Category Landlords

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.

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. 

When many workplaces were forced to close because to the Covid-19 outbreak, an extraordinary shift toward working from home occurred. In order to accommodate their new work habits, tenants had to reevaluate what they required from their rental property, which had a big influence on the rental market.

What Adjustments Did Tenants Want To Work From Home?

As a result of individuals working from home, whether they were renting or owning, three essential aspects of their residences changed:

• Work area

• A place to relax and unwind in the fresh air

• Location

For many families, there was a need for more than one person to work at the same time. For those who wanted to work from home, more room was required. Employees wanted an additional room for a home office, but the option to set up a particular workspace or desk in an existing room also made a significant impact.

People also wanted more outdoor space in addition to more inside space. When individuals were not permitted to leave their homes, having a garden or even a balcony became a necessity. For both physical and emotional well-being, even when constraints have been relaxed, getting up and moving about throughout the course of a long day at a home desk is a need.

Finally, people’s ability to live altered as well. To save time and money, they no longer had to drive to cities or commuter suburbs to go to work.

Renters, in particular, have the freedom and flexibility to pick where they want to reside based on their work schedules. As a result, a large number of city dwellers relocated to the countryside or small villages outside of the city centre in search of more affordable housing with the additional room they sought.

What Happened After Lockdown?

Expectations are high that things will revert to pre-pandemic status, including those of tenants, at some point in the near future. Even still, according to YouGov, 60% of British employees would like to work remotely from time to time, so the need for space and desire to live in distant areas may be here to stay.

However, when businesses reopen, there seems to be a resurgence in city life. According to a recent BBC article, the urban rental market has seen an uptick in demand due to people returning to work gradually and covid restrictions being loosened. This year’s January demand was 76% higher than in the prior four years.

Landlords who own homes in cities and bigger towns will be pleased to hear this news. However, they must take into account the fact that many renters will continue to work from home, which will have an impact on their choice of property.

Looksy Inventories Is Here For You

Contact Looksy Inventories now to learn more about how our local team can become your inventory partner and ensure that your property continues to be attractive to today’s tenants.

Good landlord communication is vital. Landlords must establish a relationship of trust and open communication with their tenants if they want to be successful in managing their properties.

Whether you’re in a relationship with a spouse, a friend, or a tenant, communication is essential. In order to create trust and define responsibilities in a relationship, you need to communicate effectively.

The most essential thing you can do as a landlord is establish a relationship based on mutual trust and open lines of landlord communication with your tenants. It takes the right people, at the right time, with the appropriate knowledge to communicate effectively.

Why Do Landlords Need To Do This?

Landlord communication that is open and honest helps develop trust and creates long-lasting partnerships.

Good communication between parties reduces the likelihood of misunderstandings.

When Should Landlords Start?

Transparency is critical right from the get-go. This should begin before the tenant comes in and continue during the tenancy. Make sure your tenants know how to get in contact with you and what your expectations are.

Who Is Responsible?

With your tenants, you have a duty to communicate clearly. In order to have a strong connection, both sides will need to speak with each other. Landlord communication needs to work both ways.

What Method Of Landlord Communication Is Best?

There are various methods to communicate nowadays, including conventional letter writing, phone calls, and visits to the tenants, as well as email, SMS, and other social media channels like Facebook, Twitter, and Instagram.

Each technique has its own advantages and disadvantages for landlords when it comes to interacting with their renters.

However, there are occasions in which specific procedures are preferable, such as serving legal documents or an eviction order, which necessitates documentation. If you want to remind a tenant of a forthcoming tradesperson appointment or schedule viewings, utilise channels like text messaging or WhatsApp. It’s a good idea to use email to communicate tenancy documents, such as a lease or inventory.

Depending on the severity of the issue, a landlord may resort to making emergency phone calls. Landlords often forget to contact their tenants, yet doing so may help fix issues much more swiftly.

How To Communicate Effectively

Putting a face to a name helps to establish trust and a connection right away.

If you utilised any experts or tradespeople, such as an inventory clerk, please let the tenant know. This will save time and alleviate issues in the future.

Let them know what their obligations are as well as yours, and be upfront about it.

Tenants want to know you’re accessible if they have issues or concerns.

Keep your end of the bargain by adhering to inspection dates and completing maintenance tasks.

Keep in mind that connections are continuous, so don’t be afraid to remind or notify ahead to scheduled maintenance appointments or inspections. Take requests seriously and respond promptly.

Having a written record of conversation will be helpful for future reference, and it will protect both parties if they do so.

In order to make your work simpler, you should make use of a property management site that provides you with the necessary resources.

When it comes to keeping your rental property maintenance costs low, ‘prevention is the best cure,’ as the adage goes. That means you should make sure the building’s fabric is in excellent repair before renting it out, and then have a continuous inspection and maintenance programme in place to help prevent any significant and expensive concerns. Read on to find out more.

Have An Independent Survey

Unless you’re investing in a new home with a warranty, you should always use an independent surveyor to reduce maintenance costs. Remember that the valuation that your Buy to let mortgage lender prepares is just to protect them – not you – and it may be as simple as a surveyor searching up “comparables” online – they may not even visit the property in person.

Surveys are classified into numerous tiers. The ‘right’ one for you will depend on the age and condition of the property you’re purchasing, so consult with a RICS-qualified surveyor to see which is best for you. Make certain that the report include guidance on both current and possible future difficulties.

Do As Much Work As Possible Before You Let It Out

Fixing serious faults or making repairs after you’ve begun renting out your house could be far more difficult and expensive than performing the work before anybody moves in. If problems emerge during a lease, you’ll have to negotiate with tenants about when repairs are made and may have to arrange for them to be relocated somewhere if the project is large. If you wait until the property becomes unoccupied at the conclusion of a tenancy, you could face a lengthy period of time with no rental revenue.

As a result, it’s normally a good idea to do as much work as possible after finalising your acquisition, which should enable you to ‘future proof’ the house for at least the next 10-15 years, reducing maintenance costs.

Carry Out Regular Inspections

Once the property has been rented, it is critical to do frequent inspections – every 6-12 months – to examine both the interior and outside for any indications of deterioration that might lead to difficulties. It’s often a good idea to get an inventory clerk to do this for you. For example, if a roof tile has slid or the guttering has fractured, water might infiltrate the masonry and cause moisture inside. If surface mildew in the bathroom is left ignored, it may spread and develop into a significant mould problem. Depending on the reason, this might need specialised treatment and possibly jeopardise your tenant’s health. In summary, always solve issues as soon as they arise, before they become more expensive duties.

Give Your Tenants A Home Worth Looking After

If you give your tenants a home that is in excellent shape and has a high degree of interior décor, it normally encourages them to take care of it – and this should result in you spending less on maintenance costs and repairs. So it’s worthwhile to invest in quality furniture, repaint the walls every few years, and reply as soon as your renter complains anything isn’t functioning. Not only will items stay longer, but you should be able to charge more rent as a result.

If you’re considering making a new investment or remodelling an existing home, call us and talk to one of the staff about ways to save money on upkeep.

Rent is a divisive issue, and rent increases even more so. Landlords must take into account the expenses of mortgage repayments, market fluctuations, and inflation when determining a reasonable rent or raising a current rent. Tenants, on the other hand, are generally upset with rent increases.

The truth is that nothing is ever the same, and prices are no exception. The expense of living is rising even if inflation is low at the moment. As time goes on, landlords’ expenses rise, hence rent hikes are a necessary part of the economy. Increasing rent to offset growing expenses is one thing, but raising rents for profit is quite another.

In this post, we’ll discuss the guidelines for rent increases, as well as whether it’s permissible to raise the rent and what other options you have.

When Landlords Can Implement Rent Increases

For a periodic or fixed-term assured shorthold tenancy, current rent is determined by the lease agreement. When a tenant signs a lease, they are agreeing to pay this amount. Furthermore, the leasing agreement should explicitly explain how and when a landlord might increase the rent.

Fixed-Term Tenancy Rent Increases

The landlord cannot raise the rent during a fixed-term tenancy, such as a 12-month agreement, unless there is a provision in the tenancy agreement that allows for an interim increase. Rent increases must be adhered to in accordance with the terms of your lease.

Renewals of fixed-term leases require that the new rate be included in an agreement signed by the tenant agreeing to pay the old rent when it expires.

Tenants with fixed-term leases do have the option of transitioning into periodic ones, but this isn’t required. A rent increase agreement may be issued at this time.

Rent Increases For Periodic Tenancies

The landlord can only raise the rent once a year under a monthly (or weekly) lease. The tenant must consent to any increase in rent before it can go into effect. In order for an agreement to be legally binding, it must be signed and dated by both parties. In order to provide the tenant at least a month’s notice of a rent increase, the landlord will need to issue a new rent form. A copy of the rental agreement must be kept on file by the tenant.

All rent increases must be reasonable and in accordance with the existing market rates in your neighbourhood.

Including a provision in the rental agreement stating that the rent will rise by X percent after six months is one approach to prepare ahead of time in the event that you choose to raise the rent. In this method, the tenant is made aware of the impending increase and given the opportunity to agree to it in advance. Even though the tenant originally consented to an increase in rent, they have the right to complain if the increase is excessive.

Raising Rent On Regulated Tenancies

Different rules apply to regulated tenancies. There is a cap on rent rises in this type of tenancy, which are determined by the Valuation Office Agency (VOA). Every two years, landlords can request that the VOA evaluate their rentals. For example, if the property has been rebuilt or enlarged and the rent has been increased, a rent review might be sought. Although the VOA can both raise and lower your rent, so you should be aware of this possibility.

What a strange question, right? How to use your inventory? But it’s not all that strange when you think about it, and that’s exactly what this post will be about. The issue is that most landlords (and tenants) don’t use their property inventory in the right way. They book it and look through it (an excellent start) and then don’t think about it again until after the tenant has moved out.

What landlords (and tenants) really should be doing is looking at that report and any interim reports (also known as mid-term inspections) when the tenant gives their notice to leave the property. Leaving it until after they have gone might be too late. Let’s look into this in more detail.

How To Use Your Inventory As A Reminder

When you think about how to use your inventory, the first thing to consider is that it can be a perfect reminder of the condition the property was in at the start of the tenancy. By reading through it, and by encouraging your tenants to do the same, you’ll get a better idea of what to expect when they leave.

In fact, gently reminding the tenants that they need to leave the property in the same way they were given it, and that all the information they need to enable them to do that is in the property inventory is a good idea. Remind them of this, and also remind them that their deposit relies on them getting this right. The inventory will be the ideal roadmap to help them put things back how they found them, leading to fewer instances where a dispute has to be raised.

How To Use Your Inventory As A Predictor

Another good use for your inventory is to give you an idea of what to expect when the tenant leaves. Although the original inventory won’t necessarily help here, the interim reports will. They will show you how well the tenant is taking care of the property, and you’ll have a prior understanding of what state the property will be in when they leave. If they haven’t taken care of things during the tenancy, it is likely they won’t take too much care when they leave either. However, if the interim inspections have shown they’ve been looking after the place, you probably don’t have too much to worry about (this is not guaranteed, of course, but it’s a good rule of thumb).

Once they have left, no matter what the property is like, you can compare the check-out report to the original inventory and immediately see if there are any issues. This means there will be no delays in any action needs to be taken – remember, if you do nothing, the tenants have a right to their deposit back within 10 days of vacating the property, so if you want to make a claim, you need to do it asap.

Want To Know How To Use Your Inventory? Contact Looksy Inventories Today

At Looksy Inventories, we are experts when it comes to property inventory reports, check-ins, check-outs, and mid-term inspections. We can handle every report you need, and we’ll do it in an unbiased, efficient, professional way. Simply get in touch with us today to book your inventory or to ask questions; we’ll be happy to answer them.

It’s possible that when your tenants move out, you’ll be faced with a long list of repairs and replacements. Even if all it takes is a fresh coat of paint or a few screws to secure some wobbly shelves, preparing the home for the next set of tenants may necessitate investing more time and money on your side. This can include the need to hire an inventory clerk.

Inventory and check-out reports, such as those generated by Looksy Inventories, are essential if your tenants are causing damage or loss to your property and leaving it unsuitable to rent. In order to avoid paying out of pocket, you may use the proof in these documents to legally keep some or all of your tenant’s deposit.

There are a lot of landlords out there who don’t know where to start when it comes to finding how to hire an inventory clerk and a company to handle their property management needs. Read on to find out more.

What Does An Inventory Clerk Do?

Before a home can be rented out, you need to hire an inventory clerk to meticulously document the property’s condition and contents. Whether they are individuals or part of a larger property management company, they provide services to clients.

When a renter moves into a property, an inventory clerk will document the current state of each fixture and meter reading. Afterwards, they will return to inspect the property towards the conclusion of the tenancy period. You might also want to hire an inventory clerk to carry out interim or mid-term inspections.

For the most part, the condition of the rental property when the tenant vacates determines whether or not they get their whole deposit back. When a tenant’s tenancy ends, the inventory clerk and the property management team will serve as unbiased witnesses to any changes within the property.

What Do Inventory Clerks Record?

An inventory report serves as documentation of the property’s condition at the beginning of the tenancy. In addition to the furnishings in the house, this covers everything from the state of the appliances to the condition of the windows, doors and locks to the ceiling and walls to the flooring and blinds.

As soon as a tenant moves into a property, an inventory should be agreed upon and updated, if required, by all parties involved. In order to establish that a property has been damaged and should be repaired from the tenancy deposit, an agreed-upon report will be necessary.

How To Hire An Inventory Clerk

Inventories are used on a daily basis by landlords and letting agencies. A new inventory report is needed for each new tenancy, and this report is often created by an inventory clerk. This person might either be employed by the rental firm or recruited on an independent contractor basis.

Inventory clerks can be found by contacting a lettings agency and asking about their methods, or by performing your own search. Search for inventory clerks in Kent or Sevenoaks or Bromley or Folkestone, and you’ll find Looksy Inventories – as well as in many other places in between. Get in touch today if you need to hire an inventory clerk; we can help you.

Landlords must understand what their tenants want in rentals. What attributes do renters search for in a property? What should landlords look for when buying a buy-to-let property? What turns off tenants?

Some landlords fail to understand precisely what tenants want, while some tenants struggle to locate a house that suits their requirements. In this post, we will discuss the top attributes that tenants look for in a rental and what landlords can do to increase tenant interest.

Location

People wanting to rent homes place a high value on location. Most people want to be near to local shops, facilities, and public transportation, as well as their employment.

Of course, if you already have a rental property, you cannot move it. When considering acquiring a buy-to-let property, landlords should consider the location as well as the sort of tenants it would appeal to.

Tenants prefer not to reside too far away from local facilities. This is particularly true if they do not have a car and transportation options are restricted. It’s crucial to have a supermarket, GP, pharmacy, and other services nearby, and school catchment areas are a key concern for families.

Because location of rentals is a major determining factor for renters, landlords should mention all surrounding facilities in the property advertisement description.

Safety & Security

Every tenant wants to feel secure in their home. Most individuals would not prefer to rent a house in a high-crime area, thus location and safety often go hand in hand.

Renters like the confidence of a functional security system with alarms and robust locks on windows and doors, in addition to the area’s crime rate. As a result, landlords must ensure that the rental property has an operational security system.

Landlords can make their tenants feel safer by installing CCTV, adding additional locks and a peephole to the front door, and ensuring all safety certifications are in place, in addition to having a functional security system.

A mid-term inspection to see the property is also suggested for landlords to check that everything in their property is safe and functional. This also allows the renter to address any questions or concerns they may have.

Outdoor Space

Many renters like having their own outside area in rentals, whether it’s a garden, patio, or balcony. If such possibilities aren’t available, being close to a neighbourhood park is frequently a huge draw for tenants, particularly those with small children.

Having outside space allows residents to enjoy the sunlight during the warmer months, hold outdoor gatherings for family and friends, and have a separate spot to relax in. Outdoor space has been especially popular during the pandemic since individuals were confined to their houses for so long and realised how crucial it was to have that outside space.

If the house has a garden, upgrading and enhancing it might help to attract more potential renters. This demonstrates to tenants that the landlord is concerned about the property and prepared to make adjustments. It may also boost the property’s value.

Open Plan Rentals

Open floor layouts are becoming more popular. Nowadays, many homes include an open-plan kitchen and dining room, which makes even the tiniest areas appear much bigger. This allows renters a lot more freedom, enabling them to use it as a dining room, lounge area, or even an at-home office space. Open-plan layouts are often suitable for student leases and HMO residences with community areas.

Landlords may want to consider demolishing a wall in their kitchen or living room to create a place for an open-plan space. If an open-plan concept is not a possibility, landlords should consider eliminating large pieces of furniture that may take up a lot of space in particular areas.

Parking & Transport Links

Transport connections are a key draw for renters, particularly students and commuters. Of course, you can’t modify the transportation options in your region, but you may emphasise them in your property advertisement. Transport connectivity, as well as the overall location, should be considered when acquiring a buy-to-let property. Nearby bus, subway, or tram stations may pique your curiosity, as will easy access to main roadways, particularly in commuter towns.

Having a dedicated parking place is essential for drivers. If landlords have the opportunity, providing renters with access to a parking area or garage would be much welcomed. This not only gives convenience, but it also adds security by enabling residents to be near to their automobile.

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.