Archives June 2022

Despite the fact that renovations can be messy, disruptive, and stressful, thousands of people embark on this feat every day, and perhaps you want to renovate your property too. This is because, even though the process itself might be an unpleasant or uncomfortable one, the end result is always worth it, and this is what should be kept in mind at all times. 

There are many different reasons why you might choose to renovate your property, and each one will depend on your situation and your preferences. Here are some of the main reasons why people choose to carry out home renovations. Is it time you started thinking about yours? 

Fix A Problem When You Renovate Your Property

No matter whether you live in an old property or a brand new one, sometimes things go wrong, and you will need to deal with that issue. Many of these problems can be solved quickly and easily without the need to have a complete change of décor, but some can cause a tremendous amount of damage which needs to be mended. Plus, you might just think that since you are putting paint on a wall to cover a problem in one area, maybe it’s time you painted elsewhere too. 

The bigger problems that can mean you have to start a renovation project even if you hadn’t intended to include:

• Leaks that a plumber needs to fix
• Roofing problems
• Electrical issues that require expert attention

The sooner you make a start on these repairs and renovate your property to fix any problems they have caused, the easier it will be, so these are not jobs to be put off to another day.  

Add Value 

When you renovate your property in the right way, it is possible to add value to your property, so if you’re thinking about selling your home and moving elsewhere, it is often worth undergoing the disruption associated with renovations. It’s a good idea to have your home valued before you start spending a lot of money on changes, as you might spend more than you can get back in terms of value. 

In some cases, changing the décor to something less personal and more neutral can be a good idea, and certainly making any small repairs should be on your list. Adding a conservatory, a new driveway, or turning your attic into a bedroom might not bring you much in the way of profit, so be careful. 

Even if the price you can ask for your property doesn’t go up because you’ve redecorated, it might help make the house sell more quickly since the new owners will know there is nothing they need to do, and they can move right in. It will make it a much more tempting proposition. 

For You 

Sometimes there is no reason behind going through with a home renovation other than the fact that you want to. If you’re bored with your current décor and want to update it, or you simply want a change because you think it’s time or you feel like it, then go ahead. 

There are no rules when it comes to why you might want to renovate your property, and if something has caught your eye and you want to include it in the new décor, then it’s entirely your choice. 

Searching for a new home can be a difficult task. You might see a number that you like and maybe you can’t make up your mind which one is best. Or perhaps you have been searching for a long time and still not found anything that suits you. One of the problems with searching for houses is that there isn’t always a lot of time to view a house or apartment before you need to make a decision. A viewing might last for 20 minutes, and if lots of people want to see the same property you might not even have that long. Plus, if you do like a property, it is wise to have a second viewing, which will delay your decision even further.

When viewing a property, that second viewing can be crucial though. Making a decision about where you are going to live for perhaps many years shouldn’t be done in a rush. It is important that you have a set of questions to ask about the house or apartment when you go back for a second time. Here are some that you might want to ask.

Is There Damp?

Damp can be a big problem in a property, especially one that has been empty for a little while. It’s important to look out for signs of it, including a musty smell, flaking plaster on the ceilings and walls, watermarks on the walls, and wallpaper peeling away. The skirting areas of a room should be checked particularly, and if a room has just been repainted, it might have been to cover up the damp. Place your hand against the wall when viewing a property and if it feels cold and wet, then the damp is hiding behind the new paint.

Is The Roof In Good Repair?

The roof of a property needs to be in good repair otherwise you could find that water is let in, the property is unsecure, and, in the future, it will cost you to repair it. Of course, it can be difficult for a layman to inspect the roof of a property they don’t even own, but if you are concerned then you can invite a roofer over to check it out for you. Make sure you choose a reputable roofing company to help you and give you an accurate report so that you can go back to the realtor or owner and explain your misgivings.

What Do The Cracks Mean?

Great realtor photos can persuade people to come and view a house, but don’t be swayed by them – you do need to inspect everything closely. That includes checking out the structure of a building too. You might spot cracks in the walls; they could be large and noticeable, but you also need to look out for hairline cracks that could easily be missed. These cracks might say something about how structurally sound the property is, especially if the cracks are large ones. Big, deep cracks in walls and ceilings might speak to a problem with subsidence, or perhaps to a problem with a later extension or added room, or other building work. Pay special attention to areas around conservatories, outside walls, bay windows, and those extensions we mentioned earlier.

Is There Enough Storage?

When we get right down to it, storage is always going to be needed, even if we try to live fairly minimal lives. When walking around the house, you may well have spotted closets and cupboards, but are they really suitable for your needs? Since you are viewing the property because you might want to live there, it is perfectly appropriate for you to open these closets up and take a peek inside. Are they actually as large as they seem? Are there enough storage points in the property or are you going to need to add some more (and if so, where will you put them?)? The last thing you want is to move in somewhere and then discover that there is nowhere to put any of your possessions – you will end up living in a mess and be unhappy with your choice.

Which Direction?

You can ask the owner or realtor which way the house faces, or you can take a compass with you and work it out for yourself. In most cases, this won’t really matter, but if you want to know where your yard is facing, or where the sun is going to come up (and therefore which rooms might have the sun in the morning – you may need thicker blinds or curtains in those rooms so that the sunrise doesn’t wake you), then it is worth asking about. Although this probably won’t be the reason that you do or don’t buy a property, knowing in advance will mean you can make plans should you need to.

Why Is It For Sale?

There might be a perfectly rational reason why the property is for sale; the owner might be downsizing, or upsizing. They might want to move closer to work or family. There could have been a relationship breakdown. They might just like the idea of a change of scenery. However, there are other reasons that people choose to sell their homes, and if you can possibly discover what they are, then you will have a better idea of whether or not to make an offer.

One reason that someone will want to move is that the house is too expensive to upkeep. If that is the case, will it be the same for you? Check out what the energy bills and taxes are going to be before you start to get serious about the place, because they can make a big difference to your monthly budget. Another reason could be bad neighbors, so make sure that you drive by the property at various times of the day during the week and weekend to see what kind of noises you can hear or behavior you witness. Finally, is the neighbourhood a good one? The house might be wonderful, but that doesn’t mean it’s a good place to live.

The job of a property manager is to keep an eye on rental properties and make sure they are being run as well as possible. The job of property manager is fun and pays well, but it’s not a walk in the park. There is a lot to keep track of, and even small mistakes could cost money, make tenants unhappy, or even lead to a lawsuit. Still, you can be great at your job if you follow a few tips and tricks. Here are some tips on how to be a great property manager.

Carry Out Routine Inspections

When bad tenants move out, they often leave a lot of damage behind, which can cost you money, time, and your reputation. So, you should check on your properties often to find and fix small problems before they get worse. This will save you money and time in the long run. Your tenants will likely be happier if you pay attention to them and respond quickly to their needs. Also, maintenance problems will come up from time to time. So, you’ll have to keep up with things like refurbishments, roof leaks, and appliance repairs.

Some property managers outsource these interim or mid-term inspections to an inventory clerk like Looksy Inventories. This can be a cost-effective and time-saving way to get the job done well.

Be Organised

As a property manager, you need to be very organised because you have to deal with a lot. So, if you want to do well in your role, you should work on your organisational skills. Technology can help you with many parts of your job, such as finding good tenants, keeping records, collecting rent, and staying on top of repairs. So, invest in technology to make your business more efficient and give you an edge in the property industry. There are many things to think about, but it would be best to avoid legacy software, even if it is easy to use and familiar. Instead, choose modern software alternatives that can be linked together to make work more efficient.

Build Relationships As A Property Manager

Many experts agree that if you want to be successful as a property manager, you should get along well with the people who live there. Relationships are the foundation of the property management business, so good communication is a must. You should spend time with your residents whenever you can to get to know them better. Effective communication will keep you from having a lot of misunderstandings and losing clients. It will also help you keep tenants for a long time and have fewer vacancies. But keep in mind that business is business, so be polite and professional in all your interactions. So, you can be a fair and good manager who can make the right decisions based on what’s best for your client.

A property inventory is a very important document to have, whether you are a tenant looking to move into a rented place or a landlord who wants to protect his or her investment. Even though most landlords know how important they are, many tenants don’t care about them. This is a mistake that could cost you in the long run; there are many reasons why an inventory is important.

Who Conducts The Property Inventory?

A landlord, a letting agency, or an independent inventory clerk can all create an inventory. To be sure you’re working with a reliable company, look for an independent inventory company that has plenty of experience – just like Looksy Inventories. 

Both parties must sign the inventory report to certify that they agree with its contents, which is normally completed on the day of move-in. If the contents of the property are valuable, the report’s level of detail will reflect that. Photographic proof and written record are both acceptable.

Landlords should be mindful that if there is a disagreement, doing their own inventory might generate complications. The TDS would always prefer expert inventories over those done by the property owner.

Why Is An Inventory Important?

By taking an inventory, both parties can get a good idea of how the property is in its current state.

The property inventory will point out any areas that need to be fixed and say who is in charge of fixing them.

Having the document on hand will help tenants know exactly how to return the property to the landlord and give them an idea of how to take care of the home.

Inventory reports make it easy to tell the difference between damage and normal wear and tear.

Property inventories help both the landlord and the tenant protect their money.

When the tenancy is over, there are less likely to be problems if the inventory is done well.

But if there is a disagreement, having an inventory will help make sure the right decision is made.

Contact Looksy Inventories to find out more.

If you’re a landlord, you presumably already know this, but if you don’t, you should, since rental yield is crucial! It’s important for landlords to understand the concept of rental yield.

To put it another way, rental yield is a means to gauge the profitability of a property investment. Gross yield and net yield are equally significant, yet they measure different aspects of your business. To learn more, continue reading to see how you can increase your rental yield.

Review Rents Regularly

Here’s a simple way to help bring in more money from your rental yield. When the time is right, look at a property’s rental income and see if it can be raised to more closely match the going rate. Make sure you stick to your contracts, though, and think about whether you really want to raise the rent on a tenant who has been renting from you for many years and hasn’t caused you any trouble.

Review Your Outgoings

Let’s take a look at how much you spend on your property. Do you have your insurance automatically renewed, or is there a more affordable option out there? Is it expensive to hire a plumber, or can someone do the same job for less money?

Keep track of how much you spend and set reminders for when it’s time to look at other options. Treat being a landlord like a business, because it is.

Check Your Mortgage Renewal And Improve Your Rental Yield

You may have a buy-to-let mortgage on your home, but is it still the best one? There are a lot of new products on the market, so when the right time comes in your current mortgage, look around.

Be careful every time you switch. Keep an eye on the news for different products, and if it’s not the right time right away, write it down so you can come back to it when it is.

Invest Wisely

If you want to be a landlord, you should do your research. Think about where you want to spend your money and what kind of property you want to buy. Do you want a newer place that needs less work or an older place where more things could go wrong?

Don’t change your plan if it’s working. If you have a good rental yield because your home is new, keep that in mind when looking for another buy-to-let property.

Be A Good Landlord For Greater Rental Yield

If you have a great property and great tenants, you’re more likely to get a better rental yielf return (and yes, both can be achievable). But can you improve as a landlord?

Do you use high-quality components?

Do you deal with problems quickly?

Do you fix things right away?

If you’re a good landlord, you’re more likely to get good tenants and can charge them more rent.

You evaluate a house and a tenant, so why not evaluate yourself and see how you could be a better landlord? It’s good for business.

If you have the right tenant in your property, your rental yields are more likely to go up. If they take care of the house, your costs may go down. Obviously, if you want to get the most out of your property portfolio, you should think about hiring a lettings agent. You can get the most out of being a landlord if you hire a full-service property management company.

Energy performance certificates (EPCs) are required when selling a house or apartment in order to verify its energy efficiency. However, what exactly does a good EPC rating entail? In this section, you will learn about this and more. 

What is an Energy Performance Certificate?

One way to find out how energy-efficient your home is is to get an EPC. The predicted energy expenses and a review of the energy performance attributes of your properties are also included in this document.

They also offer advice on how to improve your home’s energy efficiency, as well as estimates of the expenses and savings you can expect to make as a result of such adjustments.

The energy efficiency of your home will be graded on a scale from A to G. A is the most efficient, whereas G is the least efficient. In the majority of circumstances, a residence in the United Kingdom receives a D on the energy performance certificate which could therefore be considered a good EPC rating. 

Why EPCs And A Good EPC Rating Are Important

Once you begin advertising a home for sale or rent, you must make the property’s Energy Performance Certificate (EPC) accessible to all interested parties. The EPC must be prepared by a certified household energy assessor. EPCs make it easy to evaluate the energy efficiency of various properties so that you can make an educated choice about the most environmentally friendly alternative.

An EPC will show you how much money you could save and how much money you could save if you implement energy efficiency improvements. If you’re trying to raise the resale value of your present home, this information might be helpful. For example, if you want to purchase a house and then repair it or rent it out to renters, you’ll have to make sure it meets certain requirements.

But it is vital to remember that any statistics for energy usage and a good EPC rating and possible savings are based on the average household in that property. They aren’t personalised for you, your family, or your friends in any way.

Buying And Renting

Sellers

When selling a house, you must get an Energy Performance Certificate (EPC) for the property. Your estate agent or an EPC supplier may set this up for you.

Buyers

When purchasing a home, ask the seller for an Energy Performance Certificate (EPC). They are helpful because they give suggestions that may guide any future upgrades or expenditures to improve the property’s overall efficiency. Additionally, you may utilise this information to negotiate the property’s value.

Landlords And Tenants

Before taking on new tenants or renewing current leases, buy-to-let landlords must ensure that their properties have an EPC rating of E or above.

Before moving in, tenants should get an EPC from their landlord and utilise the breakdown of costs to help them manage their budget.