Industry Top Tips for New Buy to Let Landlords

pixabay.com

The business of getting a buy-to-let mortgage can be a time consuming process and thorough research must be conducted. You also need to factor in all the safety checks that must be passed before you can legally start renting your property. With an ever increasing number of tenants chasing a somewhat stable number of investor-owned properties has led to increased rental costs in recent years. Once all the preparation is done there is no doubt that all the hard work you put in will pay off. Durability and Practicality Buy-to-let properties can take a beating, it’s a given, but this is one reason why it is so important to decorate/renovate with that in mind. When renovating or redecorating your new property, it is important to focus on making the place practical and durable. I believe that the key is durability, realistically you don’t want to have to spend money on renovating between every tenancy. Ideally you want the property to be long-lasting and endure the trials and tribulations of every day wear and tear from tenants . If you get this right, the very most you will have to do between tenancies is minor touch-ups. A common error novice landlords make is spending too much time trying to make a property aesthetically pleasing for as little as possible. As you gain experience you will soon discover this is false economy, which benefits nobody. Aim for a reasonable balance between design and durability even if it costs a little extra at first, you will save money in the long run. Schedule Your Renovation That old saying ‘time is money’ couldn’t be more true in the buy-to-let industry. The longer it takes you to complete a renovation, the bigger the financial impact. Leaving your property vacant and in an unliveable state won’t be generating any return. Make a plan, set realistic targets and stick […]

see more »

Crossrail 2: Property Hotspots tipped for house price growth

en.wikipedia.org

Crossrail 2 is coming to London! The £27 billion project is now well underway, which will link Surrey to Hertfordshire via London destinations, plus prompt the building of 200,000 new homes. Though the north-south line isn’t set to launch until 2030, if you want to reap the future rewards, now is a great time to buy or invest along the route . After all, as we learnt with Crossrail 1 , house prices along a new route are likely to increase significantly and quickly. So where exactly along the line should you buy? Here are Portico London estate agent’s property hotspot predictions… Clapham Junction Battersea – the home of Clapham Junction station – is already in the middle of huge regeneration, with two new stations planned to be built at Nine Elms (London’s biggest regeneration zone) and Battersea Power Station by 2020. The longer-term intention is to extend the Northern line even further to Clapham Junction, which will no doubt push up prices in the area even further. Battersea is already a popular area with renters, investors and homebuyers, but we expect demand to strengthen and property prices to increase as a result of Crossrail 2. The train line will cut journey times into Victoria and Waterloo to around 5 minutes, and spur further regeneration around the station. This regeneration will likely have a knock on effect on surrounding areas such as Wandsworth Town too, where people currently commute into Vauxhall or Waterloo to change onto the Tube into central London. Crossrail 2 will take them straight into central London, to key hubs like Tottenham Court Road. Wood Green Wood Green is likely to be one of the biggest winners of Crossrail 2, as it enjoys a fairly central Zone 3 status and it’s currently undergoing regeneration. We’re seeing an increasing number of homebuyers searching for more affordable property in areas in Zone […]

see more »

Experience Invest reviews how Brexit will affect the UK’s property market

shutterstock.com

It has been few weeks since Brexit result and property experts like Experience Invest have been keeping a close eye on what has been happening in the UK’s real estate market. Overall it seems like the property industry believes that leaving the EU will have a ‘short lived’ effect on the market. Speaking to the Nottingham Post, Richard Reed, head of property at John Pye Property said, “It’s no surprise that the decision for England to leave the EU will create uncertainty in the market but we are confident that this will be short-lived.” Reed went on to say that an encouraging amount of sellers have returned to the market in July and enquiries have increased from investors looking to expand their property portfolio. Strong market fundamentals It is thought that the UK’s property market will remain resilient in this time of economic uncertainty. Speaking to House to Home, Jerald Solis, business development and acquisitions director at Experience Invest, has outlined the key fundamentals behind the buoyancy of the UK’s property market. “There is still a huge housing shortage in the UK and people still need somewhere to live, interest rates are likely to remain low and the government’s promise to deliver more housing will not meet the required demand for the foreseeable future,” Solis commented. Overseas buyers propel the UK’s property market forward After the UK voted to leave the EU in June, the pound dropped at a 31-year low. The low value of sterling has attracted international investors to the UK property market as the favourable exchange rate means better value for money. As the UK is a well-known ‘safe haven’ for property investors, many people believe that the long-term security of the market will prevail. The future of UK real estate It is yet to be seen […]

see more »

The Death of Seven-day Evictions

commons.wikimedia.org

There have been adjustments to the accelerated possession procedure for applying to use High Court Enforcement Officers (HCEOs) to evict tenants who are on assured shorthold tenancy. According to legal experts at Landlord Action, these changes have led to the death of the ostensible seven-day eviction, which is often misleading for landlords. They have also led to increased costs. Owing to the fact that the responsibilities of handling and enforcing residential possession claims falls on the county court and its bailiffs, the court is left to contend with a massive backlog of cases. And a decrease in the number of bailiffs does not help the situation. This all translates to landlords having to endured longer waiting times in some courts. In fact, it can take a few weeks to several weeks for bailiffs to enforce an eviction. From a landlord’s perspective, that’s a very long time to endure having a tenant reside in a property without paying rent. That is why some landlords have their cases moved to the High Court, in accordance with Section 42 of the County Court Act 1984, as soon as a possession order has been given. This is so that the High Court Enforcement Officers can do the eviction in lieu of county court bailiffs—this process is generally much swifter. This action by landlords, to facilitate the enforcement of evictions, has led to district judges having to face a relentless increase in the number of High Court writs applications that they receive. Thus the Ministry of Justice made changes to the procedure involved in the acquisition of the writs of Possession. The adjustments come in the way of two additional steps to the application process and an extra £200 fee. Some franchise bailiff firms, under the authority of a lone authorised High Court, advertise guaranteed […]

see more »

How far will British homeowners move house?

pixabay.com

For most of you, the answer is not very far. It is much more common for homeowners in the UK to move the suburb over than the next town or county. According to research recently published by leading UK conveyance providers My Home Move, in the last five years an impressive 70% of you – if you sold property – decided to buy a new house less than twenty miles away from your old postcode. Does this mean that we really live in a kingdom of homebodies? Not necessarily. It’s hard to say how many homeowners moved from relatively far away in order to purchase their home, but the evidence seems consistent – once you find the place you want to settle down, you might move to a better neighbourhood, for a nicer view, or to be closer to the school you want to get your kids into, but odds are you won’t travel more than a half hour’s drive away. Specialist house-moving conveyers My Home Move analysed data on the moves of 26,000 families over the five years. The research revealed that while 70% is the average percentage of homeowners who want to stay close to home, that figure is a little lower in London, and much higher in some parts of the English countryside. Home-movers in East England, the North East, and in the South West were even less likely to leave behind their home turf, with approximately 90% deciding to move less than twenty miles from their old home. Why do some home-movers choose to stay close by? The choice to stay close by or relocating some distance away brings with it a set of challenges in both cases. As house prices continue to rise across Britain, and the amount of supply compared to demand shrinks, homebuyers act more cautiously. […]

see more »

Defending Your Apartment Against Alien Invasion

ForRent.com

What would you do in the event of an alien invasion? That’s right, the correct answer is “it depends which type of alien is invading.” Alien aficionados and sci-fi fans alike know that there’s a big difference between Tall Greys, Short Greys, Reptilians, City Destroyers, and Draconians, to name just a few. Plus, how do you know if you’ve been abducted? Abductees tend to share certain traits, including suggestibility and sleep paralysis. They will sometimes notice unexplained scars, and will experience long gaps of time that they can’t remember or account for. Do any of these apply to you? It’s a spooky fact that reports of UFO sightings have increased steadily over the past 20 years. In the 1990s, it was fairly unusual to spot a UFO, but in 2013, 950 people in the United States reported spotting one. What does this mean for the rest of us? It means we need to know how to defend ourselves, and our apartments, from the inevitable alien invasion. For Rent has a new infographic about how to do that. It also includes handy information about the spots where you’re most likely to be abducted, plus much more alien info. Check it out! Defending Your Apartment from Alien Invasion Created By: ForRent.com Source: https://www.forrent.com/blog/apt_life/apartment-alien-invasion/

see more »

Is Build-to-Rent the new Buy-to-Let?

www.shutterstock.com

The UK’s buy-to-let property market is no longer the cash cow it used to be. To discourage landlords and investors from buying up prime residential properties, the UK government has introduced steps to even out the playing field for first-time buyers. The introduction of a 3% levy on Stamp Duty Tax on residential buy-to-let and second homes created a surge of investment before the deadline started in April however, investment in the sector appears to have cooled. According to the latest figure from HMRC, only 84,300 homes were sold in May – much lower than the 171,220 purchased in March before Stamp Duty Taxes were increased. This coupled with the reduction in the amount of tax relief landlords will be able to claim from 45% to 20% which will be introduced in April 2017, has reduced the popularity of the UK’s buy-to-let sector. As traditional buy-to-let property investment becomes less appealing, the UK’s Build-to-Rent sector has emerged as a beacon of hope for investors. Building a better market The construction industry is thriving in the UK and many developers are struggling to keep up with the demand for new-build housing. According to the latest Knight Frank House Building Report, over 50% of developers intend to increase property starts and completions over the next year. Over the last year, the amount of completions was up by 12% when compared to the previous year and the number of new homes being built per annum increased by 60% when compared to 2010. Around 30% of developers believe that an easing of government regulations and planning permissions would allow them to boost the industry further. Building the gap between supply and demand is a key part of the government’s strategy however, developers require private investment to get their projects out of the ground. What is Build-to-Rent? […]

see more »

Things you need to do before you moving out

www.pixabay.com

Moving out is a stressful activity, which requires a lot of preparation and effort. Here there are some useful tips not to forget when relocating to a new place, whether it is a small removal or a large house removal. Have a moving checklist in front of you featuring the next few essential things to do from four to two weeks before moving home. 1. Start packing and sorting your clothes and items in the kitchens and bedrooms, which you do not use on a regular basis. Put aside spare towels and bed linen, spare pillows for guests and etc. So that you pack all these things away now, and later, three or two days before moving you will only need to pack away a few things you have been using to survive for the past days. Clean things out of your garage and pack items which you are planning to remove to a new home. 2. Newington green estate and letting agent, M&M Property advises you remember to let companies such as broadband you are using, telephone line, utility services know that you are changing your address. Tell them your new address together with the date of you moving out. This is essential, so that the electricity, gas and water bills are not coming to your card for your name after you have moved out of the property. 3. When you are moving house, you might be ordering man in a van for a moving services to another town. In this case you might lose your right to vote. Make sure you notify the authorities about your move, so that in the future you are able to attend elections. 4. Make sure you have checked how late you are able to notify the landline and broadband suppliers before your move. Some […]

see more »

5 Reasons To Downsize & Buy A Park Home In 2016

www.geograph.ie

Park homes offer many attractive advantages for homeowners, one of these being to downsize into a more comfortable and manageable sized home. This could be particularly beneficial for those who are approaching retirement and are in search of accommodation which is more convenient whilst also offering a real sense of community. Perhaps you yourself are approaching retirement and are considering what the benefits of park home living could be. With over 250,000 Brits currently residing in park homes, let’s now take a look at five reasons to consider park home living and how it could be the perfect decision for you. 1.Affordable Residential park homes offer the attractive prospect that they tend to be much more affordable than traditional homes. In comparison to traditional homes constructed using bricks and mortar, the park home agreement states that the one takes over full ownership of the park home itself but not the land on which it’s situated. For those considering downsizing, a park home is also ‘a great way to release sizeable amounts of equity from a previous property’ as explained by Sell My Park Home’s infographic discussing 10 reasons to consider purchasing a park home. 2. Sizeable yet manageable When looking to downsize, it’s important that you opt for a home which is more convenient to suit your needs. Another one of benefits which may attract individuals to opt for residential park homes is that living in more manageably sized accommodation stills allows for spacious and independent living, whilst also being more appropriately sized. Not only is the inside of the home spacious, however, the outdoor area within the park home also offers plenty of space, as well as a much quieter setting. This isn’t only in terms of the garden which divides the park homes allowing you more privacy, but the surrounding area of the […]

see more »