Category Property

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

Carry Out Routine Inspections

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

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

Be Organised

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

Build Relationships As A Property Manager

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

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

What is an Energy Performance Certificate?

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

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

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

Why EPCs And A Good EPC Rating Are Important

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

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

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

Buying And Renting

Sellers

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

Buyers

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

Landlords And Tenants

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

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

In the process of wanting to buy a house, there is one thing that can often set off everything else. Time is that factor. A lot of the talk about buying a home is, as it should be, about the “what.” But the “when” is often just as important.

So, when is the best time to buy a home? The answer is simple: the best time to buy a house is when it’s right for you. Lucky for us, knowing when the right time is isn’t like having a sixth sense. It’s much more concrete. It’s important to know about the local market, your finances, and mortgage rates, as well as how these things fit in with your lifestyle changes and why you want to move. Read on to find out more. 

Financial Situation To Buy A House

Your finances play a big role in deciding if now is a good time to buy a house. Before you start looking for homes, you should figure out how much you can spend. If you have more buying power, the seller will see that you are able to buy the house and may choose your offer over other ones.

Use a free mortgage calculator to get an idea of what you can afford is a great idea. With current rates based on national averages and mortgage terms that can be changed, you can try out different values to get an idea of how much your monthly payment would be for any listing price. With the help of this tool, you can figure out if now is a good time to buy or not.

Seasonality

You’ve probably heard the old real estate sayings about buying in different seasons and how to use the calendar to your advantage to get a good deal on your next home. There is some truth to these sayings, but the best way to really understand how seasonality affects your area is to work with a local real estate agent with a lot of experience. Their knowledge of the local housing market, as well as their access to data and tools, will be your best resource for making your buying strategy fit the local market. Get in touch with a skilled agent to start the process of buying a home. 

There has been a lot of activity in the housing market recently. Selling a property fast has proven to be a simple process. If the housing market does slow down, what would be the consequences? In a sluggish market, how can you get your house sold fast and for the best price? Read on to find out how to sell your home in a slow housing market. 

Get It Sale Ready

In a hot market, buyers may not care what your property looks like since they are so eager to purchase. As long as there is nothing wrong with the property that may deter purchasers and hold down the sale, it’s OK to sell as is. Yet this is not the same in a slow housing market. 

Taking a serious look at your home is the first step. Keep in mind how it appears from the road. The roof could need a little TLC. Is it in need of a fresh coat of paint? Is the garden too weedy for you? Are there any rooms in your home that might need a facelift? Is the flooring dirty or worn? If your home is for sale, consider whether or not the kitchen or bathroom may need some attention.

Despite the fact that this may need a significant investment in preparing your property for the market, it could be worth it in the long run.

Present The House Well In A Slow Housing Market

Along with repairs, display your home so that it seems to be a pleasant place to live.

When selling a home, one of the most common pieces of advice is to declutter. Decluttering can assist in depersonalising your property so that potential purchasers might see themselves living there. It might also make it seem bigger.

Make sure your house is clean and fresh, and that it smells clean and fresh as well. You may even consider smartly staging your property to make it more desirable in a slow housing market.

Sell At The Right Time Of Year

When the real estate market is sluggish, it’s better to sell at the correct time of year, if possible. The months of March, April, May, and June are ideal for selling, followed by September. Avoid selling during the summer holiday season or the run-up to Christmas, when the slow housing market gets even slower.

Price Your Home Correctly In A Slow Housing Market

In the process of selling a home, it’s important to price it right. But in a cool market, it’s critical to price your home right. The first few days after a property is put on the market tend to be the most popular time for potential buyers. Make sure that your original asking price is appealing to potential purchasers.

There’s a fine line between overpricing and underpricing. You should avoid setting your asking price too high while the market is sluggish, though. Even if you lower the price later, you may not attract any attention if the price is too high.

If you want to get the best price in a sluggish market, ask multiple real estate agents for a price estimate.

What can a landlord do about smoking in a rented property? It’s a difficult thing to have to deal with. On one hand, it’s no secret to landlords that daily smoking is hazardous for a property’s air quality and may cause significant damage to the interior. However, a landlord’s lenient attitude toward smoking will open the door to the greatest number of potential renters, because there are still many smokers.

How Many Smokers Are There?

When it comes to smoking in a rental property, according to a recent poll, just seven percent of landlords agree to allow tenants to smoke during the tenancy, despite the fact that more than one-fifth of the population are smokers.  So, are landlords passing on a golden opportunity? Before making any hasty choices, landlords of Houses in Multiple Occupation should examine the following research, which discovered that smoking renters are not very popular with their flatmates:

Barely 19 percent of other renters indicated they would be pleased to live with smokers, 37 percent of flatmates would share housing with a smoker if they would smoke outside and 44 percent of flatmates usually would not want to share with someone who enjoyed smoking in a rented property.

Another recent poll, this one conducted by Easyroomate, found that 38 percent of private landlords would evict tenants who were detected smoking within a rented property.

Do Landlords Have A Choice If Tenants Are Smoking In A Rented Property?

In these days of the Human Rights Act, do landlords have any right to ban their tenants from smoking in their rental property. The quick answer is… yes.

It is completely feasible to include a brief phrase to ban renters from smoking in a rented property. We recommend something like this:

3.7.13 Not to smoke or let any guest or visitor to smoke tobacco or any other substance in the property, unless the landlord has provided written approval.

How To Enforce A Smoking Ban

The enforcement of this provision, on the other hand, is a concern. If the landlord is confident that a tenant was smoking without authorization, they must first acquire evidence to prove it. Simply stating that the room smelled “a little smokey” is unlikely to suffice in a court.  To evict a tenant on these grounds, a landlord must use one of the fault-based grounds for possession, such as Ground 12: The tenant has violated one or more of the provisions of the rental agreement, excluding the responsibility to pay rent. However, this is one of the reasons for possession where the court has discretion in granting a landlord a possession order.

This implies that no two cases will be the same, but more importantly, there is little chance that a ‘liberal minded’ court would toss a tenant out on the streets for having the ‘odd smoke’ in their own house. As a result, there is little prospect of a landlord obtaining possession. This means, the odds of a landlord winning while a tenant continues to pay rent are small. Is there anything more a landlord could do if a tenant keeps smoking in a rented property?

Other Approaches To Prohibit Smoking In A Rented Property

One technique to cope with any harm produced by a smoking renter is to request a premium rate. It doesn’t have to be much, maybe five percent, just enough to pay the price of redecorating. As we indicated earlier, 1 in 5 individuals still smoke, therefore being tolerant may provide a landlord an opportunity in the market, providing you don’t mind redecorating on a recurring basis.

The alternative method may be to require a larger deposit from a smoker in the expectation that if damage occurs, the landlord would be successful in withholding a portion of the renters deposit to pay the damage caused by smoking in a rented property. However, we’re sceptical that a landlord could persuade a TDS adjudicator that the damage (which, let’s face it, frequently smells worse than it appears) is a problem even where you’ve gone to the time of meticulously creating a property inventory.

The long and short of smoking renters is that although the law seems to be on the landlords’ side, enforcability is a far more difficult and unpredictable procedure. Unless landlords have a trick up their sleeves, the best solution seems to be to attempt to pick an honest non-smoking renter in the first place, or to just accept the fact that there will be smoking in a rented property.

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.

One of the most thrilling and gratifying properties to buy is a listed building. Owning a historically significant structure, however, comes with a slew of challenges. There are both advantages and disadvantages to owning a listed building; read on to find out more.

What Is A Listed Building?

A listed building is one that is regarded to be of unique architectural or historic interest, as well as being of national significance.

The older a structure is, the more probable it is to be a listed building. Most buildings constructed before 1700 that are still in their original state are likely to be listed. Most structures constructed between 1700 and 1850 are likely to be listed. Buildings constructed after 1945 are less likely to be listed. Buildings that are less than 30 years old are unlikely to be classified since they are not regarded to be of significant architectural or historic importance.

Not only buildings can be listed, but so can battlefields, monuments, parks, gardens, telephone boxes, milestones, shipwrecks, and other locations.

Types Of Listed Buildings

In England, there are three categories of listed buildings:

Grade I structures are considered to be of extraordinary interest. Only 2.5 percent of all listed structures are Grade I.

Grade II* buildings are extremely significant structures of more than passing importance. Grade II* listed buildings account for 5.8 percent of all listed structures.

Buildings of outstanding importance are classified as Grade II. Grade II buildings account for 91.7 percent of all listed structures. The majority of listed buildings are Grade II.

In England, there are an estimated 500,000 listed buildings.

How to find out whether a structure is listed: Search the National Heritage List for England or other appropriate national lists of listed buildings to see whether a property is listed and if so, what listing it has.

The Pros Of Owning A Listed Building

Owning a listed building can provide various advantages and benefits:

Living in a listed building may provide a one-of-a-kind lifestyle owing to its one-of-a-kind character. Living in a castle, a Tudor farmhouse, or a big Georgian mansion, for example, might provide a one-of-a-kind living experience.

Those who live in historic structures often express a strong sense of being a part of history. They like being a part of the nation’s history and legacy by living in and preserving a listed building for the future.

Listed buildings are often located in desirable urban and rural areas that are in high demand as places to reside in any event.

Listed houses may grow in value quicker than other properties in the same neighbourhood. The availability of listed buildings is restricted, which might assist to drive up prices. As a result, listed structures may be a valuable long-term investment.

The Cons Of Owning A Listed Building

However, owning a listed building has a variety of drawbacks:

You may not be able to make any alterations to a listed structure, or you may be allowed to make only minor changes to a listed property. It may be difficult or impossible to renovate, develop, or expand a listed structure.

To make major alterations to a listed building, you will very certainly need to acquire listed building consent (or LBC, as it may be termed).

Unauthorized work on a listed structure may be considered a crime. The maximum punishment for anybody performing or causing the performance of the work is two years in jail and/or an infinite fine.

Owning a listed building entails a legal obligation to preserve and maintain it. Local governments may issue a repairs notice under Section 115 of the Town and Country Planning Act 1971 if they believe the owner of a listed building is failing to meet this requirement. In severe instances, they might even issue a mandatory purchase order.

Listed structures may need extensive care and restoration. This is owing to their antiquity as well as the nature of the materials and processes utilised to construct them.

Maintenance of a listed building, as well as any work such as renovation and extension (if permitted), will be more complex and costly. This is due to the fact that specialised expertise and construction materials may be necessary.

Insurance for listed structures is often more difficult to get. Because of the increased expenses of restoring listed buildings, insurance for them is often more costly. On the insurance implications of owning a listed property, it is essential to get advice from a specialised insurer or broker.

Listed structures are often unsuitable for contemporary life. Listed buildings may feature tiny, awkwardly shaped rooms with low ceilings or large, high spaces. They may have poor insulation and energy efficiency, making them frigid in the winter and costly to heat. It is conceivable that efforts to fix these issues will be impossible to complete.

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.

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.