All posts by Lisamarie

Winter is here, and with it, as many landlords are aware, comes the season of boiler troubles. With energy costs growing at an alarming rate (global wholesale gas prices have grown by an amazing 250 percent since January 2021), it’s time for everyone to ensure that their properties are operating as effectively as possible and that everything is in working condition before the big freeze. In this way, landlords can protect their property as much as possible.

Taking proactive actions is always preferable to dealing with issues as they arise, and everyone wants happy renters. Furthermore, private rental prices in England increased by 1.5 percent, 1.2 percent in Wales, and 1.6 percent in Scotland in the year to October 2021, so in order to maximise your rental income, your property should be as appealing as possible – and in winter, that means making sure they are warm and comfortable. Here’s a brief checklist of items to think about.

Have The Boiler Serviced

This should be a yearly occurrence since it is an excellent means of detecting problems before they occur and preventing irate tenants who are left without heat on the coldest day of the year. When the heating system is put into hibernation throughout the summer, difficulties might arise when it is turned back on. A normal yearly servicing is usually less expensive than an emergency plumber call-out and landlords are always liable for boiler upkeep and repair. Landlords can protect their property by putting this in their schedule.

Bleed The Radiators

Regular maintenance improves performance and keeps temperatures consistent across a property, helping landlords protect their property even more. Also, ensure that extractor fans in kitchens and bathrooms are operational – damp and mould issues may arise if they are not.

Have Chimneys Swept

Chimney sweeping should be another yearly occurrence if landlords want to protect their property. Carbon deposits from open flames or wood burners can accumulate fast, and chimney fires are a genuine danger. Keep in mind that chimney sweeps might be quite busy at this time of year. Check that the smoke alarms are also operational. Hard-wired smoke detectors are preferable to battery-operated ones since they are more dependable and cannot be deactivated.

Insulate Internal Pipes

Ensure that any exterior pipes, as well as pipes in the loft, are properly insulated. If the property is left unattended for any length of time during the winter, there is a genuine danger of pipes freezing, which can be easily prevented by wrapping pipes in foam sleeves, but can cause hundreds of pounds of damage if neglected.

Insulate Windows And Doors

Although double glazing should be fitted as standard if landlords want to protect their property, draughty windows and doors may be easily sealed with tape as a do-it-yourself project. If the loft isn’t insulated, it should be a first concern.

Check The Roof

Look for any loose or missing tiles and get them replaced before tenants notice any leaks. To avoid clogs, gutters must be cleaned of leaves and debris. While you’re at it, cleaning front and rear gardens and walks will make the property seem immediately more inviting to current and possible new renters.

What is your greatest dream? Everyone has a dream, and if yours is to own and run a hotel, you might think that it will always be just that; a dream. However, it could be a possibility if you can secure the financial lending for it. That may sound as though it is easier said than done, but what if you could do it? What if you could realize your dream? It may not be out of reach – here are some of the things a lender will want to see and know before loaning any money to you. Are you ready to take the next step? 

Your Costs 

Of course, the most important thing that a lender will want to know is the costs involved. There is the initial purchase, but there are also many ongoing costs such as hotel linen, cleaning, staff, food, entertainment, security, a website, marketing, and so much more. You need to be able to show that you have thought about them all and understand the outgoings. You also need to have calculated potential income so that you can offset the figures against one another and come up with the profit that you are hoping to make. 

As well as this, you should consider whether any changes or improvements will need to be made – this is especially true if you are buying an older property or if you are buying a building that has not been used as a hotel before. 

A business plan will help you with all of this when you want to buy a hotel. Most companies, including the hotel industry, cannot thrive in an internet age without a sound marketing plan. Relying on recurring business is not regarded as a viable long-term strategy, and lenders would be wary if this were the case.

The Initial Down Payment 

It is highly unlikely that any lender will pay you one hundred percent of what you need to buy the hotel in the first place. Instead, they will lend you a smaller percentage, and you will need to pay a down payment to cover the rest. This is standard practice and is the same as buying any property, except that the down payment for a hotel is sure to be substantially higher. 

The money can come from your savings, a remortgage on your home, or you could speak to friends and family to help you. It might even be possible to raise money through crowdfunding or by finding an angel investor. Selling a current business to pay for a new one could be a risky strategy, but if you can sell it for a larger sum than you need for the hotel, you will have money to live off while the new business grows. 

Hotel Experience 

In many cases, a lender will want to see that you have previous hotel experience before you buy a hotel. They will want to know that you can run a hotel efficiently and that you already understand exactly what it takes. If you do have previous experience, perhaps because you worked as a hotel manager in the past, this is an easy box to tick, but if you are starting fresh, what can you do? 

The best thing to do is to have a good manager on board. If you can show that you already have an experienced person ready to start work and provide evidence to the lender that they have been successful in the past, they will be more likely to lend. 

A Suitable Property 

The lender will also want to know as much about the property you are hoping to buy as you can tell them. Is it in good repair? Is it in a good location? What has it been used for previously? Explaining all of this and determining exactly why you feel it would be a good choice to become a successful hotel will help them make their all-important decision. 

The location of any hospitality or tourist firm will be critical to its success when you buy a hotel. A lender will look more favorably on a hotel company seeking financing if its proximity (for example, near transportation hubs, office buildings, and entertainment centers) is recognized as a key factor in affecting its profitability.

Occupancy Rates 

The profitability of a hotel is heavily reliant on occupancy rates. If revenue per available room (RevPAR) and average daily rates (ADR) are high, this will undoubtedly benefit lenders.

If you are purchasing an established hotel company whose RevPAR is presently lower than it should be, a lender will want to know what your business strategy is to increase this number in order to increase the hotel’s profitability. 

Demand for rooms has rocketed in recent months, coinciding with a huge shortage in the number of rooms available in the UK. Unsurprisingly this has resulted in many tenants struggling to find places to rent. In fact, a recent SpareRoom survey of over 6,000 renters found that 96% of Brits are struggling to find accommodation at the moment*. Interestingly, we saw the opposite happen last summer, with landlords desperate to fill empty rooms but tenants reluctant, or simply unable, to move.

The increase in demand has been driven by people coming into the market, rather than moving within it. According to the same poll of over 6,000 renters, many are moving back out of parents’ or friends’ houses, flatsharing after renting on their own or owning a property, and overseas students (and students in general) are starting to return to cities. This results in a lot of people looking for rooms without vacating their current property, putting pressure on the market.

SpareRoom’s research reveals exactly where these people are moving from:

–           Another Flatshare – 29% 

–           Parent’s home – 25%

–           Outside UK – 14%

–           A friend’s house/flat – 10%

–           My own rented properly (not shared with anyone else) – 6%

–           Partner’s house/flat – 5%

–           Student accommodation – 4%

–           A property I own – 1%

–           Other – 6%

Flatshare site SpareRoom surveyed over 400 landlords to find out what has caused this drop in supply**. 

59% of landlords said they have fewer rooms to fill than this time last year, and almost half (43%) of those with fewer rooms said they’d filled all their rooms and they were now tenanted. But this isn’t the only reason why landlords have less availability currently: 

• 14% aren’t expanding their portfolio due to high house prices
• 10% aren’t expanding due to uncertainty in the market
• 9% have sold one or more of their properties
• 8% can’t develop properties due to a lack of tradespeople or materials
• 6% are planning on selling up and leaving the market

We asked landlords with fewer rooms which issues were currently affecting them the most – surprisingly the pandemic wasn’t a leading factor. Please see the results below: 

• Increased legislation – 26%
• Fewer tax breaks for Buy to Let – 22%
• The threat of further legislation – 22%
• Covid affecting their lettings business – 11%
• Shortage of tradespeople – 10%
• Shortage of building materials – 5%

Matt Hutchinson, SpareRoom director comments: 

“There’s no doubt Covid hit the rental market hard. Last year it was landlords struggling to fill rooms – this year it’s tenants struggling to find them. But the pandemic isn’t what’s keeping landlords awake at night – it’s government policy.

Recent legislation and tax reform made it clear that the government wants to steer the private rented sector away from an over-reliance on smaller investors. More legislation seems inevitable. Although the Tenant Reform Bill has been put on ice until 2022, many landlords are concerned about what it will bring. What tenants want most is stricter regulations for dealing with rogue landlords, so it’s highly likely the sector will see further change in the coming months and years. Hopefully whatever the government chooses to do will target the real problem landlords and get them out of the market, making it a better place for landlords and tenants alike.”

You’re looking forward to your trip. Soon, you’ll be boarding an aircraft bound for an interesting destination! But, before you go, remember to perform the following three things:

Make Provisions for Expensive Hiccups

Perhaps your holiday Airbnb arrangements fall through and you need to get a hotel room immediately. Perhaps you’ve misplaced your luggage and need to buy some clothes and toiletries to get you through the rest of your journey. Your trip may not go as well as you would want, and you must be prepared to pay for any unexpected complications.

You should set aside a little emergency money before going on vacation to minimise financial stress. This might assist you in dealing with snafus that aren’t in your agenda.

Safeguard Your Home

If your house will be unoccupied while you are away, it will be exposed to home intruders or thieves. You don’t want to return from your lovely vacation to discover that your rooms have been ripped up and all of your things have been stolen.

What can you do to safeguard your home when you’re on holiday? Here are some actions you can take:

All of the doors and windows should be locked.

Remove any extra keys you’ve stashed outside. Burglars will check beneath the welcome mat and inside the mailbox.

While you’re gone, ask a neighbour or someone you trust to pick up the mail and water your lawn.

Keep some lights turned on. The power expenditures will be worth it for the added security.

Don’t publicise that you’ll be leaving your house vacant. Many individuals who post about their travels on social media are unaware that they are informing the world that their property would be simple to get into. This does not preclude you from sharing your good experience with your friends and family through social media. You should only write about your experience once you’ve returned home, not in real time.

If you’re very concerned, you may always ask a friend or family member to house-sit while you’re away.

Prepare for Lost Luggage

It is conceivable that you will arrive at your destination, but your baggage will not. If this occurs, you may go to the baggage claim window at the airport and notify them that your luggage are missing. They will attempt to monitor your baggage and see where they ended up. It will take some time. You may not receive your luggage back for a few days, if at all.

So, what can you do to prepare for this? Travel insurance is available via your credit card company or a travel agency for your holiday. If you permanently lose your baggage, the insurance may compensate you for the value of the luggage (up to the policy’s maximum).

You may also fill your carry-on luggage with stuff you’d need if your main suitcase were to be lost or stolen on the way to your destination. If you’re at a loss for what to bring, take a look at these items to put in your carry-on before you drive to the airport. When the rest of your stuff goes missing, you’ll be glad you packed wisely.

Missing baggage, house invasions, and unexpected bills are the last things you want to deal with while on vacation. Follow these pointers to avoid having these unpleasant discoveries mar your vacation.

Outdoor lights are an excellent method to increase personal safety and overall property protection, whether you are at home or abroad. There are several methods to outfit your house with outdoor lights, so take some time to think and plan how you want to put them up. Using energy-efficient bulbs and precisely situating each light helps you save money while providing enough lighting without turning your yard into a year-round festive show.

Stair and Walkway Guide Lights

Stairs and pathways leading up to exterior doors may be lit with nearly any kind of fixture, but it’s always a good idea to illuminate these places. String outside lights along railings, little poles indicating stairs, or simply sconces around the front of the house as these can all be used as guide lights. Illuminating the stairs is crucial for your own safety, but it is very useful for guiding guests and other persons who may not be ready to take the step down.

Fixtures for Motion Sensing

Motion sensor outside lights are a terrific method to keep undesirable visitors out of your garden without bothering your neighbours. These floodlights can be strategically placed around the home to illuminate certain areas in reaction to movement. Some are also outfitted with cameras that record for a brief period of time after detecting specific sorts of movements. These may be very useful in preventing or responding to trespassing and other illegal conduct.

Durable Fixtures for Rugged Environments

Basic light fixtures aren’t always enough, particularly if you live near the water. Because of the possibility of sand, sea, and storm exposure, marine-grade lighting should be installed to guarantee your property is well-lit when you need it the most. Similarly, if you live in a location that gets a lot of snow, consider mounting lights on poles or on the side of your house so they don’t get covered up.

Pools with Lights and Dangers

Walking about a property in the dark can cause catastrophic harm to children, animals, and even humans. Pools are a well-known hazard that can be exceedingly dangerous whether filled or empty. It’s usually a good idea to place lights near possible dangers, such as large yard decorations, ponds, or pools.

It may take some trial and error to find the appropriate balance with your outside lighting, particularly if you don’t want to illuminate the whole street. However, contemporary technology provides several options for efficiently, effectively, and unobtrusively lighting your outside space.

Technology is becoming more important for renters wanting to rent at the top end of the market. The attraction is understandable: there is technology for almost everything in the house, including integrated music systems, multi-room temperature management, and the capacity to remotely lock doors, all of which can be controlled from a tablet or phone.

These more complicated systems are often already installed in rental houses.

The following are the benefits and drawbacks of renting out a property with a complicated technological system or moving there as a renter.

PROS

CONVENIENCE

These smart home technology solutions, when utilised appropriately, can make life much simpler for both tenants and landlords. The ability to operate anything remotely, from the heating to the curtains, allows you to keep an eye on the property while you’re away and remain in charge when you return from the comfort of your own bed or sofa.

SECURITY

There are now devices that can mimic your daily activities while you’re gone, making your house seem inhabited.

FUNCTIONALITY

The usefulness and usability of these technologies are undeniably appealing.

MARKET ATTRACTION

In a market of more sophisticated tenants, a well-equipped home with smart home technology will stand out and frequently let ahead of a less technologically adept competition.

CONS

UPDATING

Instruction manuals are readily misplaced, and whoever is in charge of a property is also in charge of keeping this smart home technology up to date. Manuals can be difficult to replace as technology advances.

DIFFICULTIES IN OPERATING

Tools are only as good as their operators – too complicated smart home technology systems might be more of a problem than a solution if tenants are unable to use them. Having a three-hour training session for the tenants just so they know how to use their new home will be really unpopular and prove to be rather difficult.

MAINTENANCE

These systems often need upgrading, and upkeep can be pricey for landlords.

Technology is a wonderful tool that, when utilised wisely, can significantly improve one’s quality of life. Clearly, there is plenty to consider, but technology can only be as helpful as the tenants and landlords make it.

Landlords may be excused for being perplexed by the rules and legalities on access. The legislation makes them accountable for safety and maintenance and threatens them with severe fines if they do not comply. However, if they enter the property without authorisation, they can be sued for trespass and violating the tenant’s right to ‘quiet enjoyment.’ What does this mean?

Tenants’ Rights

Tenants have a right to ‘quiet enjoyment’ of the property under common law. This is an implicit provision, or covenant, that has been stated or inferred in English property conveyances and leases for centuries. This clause requires the landlord to allow the tenant to dwell in the property without excessive interference, that is, “without interruption of possession”.

‘Quiet enjoyment’ is a phrase that is often misused. In Jenkins v Jackson, a case from 1888, the court declared that the phrase ‘quiet’ in the covenant “does not imply undisturbed by noise.” When a tenant is in possession peacefully, it has nothing to do with loudness… ‘Peacefully and quietly’ means without interference.

In a nutshell, it means that the renter must be allowed to live in (or ‘enjoy’ in the old-fashioned sense of the term) the property without interference from the landlord or anybody acting on his behalf. This safeguards the renters’ interests.

Landlords’ Rights

Tenants, however, must allow landlords access. Both the Housing Act of 1988 and the Landlord and Tenant Act of 1985 require that every rental agreement include a condition or covenant stating that the tenant must provide reasonable access to the property for repairs to be carried out.

Landlords will, of course, want access to the property in order to do these repairs. In addition to access for repairs, the landlord has the right to inspect the property’s condition. The landlord or someone acting as the landlord’s agent may enter the property at any “reasonable time of day” but only after providing the tenant with at least 24 hours’ written notice.

Landlords should not claim any special privileges regarding how often and when a property may be accessed. Access to a leased property is difficult; for a renter, it is their private home, yet for a landlord, it is a precious asset that must be carefully managed. To make this work, some kind of agreement with the tenant is required. As a result, it’s not uncommon to hear of landlords being accused of trespassing on a leased property by disgruntled tenants.

Getting The Proper Balance

In general, there are two categories of tenants; those who give easy access to the property and appreciate having a proactive landlord who maintains the property and others who do not. The other categories stipulate that they must be present for any maintenance or inspection visits. As a landlord, you must assess the sort of renters you have and how to deal with them, as there is no perfect solution. Essentially, you must have a positive working relationship with your tenants.

Balancing tenants’ rights and landlords’ legal duties might be challenging, but it should be doable if addressed with mutual respect and practicality.

As a landlord, there are certain responsibilities that will come under your remit – you can’t simply rent out your property and wait for the money to come in. Although tenants will certainly have their own set of responsibilities, one of the benefits of renting (for the tenant) is that the landlord will deal with repairs and maintenance. 

In fact, if you’re budgeting in advance and you want to ensure you’re always going to be able to cover any repairs that need to be made to keep your property at its best and to keep your tenants happy, you’ll need to put aside around 10 percent of your rental income. You might not need to use it, but it’s far better to have it and not need it than need it and not have it. That’s all part of being a landlord. Read on to find out a little more about the kinds of maintenance and repairs that you may come across and have to deal with; the more you know, the more prepared you can be. 

Unexpected Repairs 

We’ve talked about landlords having to be prepared, putting away 10 percent of their rental income, responding quickly to requests from the tenant, but sometimes the unexpected happens, and although you might not have been waiting for these specific repairs to be needed, you’ll still have to deal with them. Some of the most common unexpected repairs will include kitchen appliances, heating and hot water, electrics, and plumbing. Essentially, anything that can happen without warning in your own home could happen without warning in your tenant’s home – be ready to spend out to get these issues fixed as soon as possible. 

Turn Costs 

Turn costs are something that you can absolutely prepare for in advance, and the longer you are a landlord, the more efficient – and cost-saving – you can be. Of course, these costs, the costs that you should expect to pay when a tenant moves out so that a new tenant can move in, will depend on how well the property was treated, but overall it’s wise to budget for new carpets (especially if the tenant was living there for over three years), changing the locks, and generally tidying the property up with a lick of paint. 

Damages 

The idea of a landlord having to pay for damages can be a controversial one. When a tenant leaves a property, some level of general wear and tear is allowed; after all, it’s hard to live anywhere and not make some mark on it in some way. Damages are anything that goes over and above this ‘fair wear and tear’ and could include holes left in walls, damages caused by pets, broken appliances, and so on. Although these damages are what a tenant’s deposit is for, and often the costs can be taken out of this deposit, sometimes there isn’t enough cash available, and sometimes it can be hard to get a decision from the authorities. In the meantime, you the landlord will have to pay out if you want the repairs to take place. 

General Maintenance For Building Code 

All properties have to be maintained up to a minimum building code that ensures they are safe places to live. Since a landlord has a duty of care towards their tenants, any maintenance issues that need to be carried out to ensure that this building code is adhered to must be dealt with quickly. This might include updating the electrics and making sure the heating and hot water are adequate. 

One of the biggest issues that comes with getting a divorce is what to do with the marital home. Sometimes one of the couple is able to keep it, but more often than not, due to either financial considerations or because no one wants to live there anymore, it’s best to sell it. That way, both parties can have a fresh start; it’s easier to do that with the money from the sale to help you, and the fact that you’re not immersed in old memories.

With that in mind, if you’re looking at how to sell your property after a divorce, we’ve got some helpful advice for you. Of course, each divorce is different, and how you go about things will differ too, but this will give you some idea about how to handle the sale. Read on to find out more.

Talk To Your Divorce Lawyer

The first thing to do when you want to put your marital property up for sale is to speak with your divorce lawyer. They will be able to help you determine when the right time to sell it – you may have to wait until the divorce is finalized, for example.

Since it is often the case that the proceeds from the sale will need to be split between spouses, coming to an agreement before any sale takes place is also a good idea. It will make the process much quicker and less problematic. Again, your divorce lawyer will be able to liaise with your ex-spouse’s lawyer if need be.

Make Some Improvements

Once you decide that you need or want to sell the house, you’ll want the process to happen quickly, allowing you both to move on with your lives as soon as possible. Having the property sitting on the market for months is disheartening, and could cause financial issues too – after all, at least one of you will be living elsewhere, and paying a mortgage as well as rent is difficult for most people, as is paying the entire mortgage when you were once paying half, or less.

Therefore, it’s wise to make some improvements to the property before you put it on the market to sell. The better the property looks, the sooner it will sell (and you might even get a little more money for it). Sometimes a fresh coat of paint, hiring a carpet cleaner, and tidying the yard is enough to make the difference.

Find A Good Real Estate Agent

To sell your old home quickly, it’s a good idea to find a great estate agent who can manage the process for you. You’ll have enough to think about without also having to deal with progressing the house sale or even showing prospective buyers around.

The agent will also be able to negotiate the best price for you, which will be helpful. If you give them the full details of why you’re selling, they will be able to find the best buyers and ensure you get a fair deal.

Having plants in your home is something that you should certainly consider; they add a lovely touch of colour to your rooms, plus they produce oxygen, which makes you more alert, more productive, and you’ll generally feel better. Yet whilst some people seem to have been born with green thumbs, others tend to only be able to kill off the plants in their home rather than keep them alive and thriving. If the latter sounds like you, here are some great tips on how to keep your house plants living.

Watering

Plants need to be watered, especially if they are kept inside and there is no chance that a shower of rain is going to fall on them. This is a basic fact, but something that many people do tend to forget as they go around their busy lives. The plants can become rather neglected, and although this won’t generally have happened on purpose, the problem is still there. If you do keep forgetting to water your house plants and this is the reason they keep dying, then it’s a good idea to write a reminder on your calendar, or set a reminder on your smartphones, for example. After a little while, you won’t need the reminder anymore as watering your house plants will have become part of your daily routine.

Of course, over-watering is just as bad for your plants as forgetting to water them entirely. Too much water can effectively drown the plant, which won’t allow it to grow healthily at all and the roots can rot in the water that sits at the bottom of their container. It’s a good idea to gently touch the soil in the plant’s pot before watering – if it feels slightly dry to the touch, it’s time for watering.

Another important tip to remember is to only ever use water for your plants, and no leftover drinks such as tea and coffee. The additives in these drinks can harm the plants, and they can also attract small flies which are annoying and can eat away at the leaves.

Drainage

When the watering is done, you should tip away any unused water (wait for about half an hour to be sure) because plants don’t like to sit in old water for too long. Ideally, your pots should have a good drainage system, and pebbles can be ideal for this. Line the bottom of your pot with a layer of pebbles and that will keep the water away from the roots – they will be able to drink it, but not be resting in it. Make sure that whatever pot you use has holes in the bottom of it for the excess water to seep out. You can collect this in a saucer or container and then discard it.

Lighting

The lighting in your home, natural or unnatural, might be having a negative effect on your plants. Some plants need to be kept in direct sunlight, or even do better on a patio rather than inside. Others prefer more shady spots, so they should be in a darker area of your home. It will all depend on the type of plant you have chosen, which is why it is best to do your research before heading out to the store to get one. If you have a specific place in your home that will work best for your plant, then over the course of a few days make a note of where the sun is and how warm it gets. Then you’ll know just what type of plant to get. At the store, read the labels to get as much information as possible.

Smoking

Just as second-hand smoke can affect your friends and family, it can also have a negative effect on the health of the plants in your home. Smoke causes plants’ leaves to fall and causes a condition known as epinasty (a curvature of the leaves). Plus there are plenty of air pollutants found in cigarette smoke including sulphur dioxide and nitrogen oxide, and these can kill plants quickly.

If you want to keep your plants alive, then it’s best to smoke far away from them or give up entirely (which is better for your overall health as well).

Stability

Plants don’t like to be moved around a lot; once you have selected a good spot for them, that’s really where they should stay if you want them to be as healthy as possible. Unlike pieces of furniture that can be moved around in any way you want, plants are living things, and moving them can cause them distress, which will make their leaves wilt and drop, or they may not grow properly anymore. In extreme cases, it can kill them.

Try your best to leave your plant exactly where you initially placed it. If you do have to move it then do so gently and gradually.

Humidity

Watering a plant is hugely important, as we’ve already mentioned, but that water will only really be used by the roots. In order to make the whole plant a healthy one, you need to use humidity. Spraying the leaves and petals of the plant with water every few days will certainly help in this regard, and will make the leaves shiny and the petals bright and beautiful. Be careful though; too vigorous and the petals might fall.

Deadheading

It sounds rather brutal, but deadheading your plant can help it to grow more healthy. Deadheading is the act of removing any dead elements such as leaves or stems. This allows the living parts more space to grow, and they won’t be affected by whatever killed the other parts, or the rot that will eventually set in. Pruning the plant will also help – this means taking off parts that are still living but that are essential in the way of the rest of the plant living as it should to thrive and grow.