Category: Landlord
The Generation Game: What Manchester Tenants Look for in a Property
This three-minute read looks at the changing rental market and what it means for landlords. With the rental market changing enormously over the past decade, savvy landlords need to stay on their toes to make the most of their investment. General trends Since 2010, the sector has almost doubled in size; these days, about 19% of all households rent. Many tenants are renting for longer. Renting is no longer all about young singletons. An increasing number of renters are aged 35 to 44 and have children. Increased red tape: the number of laws relating to landlords has jumped [...]
Five Reasons Landlords Leave the Rental Market in Manchester
A three-minute must-read if you’re a landlord considering selling. It’s often thought that being a landlord is easy: buy a property, rent it out, and hey presto! You’re all set. Unfortunately, it’s never that simple, and many landlords look to sell up for an easier life. Whether it’s age, personal circumstances or changes in the law, in this article, we explore five common reasons why UK landlords sell their properties. Tenant issues Let’s be honest, no landlord wants to take a call at 10pm from a tenant who has locked themselves out or can’t get the heating [...]
Two Top Tax Tips for Manchester Landlords
This two-minute read includes some handy tax advice for landlords. Our tax system is often criticised for being complicated and unwieldy, but by following two simple rules you can take the stress and hassle out of filing a return. Rule Number 1: Do your homework Raise your hand if you find the subject of tax dull? You’re not alone, many people cite tax as a conversation killer (right up there with religion and politics). And because they find it boring, they don’t bother to learn much about it or keep abreast of rule changes. The problem [...]
How to Make a Spare Room Work Best for You
We look at what you can do with a spare room to ensure you’re making the most out of it in this two-minute read. Now’s the time to give your spare room some serious thought about how to make the best use of this extra space in your home. Especially after the past 18 months we’ve all experienced, which have changed the way many people use it. Below are seven things you can do to create a room that suits your lifestyle and situation. Home office 🧑💼 – Yes, we know you may already be doing this but have you [...]
Do Landlords in Manchester Need to Set Up Limited Companies?
In this two-minute read, we have a quick look at what you need to consider when becoming a landlord. Before becoming a landlord, you need to consider how you want to buy your rental property. There’s lots of tricky tax stuff to consider and changes to tax relief over the last few years mean that becoming a landlord might not be as profitable as you first think. So, what should you do? Should you buy a rental property in your personal name or via a limited company? Setting up a limited company Since 2016, more private companies [...]
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Are You a Landlord or a Property Investor in Manchester?
In this two-minute read, we look at the differences between landlords and property investors. What’s the difference between a landlord and a property investor? Aren’t they the same thing? Does one rent out properties and the other sell them on? If these questions have got you scratching your head, read on. Long term vs short term Keeping it simple, a landlord makes a regular income from renting properties to tenants. They are responsible for maintenance and managing the property. It’s also likely that they hold onto the property for the long term. A property investor is trickier to define. [...]
Rent Guarantors: What Manchester Landlords Need to Know
This three-minute read explains the role of rent guarantors. When a landlord has a niggle of anxiety over whether a prospective tenant will pay their rent, there is a way they can help protect their investment. A landlord can ask a tenant to provide a guarantor to ‘guarantee the tenancy’. Guarantors are often family members or close friends – and a little bit like a human safety net. If the tenant can’t (or won’t) pay what they owe the landlord, the guarantor has to stump up the cash – or face the landlord in court. Extent [...]
Why Manchester Landlords Can’t Afford to Cut Corners
In this three-minute read, we look at the growing calls for tougher action against rogue landlords. Landlords who struggle with all the rules and regulations associated with renting out a property – be warned. Councils are coming under increasing pressure to throw the book at landlords who flout the law. Even if you’ve gotten away with a ‘near enough is good enough’ approach so far, winging it isn’t a sustainable long-term strategy. Calls for a get-tough approach The demand for stricter enforcement is coming from two sides: tenants’ rights groups (as you might expect) and the [...]
How Landlords in Manchester Can Increase Their Profits Ethically
In this two-minute read, we look at five fundamental ways landlords in Manchester can make their rental properties more profitable. Some people think the only way landlords can make more profit is to ruthlessly keep hiking up their tenants’ rent. But that’s incorrect on two fronts. Firstly, continually increasing a tenant’s rent is no strategy to keep them long term. Secondly, the five ways we’re about to share with you can increase your bottom line without being mercenary. Review your mortgage rates – regularly: Start by lowering your biggest regular cost – your buy-to-let mortgage. It’s possible to secure a [...]
Seven Ways to Find AND Keep Great Tenants in Manchester
In this three-minute read, we look at how landlords in Manchester can find and keep terrific tenants. ‘Finders keepers, losers weepers.’ It’s a timeless rhyme used every day in school playgrounds in Manchester and all over the UK. It often applies to someone finding something that’s unowned or abandoned. But it also resonates with local landlords when it comes to having the second most important piece of the rental puzzle – great tenants. Finding these excellent tenants is one thing. Keeping them is another. And some landlords lose these precious people because of basic, unnecessary errors. It’s enough to make [...]
Carbon Monoxide Poisoning: What Manchester Landlords Need to Know
In this three-minute read, we examine the dangers posed by carbon monoxide. We recently read a statistic about private landlords that left us scratching our heads. A whopping 56% of private renters say they live in a property that doesn’t have a carbon monoxide alarm*. Can such a high percentage of landlords really be ignoring safety advice and flouting regulations on carbon monoxide alarms? By law, any room in a rental property with a solid fuel-burning device must have a working carbon monoxide alarm. These rules are there for a good reason – carbon monoxide [...]
What is acting in a tenant-like manner?
The term 'tenant-like manner' comes from the judgement of Lord Denning in Warren v Keen back in 1953. The tenant must take proper care of the place. He must, if he is going away for the winter, turn off the water and empty the boiler; he must clean the chimneys when necessary and also the windows; he must mend the electric light when it fuses; he must unstop the sink when it is blocked by his waste. In short, he must do the little jobs around the place which a reasonable tenant would do. In addition, he must not, of [...]
Are Manchester Landlords Penny Wise but Pound Foolish?
In this two-minute read, we look at the false economies many landlords in Manchester are making regarding their rental properties. Many of us realise doing a bit of DIY can save you money. But it comes with a caveat that you must know what you’re doing first. For every successful bit of hallway decorating, there are dozens of tales of lopsided shelves, incorrectly fitted taps, and a whole host of other DIY disasters and fails. And this risky approach doesn’t just apply to home DIY – we often see it when a landlord tries to do everything themselves. Here are [...]
How to Build a Property Portfolio in Manchester
n this two-minute read, we look at the basics of building your portfolio and how to try and make your investment a sound one. Building a property portfolio might sound like a great way to build an additional income, but it can be a tricky area to navigate with lots of pros and cons. Getting started First things first, where is the cash coming from? Have you already got a property and looking to buy a second? Or maybe you’re tentatively dipping your toes into the rental property market for the first time. Whether you’re refinancing an [...]
To Furnish or Not to Furnish? A Landlord’s Dilemma
In this two-minute read, we ask some questions you should think about before renting out your property in Manchester. Once the last lick of paint has been applied and the carpets have been laid, it’s time to decide whether or not to furnish your rental property. It’s a question that has many landlords scratching their heads. Does a furnished property command a higher rental yield? Or is it more hassle than it’s worth? What type of rental property do you have? Certain rental properties need to be furnished. For example, if you own a House in Multiple [...]
How Landlords Can Develop a Winning Edge
In this three-minute read, we look at how landlords can gain the winning edge, starting with deposit disputes. We know the Olympics have just finished but indulge us if you will as we explain how a popular sports-related concept used by top athletes can help landlords. You might already be familiar with the theory of ‘marginal gains’. It’s based on the notion that you’ll reap major rewards if you make small, incremental improvements across several areas. If you’re a cyclist, you might focus on improving your nutrition, recovery, and mindset. While each small gain isn’t necessarily [...]
When Evictions Are the Only Option 👨⚖️
This three-minute read explores the reasons why evictions happen and how they are carried out. Getting to the stage where you have to evict your tenants is difficult for everyone involved and should always be considered as a last resort. It might be deemed necessary when: The tenant isn’t paying the rent The tenant has abandoned the property The tenant has broken a term of the tenancy Due to the pandemic, the rules have changed as to when you can start eviction proceedings. Also, different tenancy types have different rules as to the process. There is a very specific process [...]
Buy-to-Let Mortgages: What Landlords Need to Know
In this three-minute read, we compare the different types of buy-to-let mortgages. When choosing the right buy-to-let mortgage, landlords face a key decision: go with an interest-only deal or opt for a capital repayment arrangement. Both options have their pros and cons. Let’s take a closer look. Interest-only mortgage Your payments only cover the interest on the loan and have no impact on the capital. Pros Lower repayments Your monthly repayments are lower than that of an equivalent capital repayment mortgage. For example, with a 25-year interest-only mortgage of £200,000, monthly repayments would be £573 (4.45%, fixed for [...]
Top Tips for Manchester Landlords about Garden Maintenance🏡
In this three-minute read, we look at who is responsible for maintaining the garden at a rental property. The most significant property trend to emerge from the pandemic has been the surge in demand – from buyers and renters – for properties with gardens. The race for space is undoubtedly good news for landlords marketing properties with a garden, balcony, or courtyard. And it’s not just easier to rent out a property with a garden; it’s more lucrative, too. New research shows renters are willing to pay on average 25% more for a home with a garden*. But letting [...]
How Manchester Landlords Can Avoid a Tenant Nightmare
In this three-minute read, we look at what can go wrong if you side-step tenant reference checks and wind up with a bad tenant. New landlords often flirt with the idea of ditching traditional tenant selection processes and taking a DIY approach instead. After all, there are so many ways to source tenants these days – like Gumtree or social media – why bother with anything else? Trust us, side-stepping a formal selection process may seem like it might save you time, but it can be so much costlier in the long run. Wind up with a bad tenant [...]
Six Reasons Why Manchester Landlords Shouldn’t Get Lax with Inspections 🧐
In this three-minute read, we look at why regular inspections should be central to your property management strategy. When you’re a busy landlord juggling a multitude of responsibilities, it’s easy to let a crucial part of managing a property – regular inspections – slide. Landlords usually carry out inspections with clockwork regularity at the start of a tenancy, but things can get a little lax over time. Perhaps the tenant presents as a model citizen, and the landlord develops a false sense of security. (To which we say, remember Walter White, the unassuming science teacher turned crystal meth baron [...]
Do Manchester Landlords Need to Register with the ICO?
This two-minute read takes a look at the ICO and what Manchester landlords need to do. Back in 2018, the rules around the General Data Protection Regulation (GDPR) and data handling changed. Things like ‘This website uses cookies; do you accept?’ popped up everywhere. The ICO is the Information Commissioner’s Office and covers the whole of the UK. The ICO website explains that they are ‘The UK’s independent authority set up to uphold information rights in the public interest, promoting openness by public bodies and data privacy for individuals.’ It’s the law It doesn’t matter how many properties [...]
