Archives April 2022

The way we think about homeownership is changing. Buying a home used to seem like a natural step for the great majority of people, but it is now anticipated that by 2025, more than half of individuals under the age of 40 would be living in private rented housing. Renter demand in the United Kingdom is 43 percent greater than the previous five-year average.

So, what is causing this shift, will it continue, and how will it affect landlords? Is choosing to rent the new normal?

Choosing To Rent: The Advantages

One of the main reasons many people are choosing to rent is because the rental property market, which was historically plagued by rumours of unscrupulous landlords and exorbitant rates, has matured and is now viewed as a more progressive market that meets people’s requirements. Renting is seen to be desirable because:

• Unlike homeowners, you do not have to stress about property upkeep
Renting a property is simpler and faster than buying one.
• It is less expensive financially; a smaller investment is needed, monthly rent might be less than a mortgage payment, and there is no house insurance, solicitors’ fees, or stamp duty.
• Tenancy terms can be tailored to individual requirements, making it simpler to prepare for a future transfer.
• More rental market rules mean renters have more legal protection.
• There is no risk of falling into the negative equity trap.

Barriers To Home Ownership

People’s capacity to own a house has had perhaps the most significant influence on the rental market. Many people, especially the younger generation, are unable to get a foot on the housing ladder. According to some estimates, up to one-third of millennials will never purchase a house, while the other half will rent into their thirties. This isn’t solely due to the difficulties of saving for a deposit. High property prices result in higher mortgage repayments, making it more difficult to get a mortgage. Tighter lending standards also make it more difficult to obtain a mortgage. In some cases, then, it’s not that they are choosing to rent, but that they have to.

Unstable Personal Finances

The increase in property prices is exacerbated by income stagnation while the cost of living rises. Even if the funds were available to purchase a house, many people are turned off by the impression that the housing market is volatile and may trap them in a property that no longer meets their requirements.

People are changing their lifestyle choices, including more social living, for a variety of reasons, including financial concerns or a broader shift in society values. Searches for UK-based co-living rental options have increased by 4000 percent in the past four years, and the build to rent industry continues to develop, providing renters with an intriguing choice.

Prospects are high for landlords and brokers who have well-managed homes to sell and who listen to their tenants’ requirements and the market. Renting is seen as an exciting alternative to buying, with the promise to provide something more in line with how people live and work today.

Acceptance for a rental property can be time-consuming, difficult, and confusing, and many people would like to know how to make it easier with good rental property advice. In this article, we will explore the procedures used to pick a tenant and provide tips to improve your chances of success.

It’s often assumed that if you inquire first when a rental property becomes available, you’ll be more likely to be approved. This is sometimes true, but there is a procedure that must be followed in order to locate a landlord the perfect tenant. Every landlord will have different criteria and goals when it comes to renting out their home, thus being told you haven’t been successful might be for a number of reasons. Continue reading to learn more.

Sign Up With Local Letting Agents For Great Rental Property Advice

If you want to increase your chances of securing a rental property, and you want somewhere to go for reliable rental property advice, signing up with a number of local letting agents is a good idea. Not only will you be on their mailing list when new properties come up, but you’ll be able to ask as many questions as you need to – this is particularly useful for first-time renters who need some guidance.

Have The Right Budget

Make a decision on what your budget realistically is before you start looking at houses. This will keep you from being enamoured with a sparkling new kitchen and spending more than you can afford. Take into consideration the expense of travel. It’s pointless to save £100 per month by renting farther away from where you want to be if the added expense of travelling to work is £200 per month. The last thing you want to do is put your name forward for a property only to realise that it’s too expensive and have to pull out – this could make you look less reliable in the future. Only say you want to live somewhere that you really do want. Of course, life happens and sometimes you might change your mind, but the wrong budget should never be a reason for that.

Be Prepared

Prepare payslips from your employer (or accounts if self-employed) to present the landlord or agent, as well as a reference from any previous landlord. You may be required to provide information about your former residences for up to three years. Take your bank or building society account information with you so the agent or landlord can get a banker’s reference. In the eyes of landlords, not having a bank account at all is a significant disadvantage. Check your credit score at www.experian.co.uk or www.equifax.co.uk. If everything is in order, you can present it to the agent or landlord as evidence that you are reliable with money; if not, attempt to clear up any issues and errors. A good agent will check regardless, but you want to see it first.

Check The Inventory

When it comes to rental property advice, there is one thing that is crucial; check the inventory. Although this won’t determine whether you are chosen for a property or not, it’s still going to benefit you once you do move it. Many tenants ignore the inventory report or sign it without looking, and then, when they move out and an issue arises, they have no recourse for help. Read the report, check you’re happy, and only sign when everything is cleared up. For more rental property advice about inventories, please get in touch with Looksy Inventories today.

The Sunday Times newspaper has prepared its annual list of the greatest places in the nation, and after being chosen as one of the best places in the area in 2021, its judging team has awarded Sevenoaks the top honour in the region this year.

The Best Places to Live guide, which was released online and will appear in Sunday’s paper, evaluated a wide variety of variables, including schools, transportation, and broadband, as well as culture, green spaces, and the health of the high street.

They want to celebrate strengthening towns, villages, or city centres with well-designed houses and settings that foster community spirit – something that the Covid pandemic has shown is critical.

Sevenoaks, where the average sale price of a home has risen to £685,500, a growth of 7% from 2020, is praised for “the combination of convenient commutability, top-class schools and an abundance of greenery”.

Sevenoaks Bookshop is singled out for commendation for the second year in a row last year, the high Street store was nominated UK and Ireland Independent Bookshop of the Year at the British Book Events, as well as South East England Independent Bookshop of the Year at the same awards.

Knole Park, Emmetts Garden, Sevenoaks Wildlife Reserve, Ightham Mote Manor House, and Bradbourne Lakes are all popular attractions in the Sevenoaks area.

Looksy Inventories is proud to be part of this fantastic area, with its many wonderful places and people.

Renting out property can be a difficult process for both landlords and tenants. A scuffed wall, shattered glass, or damaged carpet may all cost the renter a significant portion of the deposit. The landlord might believe that money must be spent on the property before it can be leased again. What is the solution? From check-in through check-out, it’s best to use a professional inventory clerk Tunbridge Wells. This protects the tenant’s deposit as well as the landlord’s property, saving both parties time, trouble, and money.

What Is An Inventory Clerk?

Inventory clerks are experts who take thorough notes on the condition and contents of a property before a landlord rents it out. The clerk may conduct mid-lease inspections on the property and will return after the tenancy terminates to compare the original state to the end-of-tenancy condition. The tenant’s whole deposit is normally returned based on the condition in which he or she leaves the property, barring normal wear and tear. Therefore, a good inventory clerk Tunbridge Wells or wherever the property might be can be vital.

What Is Noted On An Inventory?

An inventory is a legal record that should be detailed. This is in both the tenant’s and the landlord’s best interests. If everything is documented in a precise and efficient way in the first place, there will be fewer difficulties after the tenant leaves the home. When the tenant moves into the property, both the landlord and the tenant should agree on the inventory.

The inventory should contain a list of everything that is included with the property. To mention a few, this comprises the doors and locks, ceiling, walls, light fittings, floors and carpets, curtains and blinds, smoke detectors, door frames, plug outlets, cabinets, doorknobs, extractor fans, and heating equipment.

In addition to these fixtures and fittings, any furniture owned by the landlord should be included, along with descriptions of its condition. It is critical to mention any marks, chipping, or damage next to each description so that the landlord is not held liable for any damage caused by the tenant and vice versa. Utility data – gas, water, and electricity – are also included in certain inventories. An inventory clerk Tunbridge Wells may also photograph the property digitally.

Who Uses Inventory Clerks?

Inventories are used by landlords and rental companies. If you own property that you rent out to tenants, you should do an inventory before they move in. It’s best to have an independent inventory clerk Tunbridge Wells do the work for you.

Snagging is a service offered by certain inventory businesses. If you are purchasing a new construction property, a professional can inspect it before you move in and address any flaws with the developer or builder. Snagging businesses conduct extensive examinations of new houses and seek resolutions with people accountable for the faults.

Contact Looksy Inventories Today

If you feel you would benefit from the help that an experienced, professional inventory clerk Tunbridge Wells could offer you, please don’t hesitate to get in touch with us. At Looksy Inventories, we are dedicated to providing only the very best work. You can rely on us.

Regardless of the kind of property, wear and tear is inevitable. Every house has a shelf life, and the more people that live in it, the more fragile and worn out it becomes. However, there are methods to safeguard your rental property and minimise the impacts of normal wear and tear on the property.

For landlords, this page discusses what constitutes “normal wear and tear” and offers advice on how to keep rental properties in good condition.

What Is Classed As Normal Wear and Tear For A Property? 

Typical wear and tear on a property is caused by ageing or exposure to extreme weather conditions, such as direct sunlight. If you’ve owned a home for a lengthy amount of time, wear and tear is inevitable in most cases.

A few instances of progressive wear and tear include:

• Stains on rugs and carpets

• Slight dings and dents in wood or carpeting

• Curtains that have lost their lustre

• Chipped paint

• Windows that are dirty or old

• Defective latches and handles

• Peeling or scratched wallpaper

• Cracks in plaster

How To Prevent Wear And Tear In Your Rental Property 

It is inevitable that wear and tear will occur, but you and your tenants can endeavour to minimise its impact. Approaches include, but are not limited to:

Conduct Regular Property Inspections 

Establish a schedule for periodic inspections of the property. If you visit the property every three to five months, you’ll be able to stay on top of any maintenance concerns and rest easy knowing your renters are doing their part to keep it in good shape.

As you stroll about the home, take note of any little concerns that might turn into a bigger problem if they aren’t addressed. When scheduling these inspections, be sure to talk to your tenants about the best day and time for both of you. It’s often best to have interim inspections carried about by an unbiased third party, like the experts at Looksy Inventories. 

Monitor Plumbing In Your Investment Property 

You must keep an eye on your property’s plumbing while doing the inspections outlined in this section. Leaks, damage to neighbouring properties, and even harm to your rental property and its contents are all possible outcomes of faulty plumbing and damaged pipes. Replace any worn-out pipes, and get them checked on a regular basis.

Ensure Your Rental Property Is Regularly Cleaned 

Create a standard that is realistic and acceptable to your tenant. Make sure they know what you anticipate and remind them that frequent cleaning and maintenance helps to extend the life of your property – and minimises the issues of wear and tear.

If you have a lease agreement in place, you can even employ a cleaning service for your rental property. For example, this should guarantee that kitchens and other community facilities are maintained clean.

Create A Property Inventory  

An inventory should be kept by every landlord. This will serve as documentation of the property’s contents at the start of the tenancy and may assist you in covering the expenses of any possible damage. It will establish expectations for your renters and help you to monitor the property’s condition. Contact Looksy Inventories today to find out more. 

Among the numerous things you must do as a landlord, one of the most crucial is to do an inventory. This entails producing an inventory of everything in the property you want to rent out, including the building itself – walls, floors, ceilings, roof, drainpipes, drains, and so on.

This is more than simply a list of goods; it also includes the state of each item. This is critical for both you as a landlord and your tenant. If you have anything in great condition when you lease the property, but the tenant breaks it during the tenancy, you have the legal right to remove money from the tenant’s deposit to fund any repair or replacement.

Inventory is vital from the tenant’s perspective since, for example, if there is a large scratch on a wall, it must be mentioned in the inventory from the start. That means you, as the landlord, are unable to deduct money from the renter’s deposit since the initial inventory demonstrates that the scratch was there when the tenant moved in.

So far, so good. But what about check-in and check-out reports Sevenoaks (and surrounding areas, of course)?

Check-In Reports

So, when the tenant moves in, you must complete a check-in report that specifies everything in the property, including its condition. This check-in report should ideally be completed on the day the tenant moves in, with the tenant present. This means you can both agree on the state of things, which makes life simpler. If the renter is unable to be there, give him or her a copy of the check-in report and allow them a few days to make any remarks – just in case there is damage to anything and you overlooked it. You must both sign the report after you have reached an agreement.

You will also be required to conduct interim inspections throughout the lease. This is for a variety of reasons, one of which is that it will allow you to identify any faults that may need maintenance or repair. It also allows you to examine how your renter is living and whether or not your property is being well-maintained.

Check-Out Reports Sevenoaks

When the tenancy comes to an end, you must create a check-out report, which you must then compare to the initial check-in record. If there is damage, you may deduct the cost of repair or replacement from the tenant’s deposit. It’s usually best to have check-out reports Sevenoaks (as well as inventories, check-in reports, and interim visits) conducted by an unbiased third party – this will prevent any accusations of unfair behaviour on either side. 

Some landlords prefer to visit the home a couple of weeks before the end of the rental to do a check-out report that shows the tenant any damage and gives them the opportunity to carry out repairs or replace an item before moving out. This may frequently save further problems since the tenant can admit that anything is their responsibility and correct it so that they receive their whole deposit back.

For more information about check-out reports Sevenoaks, please get in touch with us at Looksy Inventories. We are experts in all things rentals.