All posts by Lisamarie

According to recent statistics, the number of people over 55 who live in private rented accommodation has increased by 110 percent. Landlords and real estate professionals should welcome the increasing number of seniors renting privately, as this demographic group often provides more stable income through longer tenancies.

Renters over the age of 65 make up a growing portion of the privately rented population, and the number of individuals who have privately rented accommodation for ten years or more has increased by 115 percent since 2002. Both tenants and landlords value long-term stability in their rental agreements.

Tenants By Age Group

Changes in occupancy rate have been found to be highly age-dependent. The number of private rental accommodation by tenants under the age of 35 has decreased, while the number of private rentals by tenants above the age of 35 has increased. More young people are staying at home for longer periods of time, which has led to a 3.7 percent decrease in the rental market for persons aged 16-24.

The 25-34 age group boosted their private rental presence to 6 percent, which is likely related to the inaccessibility of property ownership for millennials.

Over the past decade, the population of people aged 65 and up who are renting private residences has increased by 38 percent. There was a 50 percent increase in the age bracket between 45 and 65.

Number of individuals over 35 living in private rentals has risen to 2.5 million, up from 1.9 million in the younger age groups.

What The Government Says

The private sector, according to official data, has increased by a factor of 10 over the past decade. There are presently more than 11 million people living in its 4.4 million dwellings. There are 17 percent renters and 65 percent owners in this group, making up 19 percent of all households.

Those between the ages of 25 and 34 continue to make up the largest demographic of renters. The amount of retirees, at 8.6 percent, is relatively low compared to other demographics. However, this share has grown by 38 percent in the past decade.

The data also shows that private renters pay a much larger share of their income on housing than either owner-occupants or social renters. Many people who live in private rentals receive housing assistance in addition to their regular income.

The average renter now lives in their house for 4.9 years, but that number is on the rise as more and more seniors choose to live in private rentals.

What About The Rental Sector?

Renters of all ages have been hoping for more secure tenancies, which would also be great for landlords in a big way. Most of the time, landlords have to pay a lot to get a new tenant, and the time between tenants can be bad for them. Renters who are older and less likely to move out can be very good for the real estate business.

Older tenants are more likely to pay their rent securely, regularly, and on time, which is a huge benefit for both letting agents and landlords. Statistics show that they are also less likely to damage your property.

What kind of renters you get depends on what kind of property you’re renting out. Older tenants are more likely to need more space for their families to visit, while young professionals are more likely to rent newer apartments in the city centre.

Landlord hopefuls have a lot of questions to answer before taking the leap into the buy-to-let market, one of the most pressing being, “What kind of property works best as an investment? Should I buy a flat or a house?”

Each rental property is a good investment; the question is which one is the best fit for your needs and objectives. Here are some of the main distinctions between a house and a flat that may help you make up your mind.

Buy-To-Let Houses

When it comes to deciding whether to buy a flat or a house, houses do have a number of advantages. The first is that they’re bigger, and people are more willing to pay for more additional space. That’s not just inside space either; houses tend to have garden, driveways, and sometimes garages, all of which are going to be useful, and all of which can command a premium.

Houses also have the potential to gain more value. When you have looked at whether to buy a flat or a house, you’ll have seen this for yourself when you checked on past sales prices (which is something anyone buying property should do). So if you want an investment that will grow to give you a good return, a house might work better.

Of course, there are downsides to buying a house instead of a flat. In the city, flats can be more popular, especially if there are colleges nearby. Plus, flats are cheaper to begin with, so even if you can’t charge more rent, you should still make a profit.

Buy-To-Let Flats

So what if you still can’t choose to buy a flat or a house? Here are some of the benefits of buying a flat. As we mentioned above, flats cost less compared to houses. If your budget is smaller, this is a great way to get into the landlord business. Plus, for the price of one house, you could buy two or three flats – sometimes more – which means you’ll be much more secure as a landlord. Even if one flat is empty, you can still get an income from the others.

Flats are also very flexible. You could turn a dining room or a study into another bedroom – or vice versa – meaning you can open the property to many more potential tenants. When it comes to whether you should buy a flat or a house if you’re a landlord, flats can be very appealing.

Get An Inventory

No matter whether you opt to buy a flat or a house in the end, there are some things that all properties will have in common, and one of those things is that you’ll need to have an inventory carried out. Contact Looksy Inventories today to find out more and book your report in as soon as possible.

There are laws and legal rights that govern how to rent a home. They need to be known by both tenants and landlords. Some of these laws will relate to the times a landlord is able to use a security deposit.

A lot of the time, tenants pay their deposit and then assume they’ll get it back at the end of their lease; they might even make plans on that assumption. However, there are circumstances in which a landlord can use a security deposit – read on to find out what they are.

Unpaid Rent

Tenants may not be able to pay rent for many different reasons. But even though some things are out of their control, missing or not paying rent is a good reason why they shouldn’t get some or all of their deposit back.

Many landlords would rather take money from the tenant’s security deposit than give them a Section 21 eviction notice. If your tenant owes more than the amount of the deposit, you can go to court and ask for the full amount to be paid back. This will cost you money in legal fees, so you’ll need to figure out if it’s worth it from a financial point of view.

Cleaning Issues

When it comes to tenancy deposit disputes, cleaning can be a big point of contention between landlords and tenants. This is mostly because we all have different ideas about what is “clean.”

But it’s a common reason why a deposit is taken out. For example, if the tenant agreed in the lease that they would pay for a professional carpet cleaning after having pets in the home, they must keep this agreement. If they don’t, the landlord can use a security deposit to pay for the cleaning. 

Bad Redecoration

If a tenant decides to redecorate the place without asking first, they may be breaking the terms of their lease. So, you might be able to take money from their deposit to fix up the room and get it back to how it was before. If you let a tenant redecorate but they do a bad job, you can also claim the cost of redecorating.

Serious Damage

Damage to the property, like broken windows or broken furniture, goes against the terms of the tenancy agreement. Because of this, landlords can use a security deposit to pay. But keep in mind that this can’t be considered normal wear and tear.

How Can An Inventory Help?

It’s fine to say that these are some of the circumstances in which a landlord can use a security deposit to pay for the problems caused by a tenant, but the burden of proof is on the landlord – they have to show that the problem occurred after the tenant moved in.

That’s why it’s so important to have a thorough, professional inventory report. This will show the condition of the property before the tenant moved in, allowing the landlord to prove any damage, neglect, or cleaning issues were down to the tenant.

Contact Looksy Inventories today to find out more.

While the meaning of a property inventory report is generally well understood, a property check-in is often misunderstood. A typical mistake made by landlords is to refer to the inventory as a “check-in inventory” or “moving-in inventory,” neither of which really describes what happens.

An inventory is a detailed record of all the possessions at a given location, along with notes on their current state. It should include a general description of the property and a list of its contents, including specifics regarding the state of the various walls, ceilings, floors, paint, carpeting, curtains, furniture, appliances, and fixtures like cabinets, windows, and doors.

The locations of all meters, stopcocks, smoke alarms, and carbon monoxide detectors, as well as the results of their most recent tests, should be noted in the inventory as well.

So What Is A Check-In Report?

The property check-in is when the inventory and keys are given to the new tenant, and they go through a process to make sure that they know the basics about their new home and its condition.

At this point, the renter can look over the inventory and make notes about anything that was left out or was listed wrong. New photos can be added to the inventory to back up the tenant’s comments, a new meter reading, or an item that wasn’t on the inventory.

How To Carry Out A Property Check-In

Although a landlord or letting agent can carry out a property check-in, it’s better for an unbiased third party, such as the experts at Looksy Inventories, to do it to ensure there are no issues and that it is done exactly right.

We use the most up-to-date devices and apps in this field so that everything can be done on-site and all tenant comments are clear and easy to read. Our reports don’t need to be printed. When we meet the tenant at the check-in, we give them the inventory list on a tablet. They can go through the whole list while at the property, typing in their comments and taking new photos on the tablet. After the inventory check, they sign on the tablet, and the keys are given to them.

This is done to make sure that there is only one version of the inventory. Once the tenant signs, everyone will get a copy of the report with the new comments and photos, so there is nothing else to do.

Every letting agent has their own way of doing things, and that includes the property check-in. We are flexible enough to adapt to their ways. For example, for some of our clients at the property check-in we only do a quick walk through the property, check the alarms, show the tenants where the meters are, hand over the keys, and get their signature. We then give the tenants a week to check the inventory on their own time and type in their comments online using their phone, tablet, or computer.

In conclusion, we offer a flexible and highly professional property inventory service that saves time and money for everyone involved while providing consistent and accurate property inventory reporting at an affordable price.

Contact us today to find out more.

Many people’s financial situations had already worsened as a result of a pandemic, worldwide conflicts, and subsequent energy price hikes before the UK government spooked the market with its frequent changes in the prime ministership. Landlords are not immune to the larger economic issues facing the country, and many people are feeling the pressure regardless of their income level.

Mortgages are more expensive, lenders are less confident, and the rental market is feeling more pressure as fewer people can afford to buy their own homes due to rising interest rates. When times are tough, how can landlords safeguard their buy-to-let property? Read on for some advice.

Sell Up

There is no use in putting yourself in financial jeopardy by trying to keep up with the mortgage payments on a buy-to-let property if you can no longer afford to do so due to the current state of the market. You worry that the rent is no longer enough to cover these costs, but you also do not want to increase the price of rent. You may also be prevented from increasing the rent charge if you have already done so this year, as some tenants have the right to prevent a second increase in rent.

Instead of riding it out and risking a worse outcome, you might sell what you can and hold on to your equity until the market turns around. It’s not a decision to be made lightly, and there will be a lot to think about, but sometimes the safest course of action is to just recoup your funds and put them somewhere else.

Raise Your Rents

In the event that interest rates rise after you’ve invested in a buy-to-let property, you may need to raise the rent in order to keep up with the mortgage payments, especially if your fixed term is about to expire.

Your property may become less desirable to present and potential renters if the rental price rises over the market average because of this. There are a limited number of people who can afford to rent, and if you set your rent too high, your property may sit empty and lose value as a result of not being rented. Keeping this in mind, any rent increases should not put tenants out of their price range.

Use Tax Breaks

There are other ways to protect your investment if the steps above don’t work for you. For example, Capital Gains Tax is often not paid when assets are moved between spouses.

You might be able to pay less tax if you put some of your assets in the name of your spouse. This could let you use a lower tax band. In other words, if your spouse’s tax bracket is lower than yours, your rental income will be taxed less, which will help you get a better return and solve any cash flow problems you may be having.

Become A Limited Company

Without incorporating, landlords have no protection from the possibility of limitations or increases in contributions to the government. However, there are tax advantages for businesses that choose to incorporate. Corporation tax, for instance, is currently locked at 19% until at least April 2023.

Corporation tax is much less than the income tax a private landlord would have to pay, even with the possible increase in the future. Furthermore, the corporation tax rate is applied to the sale of a property held by the company, rather than the higher rates that apply to individual landlords.

Wait It Out

When the financial market is volatile, waiting it out may be the best option for your investments. While waiting for the market to settle is not exciting, it is the optimum time to invest because the outlook improves.

Possibilities to find an excellent buy-to-let property will emerge, with properties being offered at deeper discounts and having more room to develop in value over time. Landlords need to plan ahead for the next 12 to 24 months and beyond to ensure a prosperous future.

A lot of people forget how important their front door really is. What do people see first when they walk up to your house? What can people see from the road when they drive by your property? What can people see when they look up your house on Google Street View? Your front door. This is really important. It is the physical barrier between the outside and the inside of your home. It is the part of your home that makes people feel welcome. Don’t you want to make a good impression on them? Don’t you want everyone who sees the outside of your house to think that the inside is just as nice? This is the effect a beautiful new front door can have. Here are some of the best reasons why you need a new front door.

Better Kerb Appeal

One of the best ways to update the look of your home is by installing brand-new windows and doors. In particular, installing an updated front door in lieu of your old one is an inexpensive, low-stakes replacement project that can have a significant impact. Changing out the entry door is a great method to modernise the look of your home and boost its value. See the difference that a stylish front door can make by comparing before and after photos of similarly-styled homes.

More Value

Boosting your home’s kerb appeal can potentially raise its value. A new front door provides a 68.8 percent ROI, as stated in the Cost vs. Value 2020 analysis by Remodeling Magazine. Your home’s kerb appeal can be improved with the installation of a new, high-quality front door. In addition to increasing your home’s marketability, it may also attract interested purchasers.

Make A Personal Statement With A New Front Door

Perhaps the most appealing feature of a changed front door is the opportunity it provides to make a unique fashion statement. Whether you decide to paint your new front door or go with a whole other style, it will completely change the look of your home’s outside. There is a wide selection of entry doors to choose from, so you can find one that fits the design of your home. Smooth, simple panels made of clear glass are an excellent choice for a modern or contemporary residence. For a more classic look, go for a door with decorative panels and either quarter-light glass or no glass at all. Grilles, crossbucks, clavos, ornate glass, dentil shelves, wrought iron, and other such embellishments can elevate your decor to the next level.

As much as the expense of living and high energy bills might seem like all everyone talks about these days, it’s impossible to deny its recent and dramatic effect on everyone’s life, including homeowners and people in the market to move. Many families have felt the strain of the country’s record-high energy prices.

However, the house you pick could have a major factor in your monthly energy bills. Home Builders Federation (HBF) produced a survey showing that new homeowners can expect to save an amazing £2,600 per year on their energy bills.

In addition, the survey highlighted that new-build buyers saved over £500 million on annual energy bills last year. This is because, compared to older homes, these newer ones only release around a third as much carbon, resulting in a reduction of about 500,000 tonnes of carbon emissions annually. Here are a few considerations that suggest a newly constructed home could be the best option for you.

Everything Is New

Everything from the oven to the dishwasher in a brand-new home is brand-new and has been installed specifically for your arrival. It’s safe to assume that everything will function as it should when you move in. In addition, the fixtures and appliances included in your new home are covered for two years by the new house warranty. And they’ll be more energy efficient, so your energy bills will be lower.

A Blank Canvas

You can put your personal stamp on a brand-new house by decorating it any way you like. There is no need to remove stubborn wallpaper or paint over a bold statement because there have been no previous tenants. Put your unique imprint on your new home since you get to decide how it looks. It might not sound like much, but even this can be a saving on your energy bills.

Modern Living

All new homes are made with the way people live today in mind. They were built on purpose to have a lot of space and natural light. Also, new buildings are made with modern family life in mind and give people more options when it comes to home or hybrid working.

Plus, you’ll usually have much easier access to the outdoors, thanks to things like large patio doors, floor-to-ceiling windows, and communities with open green spaces for everyone to enjoy. You can also rest easy knowing that it was all built to the highest standards, since all new buildings must meet certain rules and regulations.

Money Saving On Your Energy Bills

As was said above, HBF recently reported how much money new homeowners can save each year. To explain what this means in more detail, the report goes on to say that newer homes use a lot less energy than older ones. The average new home uses about 100kWh per m2 per year, while older homes use an average of 259kWh per m2.

This means that if you live in a new house or apartment, you can save an average of £2,000. This is because the average annual costs to run these kinds of homes are around £1,500, while the average annual costs to run older homes are around £3,570. When only houses, not flats and bungalows, are compared, these savings go up to £2,600 a year.

Do you want to buy a property to rent out? If so, you’re not on your own. These days, a lot of people want to get into renting out homes, and for good reason: it can be a very profitable investment. But buying a rental property isn’t as easy as just picking one out and paying for it. Before making such an important purchase, there are many things to think about. In this blog post, we’ll talk about some tips from experts that will help you buy a property to rent out. Let’s get started.

Get The Right Mortgage

Get a good mortgage if you want to buy a property to rent out. This is especially important if you plan to get a loan to help pay for the house. There are many different kinds of mortgages, and they are not all the same. Before making a choice, you should look around and compare prices.

Also, it’s important to make sure you can pay the mortgage payments. This is especially true if you want to be a hands-off landlord and employ a property management business to take care of every aspect for you. Remember that you will still have to pay your mortgage every month, even though you will be getting rent.

Location Is Important

When you buy a property to rent out, you will want to think about where it is. After all, the only reason to own a rental property is to rent it out. And if you want people to rent your house, it needs to be in a good place. If you don’t, it might be hard to find (and keep) tenants.

Before you buy a rental property, you should think carefully about where it will be. You should think about the neighbourhood, schools, and public transportation in the area. The easier it will be to find and keep tenants, the more desirable the area.

Know About Additional Expenses

When you buy a property to rent out, it’s important to remember that sometimes you’ll have to pay for things that you didn’t expect. This is just one of the things that come with being a landlord. As a landlord, there are many things that can cost you money, from repairs to empty units.

It is important to be ready for these unplanned costs. One way to do this is to put some money away each month in a contingency fund. When an unexpected cost comes up, you will have the money to pay for it without taking money from your other sources of income.

Even though some people don’t have neighbours, or at least don’t see them very often because they live in the middle of nowhere, most people do have them. Most likely, you are one of them. People will live on both sides of you, across the street, and if you live in a flat, they may also live above and below you.

We don’t talk to these people very often. We might say hello or give a friendly wave when we see them, but we don’t take the time to get to know them. We’re all busy and just want to get on with our lives, so this is normal.

But getting to know your neighbours has a lot of benefits, so it might be worth your time to try. Find out what these benefits are by reading on.

Security

We should all put a lot of thought into making sure our homes are safe. Burglars are always looking for ways to break into houses and take what doesn’t belong to them. You should do everything you can to keep your property as safe as possible. This could include things like: motion detector lights, more locks, video doorbell, and keeping things clean and organised (so the house looks lived in).

You can also ask your neighbours for help, in addition to these ideas. You can ask them to check on things for you if you’re going to be gone for a long time or if you think you saw someone strange on the street. Then, if they leave, you can do the same for them. When neighbours know and can count on each other like this, the whole neighbourhood is a lot safer.

Friendships

Study after study has shown that having friends is good for our health. It keeps you from being alone, which can cause depression, and it’s nice to have someone to talk to (which relieves stress). When you have friends, you might also be more physically fit because you’ll have someone to go for walks or runs with or find a gym buddy.

It’s not always easy to make friends as an adult, but if you have neighbours, you might already have friends waiting for you. Of course, you won’t be able to hang out with all of your neighbours, but even if you make just one new friend by getting to know them, that’s a good thing.

Recommendations

It’s inevitable that everyone, no matter where they call home, will require assistance from others at some point. It could be that you require the services of a plumber, electrician, gardener, housekeeper, or any number of other professionals. It can be difficult to get reliable assistance because there are so many options out there, each with their own pros and cons.

You can trust the advice of your friends and neighbours on matters like this. You won’t get the contact information for someone who did a poor job from them.

In the UK, more than 7 million people smoke. The number is going down from year to year, and there is so much information about why it’s good to stop smoking that more people will soon give up the habit.

But it’s likely that at some point you’ll find the perfect tenant for your property, except for one thing: they smoke. Even though 14.7 percent of people smoke regularly, only about 7 percent of rental properties actively welcome smokers.

If landlords had a different attitude, they might be able to rent to more people. But they have good reasons to worry about things like lingering smells, damage to furniture, and the chance of a serious fire. And it’s easy to see why this makes landlords less likely to put “smokers welcome” on their online ads.

So where do you and other landlords stand? Can you stop people from smoking in a rented property? Find out by reading on.

Laws About Smoking In A Rented Property

If you don’t want your tenants to smoke, there aren’t many laws to back you up.
Under the Health Act of 2006, smoking was banned in all places that were “open to the public” as of April 2007. It applies in many places, like bars, restaurants, and workplaces, and its goal is to make smoking less harmful.

But it only applies to privately rented property if it’s an HMO. It can’t be used to enforce a no-smoking rule in a self-contained apartment or house.

If you rent out HMOs, you can say that smoking in a rented property isn’t allowed in places like hallways, kitchens, and bathrooms that are used by everyone. You’ll also need to put up the right signs to let tenants know what they need to do.

Since your decision will be backed by the law, it should be easy to make it happen. If you do let people smoke in these places, you will be breaking the law and could be charged or given a fine by your local government.

So, landlords have every right to ask tenants who break this law to leave if they don’t follow it.

Smoking In A Rented Property And Tenancy Agreements

So, if you don’t want to allow smoking in a rented property but there are no rules to back that up, what are your options for places that aren’t HMOs? It all depends on your lease and how much you trust your landlord.

You can take steps right from the start of marketing your property to keep tenants from smoking: Make it clear in all of your ads that you will only rent to people who don’t smoke.

During the viewing, look for signs that the potential renter smokes, or ask your agent to look for them. Check for yellowed fingers and teeth in addition to the obvious smell of tobacco, which can be hard to hide.

Remind everyone who comes to look that smoking is not allowed, and pay close attention to what they say. Some people may lie a little bit.

Add a clause to the rental agreement that says tenants and visitors are not allowed to smoke anywhere on your property.

Even if you try hard, it may not help. The big problem here is how to make it work. So, what can you do if your tenant breaks their word and doesn’t follow the rules of the lease?

The first thing you can do is politely remind them of their promise and ask them to stop. Invite them to smoke outside if you want to keep things as good as possible with them.

If this doesn’t work, you can use one of the fault-based reasons for getting rid of an assured tenancy: Ground 12: The tenant broke one or more of the tenancy agreement’s rules, except for the one that said they had to pay rent. But this can only be enforced if a court decides to do so, which isn’t likely to happen if the tenant pays rent on time every month and would be expensive.

If your renter won’t stop smoking, you could use their security deposit to pay for any damage they cause. You might want to spend it on a deep clean by a professional to get rid of any stains on the walls and furniture. For this to work, there would need to be a thorough inventory at the beginning of the tenancy.

You could also raise their rent at the end of a fixed term to make up for any damage that occurred from someone smoking in a rented property.

What About E-Cigarettes?

Even though the number of people who smoke is going down, the number of people who vape is going up. Over 3 million people in the UK now use e-cigarettes.

More and more people who used to smoke are now vaping, but can they do it in your home? There is no law that applies, so it’s up to you if you want to let it happen or not. E-cigarettes don’t have the same bad smell or fire risk as regular cigarettes because people inhale nicotine in the form of vapour instead of smoke.

You can say in the lease that it’s not allowed, just like you can say that smoking isn’t allowed, but it will be harder to explain, find, and prove. And if you do let them do it but don’t let them smoke, you might turn off your tenants who smoke because they have to go outside to do it.

To let people smoke or not to let people smoke. Only the landlord can tell you the answer to that question. If you want to keep your property smoke-free, the best thing you can do is find an honest tenant who won’t be smoking in a rented property.