a map and pick out the ones in areas they’re particularly interested in. So getting your properties included could be well worth it.

What do you think? Have you tried out the Google maps property search yet and are you planning to get your properties listed?

Related Posts

Why Property Investors Should Use Google Earth: Part 1
Why Property Investors Should Use Google Earth: Part 2

There’s good news for buy-to-let investment landlords, as finally the number of mortgages available has increased again.

Back in September 2009, there were only 179 mortgage choices – down considerably from the massive 3,662 deal options on offer in August 2007. But according to research by financial group, MoneyFacts, the mortgage market has taken a turn for the better, with a rise up to 304 mortgage options for investment landlords.

It’s still nowhere near the choices available in 2007, but given the low levels we’ve seen in recent years, it’s a significant improvement. What’s more, the choice of mortgage options available for landlords has increased too, opening up more potential for landlords who only have small deposits available.

Making a welcome return are 80% and 85% mortgages, plus the average interest rate on a two year fixed rate loan has dropped from 5.96% to 5.66%. It’s all good news for the buy-to-let market, which is picking up well after being hit by the recession.

However, not everyone is getting too excited quite yet. It’s not yet clear whether or not the new government will be making changes to capital gains tax. If it is increased – and some predictions are suggesting that it could rise to as much as 40% on non-business assets, such as buy-to-let properties – then it could have a bit of an effect on the buy-to-let market.

As a property investor building up to let an investment property, whether it’s your first or seventh, you’ll have a host of things to consider before the property can be put up for rental. One of the important issues that should be on your list is electrical safety.

By law, landlords are required to ensure that the electric system in a property is safe for tenants to use. This applies to not only the electrics as whole, but also any electrical appliances that you supply with the rental – such as kitchen equipment or televisions. 

Electrical safety is covered by various laws, including the Landlord and Tenant Act 1985, the Housing Act 2004, the Electrical Equipment Regulations 1994 and The Consumer Protection Act 1987. For HMO properties, there’s also the Regulatory Reform Fire Safety Order 2005, which requires annual Fire Safety Risk Assessments to be carried out.

Although you don’t have to have electric systems and electrical appliances in rental properties checked on an annual basis, it’s a good idea to get them checked regularly to cover yourself in case of any problems. As a guide, this could be a couple of times during a continuous tenancy and definitely between new lets.

A qualified electrician is a good port of call for getting your electrics assessed and will be able to supply you with an electrical certificate once everything is verified as working and safe (this certificates are not essential for landlords, but can be useful to have). Electrical standards have changed a fair bit over the years, so it’s a good idea to have any outdated electrics replaced and bring them up the current wiring regulations; a circuit breaker should also be fitted to circuits if you don’t already have one.

Instruction booklets should be provided for any electrical appliances you’re supplying with the rental property and, where possible, it’s best to avoid using secondhand equipment. You should also provide tenants with details as to where the main electric unit is situated, where the fuse box is and where any isolator switches are located, so they know where to find it in an emergency.

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Preparing to Let Your Property: Getting an Energy Performance Certificate

When you’re getting a property ready for letting, it’s easy to concentrate on making the inside presentable. But don’t forget to tackle the outside too, whether it’s a house or a flat, as the area leading up to your property is equally important and can make or break first impressions.

If you’re getting your property ready for its first ever viewings, or will soon be looking for new tenants, here are 10 top tips for maximising the kerb appeal of your property.

1. Clear the path

If there’s a path, driveway or steps leading up to the front of your property, then it’s good to make sure that it’s clear and clutter free when new tenants arrive for viewings. Sweeping up any old leaves, picking up litter or cutting back overhanging hedges will all improve your kerb appeal.

2. Paint the front door

If the front door is looking a bit drab and faded, then why not give it a quick lick of paint? It doesn’t take long and can significantly transform the look of your property. If you’re feeling brave, choose a bright colour in a gloss finish to really make your door stand out.

3. Ensure the windows are clean and presentable

People walking up to your property will notice the windows on their approach, so make sure they’re clean, and not sporting dirty marks.

It’s also worth checking the state of the window frames. If they’re rotten, think about whether it’s time to replace them, or if there’s paint peeling off them, give them a fresh coat. First impressions count and if the property looks cared for, it could attract more interest.

4. Ensure the number or house name are easy to spot

There’s nothing worse than a tenant not being able to find your property, or being unsure which one it is. So ensure the number or name is clearly displayed and easy to spot – as well as making a good first impression, it will make life easier for them once they’ve moved in too.

5. Get planting

A well-kept, smart looking garden is great for kerb appeal, but even if you don’t have much space, you can still pep up the entrance with the help of a few pots of plants. Spring flowers, like daffodils or crocuses, add a lovely splash of colour, or in the summer you could have a hanging basket.

6. Mow the lawn

If the property has a lawn out front, however large or small, then ensure that you’ve mown it, swept up bits of grass and trimmed the edges. Treat any patches of moss in the spring, and keep the lawn watered during hot summer spells. A well kept lawn will look instantly better than an unruly one.

7. Hide the bins

When you have limited space available outside, wheelie bins often have to end up at the front of your property. Sadly, although useful for rubbish needs, they’re not the most attractive thing to see as you walk up to a property.

Where possible, do what you can to hide the bins to minimise their impact – a simple piece of trellis or fencing in front of them can work well, for example.

8. Make sure the entrance is well lit

Most potential renters probably won’t be visiting your property at night, but people do often go back at different times of the day to check out the area. Making sure the entrance is well lit can make a difference and reassure tenants that they won’t end up scrabbling around in the dark to let themselves in at night.

9. Check the doorbell works

Whether your front door has a doorbell or knocker, make sure it’s easy to spot and works. There’s nothing worse than a tenant arriving at the door, but being unable to attract your attention.

10. Ensure letterboxes are clearly marked

If you’re letting a flat, then make sure individual letterboxes are available and clearly marked, as tenants will want to be assured that they’ll be able to get their post efficiently.

Map of London rental prices

If you’ve got rental properties in London, or are thinking of investing in property in the area during 2010, then you can now gain an important insight into rental property prices in the capital.

London Mayor, Boris Johnson, has launched London Rents, a website providing a look the rents achieved at properties across London. Although still in its early stages, the site currently has rental prices for about 11,009 properties in the capital and provides useful information about the average cost of renting a property. The information has been gathered from a sample of private tenancies created over the last 12 months and the aim is to update the information on a monthly basis.

With regular details being uploaded onto the site, it should give a fairly accurate picture of the state of property rentals in London.

The site is a treasure trove of information for landlords as well as tenants If you’re not familiar with the city, then the colour-coded map of rental prices provides valuable information about the areas where the highest and lowest rents can be gained, which could help in your decision-making process of where to buy rental property.

For example, Dartford is currently shown as the cheapest place to rent, where the rental price of a two bedroom property averages out as about £160 per week. The most expensive area in London is South Kensington, where the landlord of a two bedroom property gets an average of £625 per week.

With London being of the largest private rental sectors in England, with over 650,000 properties available for rent, the site looks promising so far and we look forward to seeing how it progresses over the months to come.

What do you think? Will the site be useful for your property rental business?

Every landlord hopes their property will be in safe hands, but sometimes things don’t always go to plan and emergencies occur. In order to help tenants act promptly in an emergency, it helps if they know a few key pieces of information regarding water, electricity and gas.

1. The location of the stopcock

In case of emergencies involving water, such as unexpected flooding or leaks in the property, or if the pipes burst during a cold winter, it’s essential to know where the stopcock is located so the water can be turned off.

It’s one of the first questions a plumber will ask if they come around to help sort out a problem and being able to turn the water off could prevent serious damage to your property. Common places where a stopcock may be located include under the sink, in the airing cupboard or even in the garage.

2. The location of the mains electricity switch

It’s important to know the location of the mains electricity switch in case there’s a problem with the electricity and it needs to be turned off. It’s also handy to know where the circuit breaker is located and how to reset it, in case the electrics trip at any time.

3. How to turn the gas off

In the case of a gas leak occurring, one of the first pieces of information given to anyone phoning a gas service helpline is to turn the gas off at the mains. To avoid any confusion with tenants about where the gas switch is, giving them the information could help prevent the situation getting worse.

Even if you’re using an agency who’ll respond to emergency calls, equipping your tenants with the details of where they can find these switches can save valuable time – as well as lives.

As tenants are not likely to need the information all that often, and may forget the locations if informed verbally, it’s useful to leave written details somewhere in the property so they can be accessed if required.

Pets or no pets? That’s the question facing many landlords these days as they decide whether or not they want to let their properties to tenants who have pets.

It’s not uncommon for landlords to specify that they don’t allow tenants to have pets. Some of the key reasons for not allowing animals are concerns about the property or furnishings being damaged, or worries about pets being noisy for neighbours. There’s also the issue that, where flats are concerned, pets such as dogs or cats are often impractical.

But many people do own pets and, according to research conducted by The Dogs Trust, 54% of pet owners are unable to find suitable rented accommodation due to landlords being wary of renting to them.

In the worst case scenario for landlords, tenants may ignore your wishes and smuggle pets in anyway. Not all pets are troublesome though and, if you’re finding it slow to let a property, then is it worth considering the potential benefits of a pet owner renting your property?

Benefits for landlords of letting property to pet owners

Although they may not seem obvious initially, there are some benefits to be had for landlords who allow tenants to have pets.

From a business and financial point of view, good properties that allow pets are often in demand and, as tenants have less of a choice available to them, they may be more likely to pay a higher rent for the right property.

It’s not just the inside of the property that matters to pet owners, but also the outside too. If there’s a garden, or the property is away from busy main roads, then it may be particularly suited for dog or cat owners.

Plus, as properties that allow pets are thin on the ground, existing tenants may be more likely to renew their tenancy, rather than having to worry about finding somewhere else suitable for their needs and their animals.

Before you take the plunge and decide pets are fine for your rental properties, don’t forget to double-check that it will be okay. For example, if you have a leasehold property, then you’ll need to ensure the lease does allow pets.

If you’re renting out one or more properties, then it’s essential to ensure the gas appliances are fitted correctly and will be safe for your tenants to use.

According to recent research by the company, Gas Safe Register, the successor to Corgi, up to 100,000 gas cookers and hobs are installed illegally every year by fitters who lack the necessary skills or qualifications to work with gas.

GSR carried out interviews with 427 gas workers and discovered that 95% were fully or partially qualified to work with gas appliances. Nearly 40% of the workers subcontracted out their work, so said they didn’t need to be registered themselves and 7% didn’t bother to check whether the person they were subcontracting was registered.

It may not sound like many, but this amounts to unqualified workers carrying out up to 250,000 gas jobs, with pipework, hobs or cookers, per year. If that wasn’t enough, there are believed to be an additional 7,500 ‘hard core’ illegal gas fitters operating in the UK.

Although it may be tempting to choose a gas worker that’s cheaper than others, it’s essential to always use a registered Gas Safe engineer for work in your rental properties. If an illegal worker carried out changes or installations and failed to it properly, you could be putting the lives of your tenants at serious risk.

As a landlord, it’s always advisable to have a list of tradesmen handy for those emergency moments. If you’re using a lettings company, then they’ll handle this side of things for you, but it’s still useful to have a back-up list of your own, just in case.

If you’re unsure about the legality of a gas tradesperson, then you can always check the engineer’s Gas Safe Register ID card to confirm that they really are qualified to carry out the work.