Due to the effects of the recession, even the smallest of changes to the property and private rental markets can have a huge effect on landlords, and unfortunately it looks like things are set to change very soon. 2014 has already seen both markets starting to re-gain momentum, however not everyone is as pleased about this as others. Here, we look at some predictions for the property and private rental markets which could affect your business in the near future: Continue reading
With the risk of flooding being very real for many at the moment, it is important as a landlord that you have done all you can to protect your investment as well as your tenants. This is why PropertyQuoteDirect has put together a guide on the best ways of ensuring you are as well prepared for the floods as possible.
Obviously, the main point of flood proofing is to keep water out or at least as much as you can. If your properties are flooded then once the risk of further damage has decreased remove all flood proofing equipment to let your property dry out.
One of the most practical ways of flood proofing your rental home is to provide your tenants with sandbags. You can get hold of these from local builders or merchants. There have even been some designed especially to reduce for flooding.
Windows and Doors
If and when you are giving your property an update consider having flood proof windows and doors, especially if you are in a high risk area. You can also purchase flood boards that have been purpose built and only need to be used when your property is at risk. Another good idea is if you can, have the door thresholds a little higher, this will mean that if the flooding only brings shallow water, the property should be safe. Continue reading
The private rental sector plays a huge role in providing comfortable homes for people, so having access to the right information is important, especially for first time landlords who may need guidance to be able to run a successful business.
The New Year tends to bring change for many people, including where they live. Whether they are buying a property or looking for a new property to rent, there are many reasons for ensuring that if you are looking to sell a property, or you need to find a new tenant, that it will attract as much interest as possible. After all, the more people that want your property the more money you will be able to make!
The best way of ensuring that your property will attract attention is to have it decorated in order to suit all tastes. If you have put your interior design stamp on the property it might not be to everyone’s taste and may even put some potential tenants off, so it’s essential you pick a neutral design.
With this in mind, here at PropertyQuoteDirect we have come up with the best trends to look out for in interior design in 2014, and what you should be doing to make your property as attractive as possible. Continue reading
With phase two of the Help to Buy scheme recently launched there is some confusion as to what is on offer and who is eligible for what. With this in mind we have come up with a guide so landlords can find out what buyers can get from the scheme and how this may alter the market in the next couple of years.
The second phase of the Help to Buy scheme was launched earlier on in the year, which means that properties worth up to six hundred thousand pounds are now eligible. Furthermore, those who have a deposit as little as 5 per cent now have more mortgage options available to them.
The scheme isn’t just for new build properties either – buyers can purchase a pre-owned property in England, Scotland and Wales regardless if they are first time buyers or current home owners, although the scheme is not available for buy to let investments.
Getting a Mortgage
Whilst the scheme is aimed at getting the housing market moving again, the increase in demand and the lack of supply is pushing house prices up. Although it is now easier to get a mortgage at a cheaper rate there is a high chance that if you only have a small deposit you will also face some harsh affordability criteria. If you have a good credit rating, can prove you can make the repayments and have a 5 per cent deposit you are likely to be accepted for a mortgage, but if you can stretch to a 10 per cent deposit mortgage rates will come down significantly. The bigger the deposit the better mortgage you will receive. Continue reading
With generation rent well and truly here those who have some money and want to invest may be looking to the property market. However, if you have never thought about it before it can be a little daunting knowing where to start, so here is a guide to a better understanding of what a buy to let mortgage is. At least then that is one less thing you have to worry about.
First things first, with the competition high for rental properties there is more profit to be made in the market, this is good news for landlords although it does mean that tenants are forced into the rental market for a lot longer. As a result make sure that when it does come to set your rental price it is fair for both parties whilst being in line with average rates across the local market.
What is a buy-to-let mortgage?
If you are a first time landlord then it is important to understand how a buy-to-let mortgage works; a buy-to-let mortgage is simply money offered by a lender, usually a bank or building society, which is then used to purchase a property that the owner will not be living in. The difference between applying for a buy-to-let mortgage or a residential mortgage is the way in which the income of the borrower is assessed. For a buy-to-let mortgage the potential rental income is taken into account although all lenders will have different ways of assessing this so it is important to compare deals. Continue reading
With Christmas not so far away (scary I know!) now can be the perfect time to have a new kitchen fitted. This way it will be in and ready for use to have the family round for a huge Christmas dinner and to christen the kitchen in the best way possible. For many the kitchen is the heart of the home so having one that meets all your needs is essential. It can be a very exciting time especially if it is the most used room in the house. For this reason it is critical that a lot of planning goes into it as you need to decide what is essential, what will be a luxury and how you will be using the room. We have listed some of the most important things to consider when planning your new kitchen.
A few years ago, the kitchen was just used for functional reasons. To prepare food for the family but now it seems the kitchen has become more of a social area and a space where a lot of entertaining takes place. For this reason many spend a lot of money on their kitchens, however, if you haven’t chosen the best layout for your kitchen then it could be a waste of money. Are you just going to be using the kitchen for preparing the meals or will you be eating there too? Will be be holding dinner parties and if so do you need a more informal area for the guests to be before you sit down for dinner? Continue reading
With the summer months behind us and autumn on its way, although the weather tells a different story, it is a good time to look back at what happened to the property market in what should have been the quietest months of the year.
During July and August there was a 0.4% rise in house prices which is showing that the property market is in the best state is has been in since 2007. It seems that the sunshine managed to tempt buyers into having a look at what is on offer in the market which helped turn around the quiet slump that is usually seen during the summer.
This is great news, especially if you are a landlord and looking to expand your portfolio or even sell some of your properties. Either way, you are in a good situation right now. Although if you are looking to buy, make sure you do it soon so you aren’t overpaying for a property that is in high demand.
If you have a second home which you are selling but it has been on the market for a while, why not consider renting it out for six months. This way you will make some extra income from a property that isn’t doing anything except costing you money. If this is the case though, make sure you read the guidelines on how to make you property suitable for a tenant and invest in a landlord insurance policy. You don’t want to rent the property out to find there is damage that needs to be repaired before you sell, especially if you aren’t covered with a policy. Continue reading
Last month we spoke about whether you should furnish your investment property or not. This month there seems to be some new light on the discounts customers actually think they are receiving on their furniture.
Bank Holiday Weekend
With the bank holiday weekend very nearly here, there are only two things that can be expected here in Britain, rain and a huge sale in almost every major furniture store that is on the high street. Well it seems that this bank holiday is about to change up the history books! There is said to be some sunshine this August weekend and on top of this we have just learned that the furniture sales might not be genuine after all. Continue reading
With a very competitive rental market at the moment you want to make sure that your property has the edge on others in the same area. Many landlords do this by furnishing the property so it is an easy move, especially for those who are moving out of their family home. It means that they don’t have to worry about saving extra money for furniture as it is already going to be supplied. Often furnished properties find tenants quicker because there is more inspiration provided rather than trying to attract tenants with empty rooms. Continue reading