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Archive for May, 2010

Lock fitting can keep profits safe

Thursday, May 27th, 2010

Without doubt today’s landlord should be approaching his business in as professional a manner as possible. The recent UPAD webinar on landlords identified a professional approach as key to maximising the profit a landlord can make out of his property, this in an industry that can readily be said to have a high degree of “amateurs”. Many landlords just let out one property and often, as the webinar identified, view this as an alternative pension.

Nevertheless being professional enough to identify areas where one can save money is just as vital to the single property landlord as it is to the housing association, perhaps even more so, he needs to search out cheap landlord insurance, he needs to compare marketing costs with different agencies and he also needs to recognise that turning his own hands to certain skills will save him money time after time.

A perfect example of this is lock fitting, retrieving keys from ex-tenants is an occupational nightmare for Landlords and the cost of an emergency locksmith will throw any budget off course. Fitting a lock is not difficult and will without doubt be a skill that most landlords will get the chance to practise.

There are two basic types of lock, a Mortise lock and a Cylinder Rim Lock. To fit a Mortise lock scribe a line centrally on the door with a marking  gauge and use the lock body as a template to mark the top and bottom of the mortise. Choose a drill bit that matches the lock body thickness and drill out the majority of the waste.

Square up the edges of the mortise with a bevel-edged chisel until the lock fits smugly in the slot. Mark around the edge of the faceplate with a knife, then chop a series of shallow cuts across the waste. Pare out the recess until the faceplate is flush with the edge of the door.

Hold the lock against the face of the door and mark the centre of the keyhole with a bradawl. Clamp a block of scrap timber to the other side of the door over the keyhole position and drill right through on the centre mark; the block prevents the drill bit splintering the face of the door as it bursts through on the other side. Cut out the keyhole slot on both sides with a pad saw.

Screw the lock into its recess, check its operation; screw on the coverplate and then the escutcheons (an item of door furniture that surrounds a keyhole or lock cylinder) over each side of the hole. With the door closed, operate the bolt; it may incorporate a marking device to gauge the position of the striking plate on the door frame. If it doesn’t have a marking device, shoot the bolt fully open, push the door to, and draw round the bolt on the face of the frame. Mark out and cut the mortise and recess for the striking plate.

To fit a Cylinder Rim lock, tape the template provided with the lock, to the door and mark the drill holes to accept the cylinder. (They vary in size between models). Pass the cylinder into the hole from the outside and connect it to the mounting plate on the inside with machine screws. Drill and insert the woodscrews to hold the plate to the door. Check the required length of the connecting bar, which projects through the plate and, if necessary, cut it to the correct size with a hacksaw. Mark and cut the recess in the door edge for the lock, and attach it to the door and mounting plate with screws. Mark the position of the lock on the frame and use the template to drill for staple fixing screws or stud. Hold the staple against the frame to mark its recess. Chop and pare out the recess then screw on the staple.

Tags: home security, Landlord Insurance, locks
Posted in Best Practice Guides for Landlords, Landlords Insurance | No Comments »

Buy to let still a good option

Tuesday, May 18th, 2010

With the Bank of England keeping the interest rates on 0.5% for the 14th consecutive month the status quo in the mortgage business seems set to continue.

So with the immediate future still promising to prove very difficult for the first time buyer to get onto the property ladder, without which property sales will stagnate, the opportunities in the letting sector of the housing market appear to be as attractive as ever.

The buy to let mortgage from its inception in the mid 1990′s has really opened up the rental business to a new type of Landlord, the sort of person who is looking for  a single property or maybe a couple that can provide a very tangible means of providing a pension for later life. Buy to let mortgages are somewhat different to residential mortgages with the qualifying criteria usually being the amount of rental income the property can generate as opposed to the proof of salary required from a residential mortgage. It is not unusual for a lender to require up to 25% more than the rental income per month to cover periods when the property may lie vacant. There are however, plenty of choices of mortgages available, fixed rate, tracker, discounts and flexible rate are all now offered in the buy to let market just as they are in the residential sector. One difference being that the services of a mortgage broker will be usually required as the High Street Banks don’t always have the best choice.

The opportunities available in the rental business have also been widely advertised to the public at large by a large number of TV programmes such as Property Ladder, House Auction and Homes under the Hammer which give the would be landlord tips on how to buy property at an auction, how to cost a project, the savings to be made on DIY and the benefits of getting good, cheap landlord insurance. With the demand for accommodation in the private rental sector  being fuelled by the dramatic increase in students particularly those attending universities and also the integration of East European countries into the EC creating a large increase in immigration the prospects for the buy to let landlord in the short term at least look good.

Tags: Property insurance, Property market
Posted in Landlords Insurance | No Comments »

Getting a fridge freezer for your rental property

Tuesday, May 11th, 2010

As any landlord will know, there is always a thin line to tread between profit and fitting a rental property out well enough to attract the type of clientele you are looking for. Always be on the look out for a good deal, whether it be cheap landlord insurance that fits your needs or replacing white goods that not only look good but do the job . The old fridge freezer in one of my properties died quite suddenly after some 15+ years of service so I had to find a new one quickly. I did a little research and plumped for a Beko CDA543 Frost Free as a replacement. It came in at £320, which included delivery and turned up at the apartment within 3 days which for an online store is quite good.

With a rental propery you’ll want to consider more than just the price – although this particualry product wasn’t the cheapest product available, it keeping with the rest of the kitchen for the tidy apartment it was needed for. The space available was only 60cm wide so it fitted well being 54.5 cm wide and makes efficient use of the space. The tenant was keen to have plenty of freezer space so four freezer drawers made him more than happy. Be very wary of trying to economise by providing a fridge with an ice-drawer only, as few tenents want to buy their own white goods, and thus expect all their basic requirements be already catered for. A further consideration is maintenence – you can’t guarantee that a tenent will look after your facilities well, and thus would be wise to install goods that self-maintain easier – the frost free feature of this product was particulary useful.

The fridge has 4 good sized glass shelves so there is plenty of room for cool air to circulate around your food.

There is a full width salad drawer at the bottom, which is ideal for storing items like rhubarb and leeks without having to cut them down.  In some models this drawer can be difficult to get out because of the door shelves but Beko have designed it with rounded rear corners so you can slide it out at an angle – easy.  There is ample door storage too including an egg tray.

Overall I am very pleased with my purchase and it is a rated as an added bonus. As with any rental property, landlord insurance should be a consideration to protect your investement.

Posted in Insurance Guides, Rent Guarantee Insurance | No Comments »

Water, Water Everywhere, at a price

Tuesday, May 4th, 2010

There’s a whole lot of water on Earth! Something like 326,000,000,000,000,000,000 gallons (326 million trillion gallons) of the stuff can be found on our planet. This water is in a constant cycle — it evaporates from the ocean, travels through the air, rains down on the land and then flows back to the ocean. The oceans are huge – about 70 per cent of the planet is covered in ocean, and the average depth of the ocean is several thousand feet (about 1,000 meters). Ninety-eight percent of the water on the planet is in the oceans, and therefore is almost unusable for drinking because of the salt.

When looking to let out a property, water, along with other utilities , is a consideration for you – especially if you are letting your property out inclusive of bills.

There are over 20 companies supplying water in England and Wales, whereas both Scotland and Northern Ireland each only have one. Despite the vast array of suppliers. you cannot actually switch your water supplier.

There are two ways that you can be charged for your water supply depending on whether your property is metered or unmetered. If you are worried that you are paying too much for your water bills most households are entitled to have a meter fitted and your water company will not charge you for this – something to be considered if you are residential landlord – as meters generally are considered to be more economic and anything that keeps your costs down is worth investigating. Cheap landlord insurance or low emission light bulbs are other examples of money saving opportunities. If you have a water meter, you’ll only pay for the units of water you actually use and readings are taken from your meter every 6 months. On your metered bill you will usually see the charges under ‘Water supply’ which are charged per cubic metre (220 gallons) of usage. You will also pay a standing charge to cover meter reading and billing services, which is usually a fixed amount each year.

If you do not have a meter you’ll pay a set rate for your water, based on the rateable value of your home in England and Wales, or your council tax band if you live in Scotland. These rates also include a standing charge to cover customer services such as billing. For information about getting a water meter fitted then you need to contact your water company.

The prices we pay for our water supply are regulated by Ofwat. Every 5 years the water companies suggest new prices, and these prices are then reviewed by Ofwat who then decide on a price to suit both the water companies and the consumer,

For example, the last review saw the water companies suggesting a 29% increase but Ofwat decided on an average 18% increase for the next 5 years.

Sadly, there are genuine reasons water rates rise, for instance, to cover the cost of renewing water pipes and treatment plants, to keep the quality of water at a good level and to improve the standard of service received by customers. Rates do differ however between each Water Company and area, typically because of the geographical area which the company covers and the water availability in the vicinity.

Posted in Landlords Insurance | No Comments »

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