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Landlords, Hints & Tips, Student Accommodation, Tenants
How to manage your inventory effectively
How to manage your inventory effectively You will probably be faced with a lot of different documentation relating to your rental property- some of which you may be more familiar with than others. Included with your “move in pack” will be your property’s inventory. An inventory is a written document which provides an accurate description […]
Landlords, Legislation, Tenants
Legislation affecting BOTH Tenant and Landlord
Legislation affecting BOTH Tenant and Landlord It’s no surprise that the rental market has undergone yet MORE changes to legislation from 2017-2019 than ever before. If you don’t already know, The Private Residential Tenancy came into force on the 1st December 2017 and has brought about some big changes. The tenancy system establishes the […]
Landlords
Top Tips to increase the value of your rental property
Top Tips to increase the value of your rental property As all private landlords know, keeping your rental property looking sharp can be a job that falls further down the to do list every time the lease is renewed. So, to help ease this burden, we have pulled together a few top tips on how to get the most out of your rental property: Top Tip 1- Improve the appearance of the front of the property. Whether it’s a house or a flat, improvements can be made to be sure the front of your property is in tip top condition. This could mean spraying some weed killer down your front steps or drive way or even just getting a new door mat for your communal hall. Whatever you do, first impressions count and small changes can be crucial for demanding higher monthly rent from your tenants. Top Tip 2- Clean, clean and clean some more No one wants to move in to a dirty home, let alone pay a premium for it! After each tenant leaves, make sure the property has been thoroughly cleaned. This responsibility normally lies with the tenant however it is always a good idea to get professional cleaners in after the lease is finished, or if you don’t mind and want to save yourself a bit of cash, do it yourself! Whatever you choose, make sure your tenants are moving in to a home where you would be happy to live in. Chances are, they are more likely to keep it that way! Top Tip 3- Rent review Charging too little or too much rent can be a problem. Make sure you are keeping up to date with the value of your property by making a valuation appointment with your letting agent. This is paramount to ensure you are not being undercut. However, it is a risk, so make sure you weigh up all the options before committing. Top Tip 4- Maintenance Check the general maintenance of the property regularly. This can avoid small problems becoming much larger problems, and probably save you some money in the long run. Having regular inspections means that you are more likely to spot issues such as damp or wear and tear which your tenants might not pick up on. Top Tip 5- Add special extras Finally, if your property is in a competitive market, you may want to think about adding that little something extra to add that luxury touch. This can be anything from high spec kitchen appliances like kettles, toasters and microwaves to built-in surround systems like Sonos if you are really splashing out. Whatever you do, remember, the more you put in, the more you get out!
Landlords, Letting
The Danger of Unqualified Letting Agents
The Danger of Unqualified Letting Agents Is your letting agent qualified to manage your properties and ensure you meet your obligations as a fit and proper landlord? Let’s hope so, as the protection of tenants is a high profile cause for the Scottish Executive. Time and time again, we discover when taking on new landlords […]
Landlords, Buy To Let, Investment, Tenanted Properties
Pros and Cons of Buying Tenanted Properties
The UK is experiencing an upsurge in the sale and purchase of tenanted properties but is the trend just a fad or a viable option for property investors? A tenanted property is one sold with tenants currently living there. The removal of tax relief for buy to let finance costs has led some landlords to […]
Landlords, Buy To Let, News
Tax in La La Land – Landlords Hearing Little Sweet Music
By Donald Parbrook, Head of Tax, Milne Craig, Chartered Accountants Landlords may be forgiven for feeling like the new changes in tax rules were made up in La La Land. Certainly the changes are music to the ears at the Treasury. It seems both Scottish and English Governments have little or no interest in making […]
Landlords, Legislation
Immigration checks are coming – What do you need to know?
Immigration checks are coming – What do you need to know? Many landlords carry out checks as a matter of course but from February, in England, Right to Rent checks become a legal requirement. For most, background checks on new tenants are an expected part of the moving in process, but these are about to become law. […]
Landlords
Would you know if your tenants were subletting?
Would you know if your tenants were subletting? The National Landlords Association has announced that 50% of subletting happens without landlord consent. This is a huge number, and could become an issue if not addressed. Here’s our guide to prevent and spot subletting. The issue Unauthorised subletting can lead to cramped living conditions. Too many people living in one space can be uncomfortable and dangerous, as well as breaking licensing laws and invalidating insurance. A clear statement within your tenancy agreement about your policy on subletting, is great but no assurance that tenants won’t continue to do so without asking permission. Therefore it’s important for tenants to understand the weight of subletting. How to stop subletting Educating Tenants Setting out your expectations from the start is important. Discussing your subletting policy with tenants at the start of their tenancy, rather than relying upon them reading a hand book or tenancy agreement is smart. Outline how to address requests to sublet. Focus on the importance of communication rather than isolating tenants by focussing on potential penalties. Taking headshots of tenants when they move in allows you, or whoever is inspecting, to quickly identify who should be there. This practise also creates a good opportunity to address (and stress) your policy on subletting. Property Inspections Property inspections are always important, and can save you money in the long run. Regular visits to your property help to identify if anyone other than the agreed parties are living there. Although this could become a strenuous task for landlords who manage multiple properties, these findings mean that it’s a necessity. Diaries are the most effective way to keep track of property visits. Using one will ensure you are inspecting each property regularly, and is a good way to keep notes together. Visits are your main opportunity to look for any signs indicating that extra tenants are in your property. Stay well informed on the actions you can take if you do discover subletting. This will hopefully allow you to put a stop to the problem before it becomes worse, saving you time, money and hassle.
Landlords, Hints & Tips
Landlords, is it worth setting up as a limited company?
Landlords, is it worth setting up as a limited company? Property is one of the most accessible forms of investment, and an area most people feel comfortable in. Although it’s familiar territory there can be a big jump between owning your family home, and running a successful property portfolio as a landlord. Running a limited […]
