Category Property

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.

Moving house can be a truly stressful time – it’s said to be up there with divorce and bereavement when it comes to how it makes us feel. Luckily, there is always that sense of excitement and adventure with moving house; it does tend to have a happy ending. That said, the process never gets easier. 

So finding great ways to ensure that moving house is as stress-free as possible – great ways such as packing hacks – is essential if you want to feel calm and collected on the big day itself. Property may be one of the best investments you can make, so you will want to feel good about buying – and selling – your property. Packing is often the major cause of panic; having some excellent packings hacks to see you through will certainly ease your blood pressure. 

Packing Jewellery 

Packing hacks can help in all kinds of ways. For many people, there is a definite need to pack jewellery safely and carefully. It might be worth a lot of money, or it could be a much-loved and cherished family heirloom. Whatever it is, you don’t want it to go missing during the move. One way to keep it all safe is to use egg cartons. Place the jewellery into the cartons and tape them up. Nothing will fall out and everything will stay together (important for earrings and jewellery sets). To stop necklaces and chains from tangling, pack them flat between two sheets of plastic or bubble wrap. You can stack them in a small box, and they will stay perfectly safe. Remember not to pack jewellery with your clothing as they can easily get lost – keep your most important items with you in a purse or small holdall. 

Packing The Kitchen 

Your kitchen is probably the room in the house that has the most items in it, so although it may seem like it’s going to be an easy room to pack, it can quickly end up taking you much longer than you had planned for. That’s especially true if you start to wrap each plate and piece of cutlery separately. Yes, that will prevent breakages and losses, but it will also lose you a lot of time that could be better spent elsewhere. One of the many packing hacks to get around this problem is to buy some foam. Cut it into circles and stack the foam in between your plates as you place the whole lot into a box. Got a lot of socks? Use them in the kitchen! You can put your mugs and glasses – even your cutlery – inside the socks and pack them that way; they’ll be nicely padded. Equally, cutlery can stay in the drawer tray, and all you need to do is wrap it in plastic and secure it with duct tape. It makes unpacking a lot quicker and easier too. 

When it comes to food, try to eat as much of it as you can before you move, and arrange to have a grocery delivery come to your new house as soon as you can when you’re settled (or take some time out to purchase some food the day after you’ve moved in). The less you have to take, the better. Food can spoil so easily, especially on a long journey, and you don’t want to waste it. Keep grocery shopping to a minimum in the weeks before you move. 

Packing Clothes

You may not realise quite how many clothes you have until you start packing. It’s a good idea to have different bags or boxes; some for taking with you, some for taking to Goodwill or similar. You don’t have to take everything, and it’s better if you can clear some clutter as you go. For the clothes you are taking, don’t fold them; roll them instead. It saves a lot of space. Those rolled clothes can even be used as packing material for fragile items around the rest of the house (the mugs mentioned above are just one idea – there are plenty more). The same is true for pillows and bedding – they make excellent padding. Anything that needs to remain on a hanger can simply be slid into a rubbish bag, and the whole lot moved as one. 

Shoes should be cleaned as much as possible before moving so that whatever they are packed with doesn’t get dirty. If you haven’t got the time or the inclination, make sure they are sealed in their own nylon or plastic bags. For precious and fragile items, you can even pack them inside your shoes to keep them safe, saving even more time and money on packing materials. 

Packing Furniture 

Any items of furniture that have handles sticking out can be a problem when moving – the handles can get caught and cause damage to walls or other items, or they can be knocked off during transit. Packing hacks to deal with that potential problem is to unscrew the handles and tape them to the inside of the drawers, along with the screws. That way, you can easily put them all back together when you reach your new place. Legs are another problem. Again, if you can remove them, that’s the easiest solution, but if not, make sure you wrap them in newspaper or bubble wrap. It will protect your floors and your furniture. 

Mattresses can get very dirty between houses, and the last thing you want is to finally be ready for bed after a hard day or moving, only to discover that your mattress is filthy. Take two fitted sheets and put one on each side of the mattress. The only things you’ll need to wash are the sheets, and the mattress will stay clean. 

Anything that you have to take apart to move will have plenty of small pieces and screws to go with it. Keep all of these items in a sandwich bag, and label it so you know exactly which piece of furniture it goes with. Don’t mix these items up; keep a separate bag for each piece of furniture. However, all the bags (adequately sealed) can go into one box, so you know exactly where everything is. 

Packing Essentials 

Finally, when it comes to packing hacks, it’s crucial to have a box of ‘essentials’ for when you arrive at your new property. This will contain things like toilet paper, shower gel, shampoo, nappies, milk, coffee, pet food, bin bags, chargers, a plate and a mug for everyone… You might also want to keep a change of clothes and some nightwear in there. With this box handy, you won’t have to do any unpacking until the next day when you’re rested. It will make that task a lot easier. 

Moving home is exciting. Whether it’s for work, because your family is expanding, or simply because you want a fresh start (or all of the above), searching for a new home is a great opportunity to get exactly what you want. Of course, some compromises will need to be made – there are no perfect properties, even if your budget is a large one – but there are some things that you will need to look out for and be aware of when you are viewing a property, no matter what you are looking for and where you are looking.

Damp

Damp can cause untold damage to a property, and therefore should be something to watch out for when you are viewing different potential homes. If the property has been empty for a while then there is more chance of finding damp, but even if it has been lived in, or is still lived in, it could be there.

Look out for plaster or paint flaking from the walls and ceiling, and watermarks on the walls too. If there is wallpaper, is it peeling? Is there a musty smell in the house? Put your hand against the walls; if it feels cold and wet, then there will be damp, even if it has just been repainted. Although this doesn’t mean that you shouldn’t buy the house, it does mean you should proceed with caution, and that you will need to have work done once you own it. This could be a good negotiating angle, so bear it in mind if you’re looking for a bargain.

The Roof

It can be easy to overlook the roof of a property since you won’t be able to see most of it much of the time. However, this doesn’t mean it should be ignored. If you can see holes, or there are tiles on the ground that have clearly fallen, there could be a problem. See if you can go into the loft when you are viewing a property as this can also give you plenty of clues.

If you’re not sure, ask an expert to come and check it out for you. The expert will immediately spot any issues and be able to let you know what the cost might be to have the repairs done. When you have the report, you can speak to the realtor about the problems. It might be that the owners were unaware, but they are willing to get the problem fixed, or reduce their price.

Storage

The rooms might be a good size and the garden could be lovely, but is there enough storage? This is an important point – the last thing you want to do is move in somewhere and then find there is no space to put your clothing, the food in your kitchen, or bed linen and towels that also need to be stored, no to mention toys and games if you have children.

You will need to take the amount of storage into account when you are viewing a property. It should have at least what you have now, if not more. Otherwise, you will need to be willing to reduce the amount of possessions that you have. Sometimes this can be a wonderful idea, especially if you don’t want the stress of packing everything up.

If it’s time for you to make some changes to your investment property because your last tenant has moved out and your next one has yet to be found, you can help make that search a much shorter one. As a landlord, it’s wise to keep your properties looking good, and even to redecorate every time a tenant moves out. With that in mind, here are some of the big interior trends to think about in 2021.

Art Deco

Art deco is distinguished by geometric forms and bright colours. Art deco elements may be seen in tiles, on the staircase, carpets, and light fixtures.

Neutrals

When it comes to interior trends, consider the colours cream, white, grey, and beige. Neutrals are timeless, simple, and relaxing.

Green

This year’s colour trend is sage green (pastel green blended with grey). It’s been spotted in homeware stores and high-street fashion.

Boho

Layers, textures, and patterns in bohemian homes are relaxed. Because it is a personal style, no two bohemian-inspired homes will ever be the same.

Wood

This year’s interior trends include wooden doors and highlight beams, as well as chunky furniture and original flooring.

Typically, investors strive to buy properties for below market value (BMV). Paying less for homes can play a significant role in determining how profitable investment property is. Unfortunately, in an increasingly digital and open world, purchasing a home below market value is becoming progressively impossible.

Investors who want to maximise their returns on their investment property must master the art of negotiating. Experienced landlords and investors will aim to bargain in order to purchase properties at the lowest possible price. Such investors can purchase properties at or below market value by haggling the price down as much as feasible.

Unfortunately, the art of negotiating does not come readily to many people. If you are one of these folks, here are some useful tips for buying an investment property at a good price.

Know Your Seller

Negotiating without first knowing the seller’s motivations might be a recipe for disaster. When viewing a property, try to schedule a viewing with the owner in attendance. If not, take the time to get to know the selling agent. It is critical to understand why the owner is selling the property and how this may influence their selections.

When seeing the home with an agent, ask if you may speak directly to the seller before submitting an offer. The opportunity to communicate directly with sellers and develop a connection will enable you to discover more about their goals and ambitions. If there are numerous purchasers, you may be the only one with whom they are directly communicating, giving you an advantage.

Let The Seller Make The First Move

Making the seller move first can be advantageous. After you’ve established a connection with the owner or agency and persuaded them that you’re a serious buyer, it’s occasionally worthwhile to ask the seller what they’d genuinely sell the home for. By doing so, you are requesting that the seller reconsider the price they are willing to accept for the property. In most cases, they will reconfirm the list price. They may, however, return with a cheaper price, in which case the goalposts will have already shifted in your favour.

Look For Emotional Anchors

Anchors are used by negotiators to reframe a seller’s perspective. A seller may have a specific price in mind, but if you start with an unexpectedly low offer – preferably one supported by a historical comparison – you can utilise this to subliminally peg their expectations to a lower value. Simply said, a low offer that is shockingly low can cause sellers to reconsider their own value assumptions. You must exercise caution not to make an insultingly low offer. Making an offer that is 20-25 percent below the advertised price, on the other hand, might be a beneficial approach when attempting to negotiate a lower price.

Establish A Range

Rather than selecting a precise anchor point, establishing an emotional range might be beneficial. Instead of making a single low offer, which might put sellers on the defensive, you can make a variety of offers. While their house is advertised for £150,000, other residences in the neighbourhood have sold for £120,000 to £140,000. The seller will still accept the lower end of the range, but making an offer as part of a range will make it more appealing.

Don’t Use Monetary Terms

While most individuals are motivated by the exact selling price, it is not often the sole consideration for sellers. You may utilise this to your advantage if you understand the vendor and what they want to achieve. If they want to relocate but haven’t located the appropriate property yet, you might offer to rent the house to them for a year with a one-month break clause. If they are purchasing a home that needs renovation, offer to put them in contact with a reputable builder you know. In every case, look for ways to offer non-monetary value. When you do this, the seller will see that you are making every effort to provide them a bargain that works for them.

Use Odd Numbers

Precision is provided by odd numbers. When making bids for an investment property, buyers tend to round up to the next thousand. People frequently become fixated on much bigger rounds than this, gravitating for offers to the closest £5,000 or £10,000. The issue is that this encourages vendors to push you to the next rounded offer.

Consider making an out-of-the-ordinary offer as you approach your price limit. Instead of rounding up to £200,000, offer £196,493, for example. The accuracy of this amount can disarm salespeople and persuade them that you have reached your financial limit, deterring them from asking for more. Such offers can be particularly successful when accompanied by an investment statistic.

Give The Seller Control – In Part

It is human nature to feel more at ease when you have control over a situation. Surprisingly, this can be a valuable bargaining weapon for purchasers. Buyers can obtain the results they seek by asking calibrated questions rather than delivering replies. Ask the seller questions that make them feel in control of the discussion while also encouraging them to come up with ideas that benefit you.

If you hit a pricing stalemate, ask the seller, “How can we work together to bring this deal over the line?” Similarly, if the seller appears to be fixed on a specific price, inquire as to why that price is so essential to them. The idea is to get the vendor to feel empathy for you and come up with their own solutions.

When employing calibrated inquiries, avoid starting queries with the word “why,” unless you want the seller to defend an objective that benefits you. The word ‘why’ sounds accusatory and puts sellers on the defensive.

Think About Timing

It may be tough to strike the right balance when it comes to making an offer on an investment property. On the one hand, you don’t want to reply too soon since it would confirm the idea that you were always willing to boost your offer. On the other hand, you don’t want to wait too long because it may indicate indifference or allow other bidders to outbid you.

When negotiating, never reply with a counteroffer right away. Instead, inform the seller or agent that you will examine the offer and will need to double-check the maths before responding. Provide a timetable for when you will respond to them. If you are at work, say you will verify the figures when you get home and respond first thing the next morning.

When you receive a counteroffer, you should use the call to express concerns or questions if the price is too high. You should not reject the offer right away. Instead, you might say that it may be tough for you to achieve that amount or that the counteroffer remains rather high.

Use A Surveyor

When you have an accepted offer, you can make it contingent on a building survey. The advantage of doing so is twofold. To begin, having a trained surveyor examine the property will aid in identifying any structural concerns or expenses. Even the finest negotiators will be out of cash if the home is discovered to have severe structural concerns. Second, if small faults emerge, you may use this knowledge to return to the vendor and negotiate a cheaper price.

Walk Away If You Need To

The goal of being a landlord in the cold light of day is to make money. You must buy properties that will provide a significant rental income or capital growth to justify the time you will invest in them. If not, what is the point of devoting so much time and money to the project?

Buyers frequently make the mistake of becoming emotionally engaged in an investment property. You may have non-financial motives for wanting the transaction to go forward for one reason or another. When this is the case, you are more likely to overspend and make an expensive mistake. Calculate the projected return on the property before making an offer. Calculate the price at which you will need to buy the property in order to achieve your goal return and set it as your maximum price. If the discussions go above this amount, you should be firm and walk away.

With all of the responsibilities and risks that come with the role of a landlord, venturing into the world of property can be quite a heart-racing endeavour. However, not only you but also your family can benefit greatly from renting out your home. Continue reading to see how it can be useful to your family and what the benefits of renting out your home really are.

A Source Of Constant Passive Income

Renting out your home is a way to generate passive income. One of the advantages of passive income is the convenience of having money deposited into your account on a regular basis with little to no effort. It can be a profitable venture from which you and your family can benefit quickly. As a landlord, you must ensure that your home facilities are in good working order. This can help you charge the most rent in order to fully reap the benefits of passive income.

The Chance To Do More

Renting out your home allows you to market it in the property market and generate revenue as opposed to leaving it vacant. As your reputation as a landlord grows, more and more people will recognise the value of your property. House location, size, and proximity to nearby amenities are all factors that can increase the value of your home on the market. If you’re renting out your home for a few years, the value of your home will undoubtedly rise. This creates an excellent opportunity to profit from. When you finally find a buyer, you can sell your home for a higher price and make a larger profit.

A Good Starting Point

Dive headfirst into property can be a daunting experience, especially if you plan to start later in life. Renting out your home is a great way to gain this valuable experience. It improves your business acumen and fosters a newfound passion for real estate. Lessons learned as a landlord can help you establish more opportunities, as well as teach you how to manage buildings, finances, and emotions. It broadens your horizons, which can lead to the leasing of many other valuable properties, providing you and your family with a stable source of income to last a lifetime.

Renting Out Your Home Is Your Retirement Plan

When your children reach a certain age, the cost of college and other general expenses begins to skyrocket. By the time you retire, you should have completed your role as a parent. Retirement is a near-term concept associated with wealth, golf, and a life of leisure. In short, now is a good time to settle down and enjoy your golden years in peace. However, have you decided how you intend to support yourself in retirement? Investing in real estate is a capital idea that most people begin when they retire. It can be difficult to grasp without prior experience, and you may make a number of mistakes before mastering the trade. You stand to benefit from renting out your home.

Empty rental properties can be a problem for a wide range of reasons; when they are sitting dormant, the landlord isn’t receiving an income for one thing, but there are other issues to consider. One is mould and damp, another is pests such as rats and mice, and of course, there is always the risk of break-ins, vandalism, and – in rare cases – squatters. 

Yet something a landlord might not have considered when it comes to their empty rental properties is the challenge of legionella. This serious health hazard is undetectable to the naked eye; you can’t smell it, you won’t notice it at all until it causes a tenant or visitor to become unwell, potentially fatally so. 

What Is Legionella? 

Legionella is a type of bacteria that, when inhaled, can lead to legionnaires’ disease, a lung condition similar to pneumonia. Legionnaires’ disease affects the respiratory system, and, as we’ve mentioned, it can be a fatal illness, especially since it is often confused for flu at first, and medical help is not received quickly. 

Most legionella outbreaks don’t occur in empty rental properties or occupied ones, come to that. They occur in poorly maintained cooling towers, cold water storage tanks, showers, hot water calorifiers, etc. This is because the water within these storage vessels often sits for some time at the right temperature (between 20 and 50 degrees C) for legionella bacteria to proliferate. 

However, if your empty rental property has a cold water storage tank, that too can become a place for legionella bacteria to thrive. When a tenant moves in and turns on a tap or shower or uses the garden hose, if they inhale any droplets of water containing legionella, they could become unwell. 

As an important matter of note, drinking water that contains legionella is not harmful; legionella must enter the lungs to cause any health issues. 

How To Control Legionella In Empty Rental Properties 

Temperature is the first defence against legionella bacteria. If you have a cold water storage tank, the water within it must be kept at lower than 20 degrees C if possible. If hot water is stored in a calorifier or Megaflow or similar, it must be stored at over 50 degrees C. 

On top of this, legionella bacteria grows when it can live on stagnant water, rust, and other debris. When the house is occupied, assuming the cold water storage tank is the right size for the property, then the water within the tank will be turned over every few days, meaning there is no chance for it to stagnate. If you have empty rental properties, it’s a good idea to run the taps once a week or so to empty the tank and reduce the risk of legionella growing. 

On the subject of rust and debris, the tank must be in good condition. If it is old and degraded, legionella is much more likely to occur. If there is no lid, or the lid is ill-fitting, it is much more likely to occur. As a conscientious landlord, if the tank in your empty rental property needs to be replaced, now is the time to do it before any vulnerable tenants move in. 

Showerheads are another cause for concern. Since legionella bacteria must be inhaled for it to cause damage to the lungs, and since showerheads produce a spray that someone can easily inhale, they need to be cleaned regularly. As ever, when the property is occupied, this is not an issue – the tenants will clean the showerhead or at least use the shower enough for it not to harbour any stagnant water. When you have empty rental properties, this is not the case. Before a tenant moves in, flush the showerhead through and clean it with a strong solution to ensure it is entirely descaled. 

Risk Assessment 

A legionella risk assessment is mandatory when you are renting out your property. You can do this yourself, although if you’re unsure about whether or not your empty rental property is at risk of legionella bacteria and potentially causing harm to the tenant or a tenant’s visitor, it’s a good idea to get a risk assessment carried out by an expert. Looksy Inventories can do this for you, so contact us today to find out more. 

Since 2008, the number of properties sold with sitting tenants has quadrupled, and that figure accounts for about 11 percent of all rental properties. So what does this mean? And if you are thinking of buying a rental property with sitting tenants, what should you be considering? Read on to find out more.

A Property With Sitting Tenants Is Good News All Round

The first thing to take note of is that this is a good thing all round. If a property with sitting tenants is bought by a landlord, that means the tenants can remain in their home, and the landlord doesn’t have to spend any time or money searching for new tenants for the property. Everyone wins.

That doesn’t mean, though, that there aren’t some important things to consider when you are buying a property with sitting tenants. It might be the easiest option of all when it comes to starting your landlord journey – or adding to your portfolio – but in order for the entire thing to go smoothly, you need to do your research too. Don’t just assume that all is well.

Inventory

When you are buying a property with sitting tenants you’ll want to see the inventory that was carried out when they moved in. 25 percent of all tenants sign a lease that lasts for two or more years, and the longer tenants are in a property, the more potential there is for damage to have occurred.

The inventory is the ideal tool to make sure that, when you inspect the property before buying it, it is all how it is meant to be, bearing in mind how wear and tear will affect the look of a property too. This will give you a good idea about how the tenants are treating the property and how much you might have to spend when the tenancy is up. If that cost is going to outweigh the cost of buying an empty property and finding a new tenant, it’s not worth the risk.

And make sure to see any copies of the mid-term inspections that should have been carried out. Again, you’ll be able to see exactly what’s happening and have all the information this way to allow you to make an informed decision.

Referencing

It might surprise you to know that, as a new landlord, you have the right to run checks on the sitting tenant of the property you buy. You can’t charge them for the work, of course, but it’s worth doing a check for your own peace of mind. You’ll want to know that they are exactly who they say they are and that they have the right to reside in the UK. This is crucial since you’ll need to comply with the immigration right to rent legislation.

Anything could have changed between the original tenancy starting and you taking over, and since you’ll be responsible for ensuring that your tenants are living here legally, you must check this out.

Deposit Protection

Make sure you have proof that this has been carried out correctly by the previous landlord, including serving the paperwork to the tenant. It wouldn’t hurt to have written confirmation that this has been carried out too directly from the tenant, as an extra safety net.

Rent Guarantee Insurance

Because you haven’t hand-picked this tenant from the start you have no idea whether they are a good tenant or not, so obtaining rent guarantee insurance would be a good idea.

According to the Tenancy Deposit Scheme (TDS), the biggest reason for a deposit dispute is cleanliness, coming up in over half of all deposit disputes. What this really comes down to is understand what does clean really mean? Or rather, in terms of the property specifically, what does clean really mean? Let’s look into things a little more closely. 

The Two Issues When It Comes To What Clean Really Means 

There are two main issues when it comes to determining what clean really means for a property. The first is that a landlord had the property professionally cleaned before the tenant moved in, but when the tenant moved out they decided to clean it themselves (assuming they cleaned it at all). There is documentation to prove the original clean was done by experts, that it included the carpets, the oven, the windows, and so on, but of course, there is no corresponding documentation once the tenant moves out. This can be the cause of a dispute. 

Or, the landlord chooses not to have professional cleaners into the property, hoping that whatever the previous tenant did when they left would be enough to make the place look presentable when the new tenants moved in. When the new tenants leave, they don’t use professional cleaners because, well, why should they? The landlord didn’t. This can also lead to a dispute. 

Who Is Right? 

According to most tenancy agreements (although it’s always best to double-check your own), the tenant only has to leave the property in the same state as they found it. The landlord shouldn’t expect to receive their property back looking better than they handed it over. 

So, in the first case above when the landlord used a professional cleaning company and the results were good, they might expect the tenant to do the same. In the second case, when the results were not so good (and in some cases downright bad), that’s how the tenant has every right to leave the property. Of course, they might choose to clean it up or hire professionals, but the choice when technically be theirs. 

How Does An Inventory Help? 

Without an inventory, it’s hard to tell who’s right and who’s wrong. Yes, the landlord may well have the documentation to prove that the job was carried out professionally, but was it to a high standard? Perhaps the tenant moved in and discovered it was still pretty filthy and that areas had been missed. Or maybe the tenant moved out and cleaned up, but the landlord doesn’t think that it’s clean enough – what does clean mean, after all? It’s subjective. 

Unless there is a good inventory that details the cleanliness of the property, no one is going to know. 

In other words, an inventory from Looksy Inventories is going to help with this kind of dispute and many more. Contact us today to find out more.