Tag: #landlords
What Manchester Landlords Should Do in the Event of a Burst Pipe
If a pipe bursts at your rental, quick action will save you time and money. Here’s what landlords need to know. To steal a quote from Game of Thrones ‘Winter is Coming’. (Well, ok it’s here already.) And the colder weather can bring different challenges for landlords, including burst pipes. Here is some advice for landlords on dealing with (and avoiding) burst pipes at a rental property. What causes a burst pipe? In cold weather water in a pipe can freeze. As it freezes, it expands and can split the pipe. Often a burst isn’t apparent until the ice melts and the water pours out. Where is most at risk? Pipes in habitable rooms that are heated are at less risk of freezing. Pipes in cold places, like attics and cellars, are at greater risk. Outdoor piping, such as in a garage, shed or an outside water tap, is at high risk of freezing. Tips to prevent a burst pipe It’s still not too late to do some preventative work. Protect vulnerable pipework with foam insulation or spiral wrap. Outside taps should be protected with an outdoor tap cover. Dealing with a burst pipe – action plan If you get a call from your tenant reporting a burst, consider doing this: (If you’re a tenant and reading this then check whether you should call your landlord directly or their letting agent. Make sure that you have their number handy.) Refer your tenant to your letting agent – if you have one and if they handle maintenance for you. (At times this, a good agent is worth their weight in gold.) Ask your tenant to turn off the water at the stop tap (also known as a stopcock). It’s a good idea to leave instructions in your property showing where this is and how to use it. Then, ask your tenant to drain the affected pipe by turning on the tap it supplies. This could reduce the damage caused considerably. Call in a plumber or home emergency service. (Although this is likely to be easier said than done, especially at Christmas and New Year.) Make a shortlist of who you can call if you don’t already have a plumber. Try a temporary fix if you can’t get a plumber immediately. If you have DIY skills, try a temporary repair using pipe repair tape, epoxy resin or a burst pipe clamping kit. These are available from DIY stores. Of course, a good way for landlords to avoid the problems caused by burst pipes and other emergencies is to hire a good letting agent who can do this for you. Would someone you know find this article helpful? Why not share it with them?
Selling Your Rental: What Manchester Landlords Must Know
The last few years have been challenging for some landlords. But don’t rush into a decision about the future of your buy-to-let until you’ve read this. Reasons to sell your rental property It’s fair to say that developments in recent years have made things more complicated for some landlords. The restriction on mortgage interest tax relief (or Section 24 as it is often known) has raised many landlords’ tax bills. And many local authorities have introduced selective licensing and additional HMO licensing regimes. Furthermore, the new government is currently working on the Renters’ Rights Bill, which could become law in [...]
What the Budget Means for the Lettings Market in Manchester
Now the dust has settled on the Budget, let’s look at what it might mean for landlords and buy-to-let investors. The overall themes behind the Budget, according to Chancellor Rachel Reeves, were economic stability and growth, investment and putting more money in our pockets. But there were also £40bn of tax rises to fill the infamous £22bn black hole Labour says it’s inherited. The key changes that might affect landlords were: Stamp Duty increase for additional properties The big story here was the increase in the higher rate of Stamp Duty Land Tax (or SDLT), which applies when buying [...]
What Can Manchester Landlords Expect in Next Week’s Budget?
After months of fevered speculation, Chancellor Rachel Reeves will unveil her autumn Budget next week (Wednesday 30 October). As the announcement could have important implications for landlords, let’s consider what might be included in it. But first, a caveat Leaks and rumours accompany the lead-up to any major fiscal event, and this Budget – Labour’s first for 14 years – has been no different. There has been lots of speculation including some news articles that could only be described as scaremongering. What we know is that Labour has promised not to raise income tax, VAT or employee NI contributions. The [...]
How Letting Agents in Manchester Support Landlords and Tenants
A good letting agent can make a world of difference for both landlords and tenants. Here are ten things a top-notch letting agent does to provide outstanding service: Tenant Vetting and Screening A reliable letting agent conducts tenant screening (often called referencing) to ensure potential tenants are compatible with the financial obligations and responsibilities of the tenancy. Doing so reduces the risk of payment issues and helps support a harmonious tenancy for both tenant and landlord. Property Marketing Savvy marketing is crucial for attracting quality tenants quickly. The best letting agents use professional photos and accurate descriptions, and advertise on [...]
Buying Your Manchester Rental Property: What You Need to Know
If you feel totally at home in your rental property, you may daydream about buying it from your landlord. So, what issues come into play when you want to buy the property that you’re renting? Let’s take a look. Be realistic While it’s not unheard of for a tenant to buy their rental, it is uncommon. One reason for this is timing: the tenant needs to be in a financial position to buy the property at the same point as the landlord is looking to sell. Understand the commitment involved There are benefits to [...]
Common Lettings Terms That Manchester enters Need to Know
Lettings terminology can be confusing, especially if you’re new to renting. So, here’s a jargon-busting list of commonly used rental terms to help you navigate the lettings market*. Agent An agent is a person who acts on behalf of the property owner (i.e. the landlord). Agents can be involved in letting activities such as finding tenants, tenant referencing and the day-to-day management of the property. Arrears If a tenant fails to pay some or all of their rent when it’s due (as specified in the rental contract), the outstanding amount is called arrears. AST AST stands for Assured Shorthold Tenancy. [...]
Eleven Things to Do before You Move Out of Your Manchester Rental
As we all know, moving home can be a stressful business. But you can avoid a frantic panic on the big day by starting your end-of-tenancy preparations sooner rather than later. With a little bit of planning and forethought, you can streamline the process and avoid a last-minute scramble. Once you’ve agreed on a moving date with your landlord or letting agent, follow this guide. Check out your check-in report: Review the inventory you received on moving-in day. This will outline the property’s condition at the start of the tenancy. It’s your responsibility to return the property [...]
FAO Manchester Landlords: What Makes a Property a Good Investment?
There are five fundamentals to consider when thinking of buying a rental property. Whether you’re a seasoned investor or taking your first step into the rental property market, make sure you understand what makes a place a good investment. Here are five points to consider carefully: Location, location, location. The age-old mantra is as relevant as ever. A property’s location can significantly impact its desirability and, consequently, its value. Look for areas with strong growth potential, good infrastructure and accessibility to amenities like shops, good schools and public transport. Up-and-coming neighbourhoods or those in the regeneration process may offer particularly [...]
How to Spot the Signs of Illegal Subletting at Your Manchester Rental
Did you know that one in ten tenants admit to illegally subletting their rental property*? The practice is even more common among young people; in a recent survey, 25% of tenants aged 18 to 24 confessed to secretly subletting all or part of their rental. So why should landlords be concerned about illegal subletting? After all, if the rent still gets paid on time, what’s the problem? Here are a few reasons. You have no idea who is living in your property and what kind of illegal or unwise activities they’re undertaking. It can breach the [...]
What to Consider When You’re Pricing Your Manchester Rental
If you’re a first-time landlord about to rent out a property, or an established landlord looking to purchase a new investment, one of the main questions you’ll have is how much rent you can charge per month. Of course, you can (and should) take the advice of your agent, but it’s also worth understanding exactly what factors impact the amount of rent you can sensibly charge. In this quick read, we explore the factors you need to consider before pricing your rental property. Compare The first thing to look for is properties that are similar to [...]
Why Property Inspections Could Save You Money
As a landlord, you’ve probably experienced that feeling of dread when your tenant’s name flashes up on your phone, reporting a problem. Or how about the horror of receiving the news that you’re going to have to pay for urgent (and expensive) repairs? If either of these situations sound familiar, it could mean you’re not inspecting your rentals enough. Being a landlord isn’t just about buying a property and raking in the rent. It’s a difficult job that requires attention to detail, making sure you’re meeting legal obligations, and ensuring your tenants are enjoying a safe living [...]
How to Make the End of Manchester Tenancy Run Smoothly
As a landlord, one of your main goals is to make sure your property is tenanted. As soon as the old tenants decide they’re moving on, it’s time to find new renters to move in. But while you’ll be keen for a quick turnaround, it’s also important that things are done properly (cutting corners will cause you problems in the long run). Not only will you want to end the initial tenancy correctly, but you’ll also want to start the next one off on the right foot. In this quick read, we look at how to ensure [...]
Top Rules for a Happy Manchester House Share
Renting a property with a friend or acquaintance? Never lived with anyone before? We’ve got you covered with some top tips to help manage your new living situation. These days, renting isn’t cheap and whether you’re a student or professional, those monthly payments can feel like a stretch. So, if you’re about to move in with a flatmate, it’s worth sticking to some basic rules to make sure your tenancy works out for the both of you. In this quick read, we look at ways to make your flat share feel like a happy home. Understand Your [...]
Why a DIY Tenancy Agreement Could Be Disastrous for Manchester Landlords
Why a DIY Tenancy Agreement Could Be Disastrous for Manchester Landlords Type ‘tenancy agreement’ into Google and you’ll get thousands of results offering free online templates and guides to writing your own rental contract. So why bother using a letting agent to sort out the tenancy agreement if you can do it yourself? What could possibly go wrong? Well, quite a lot. Hastily downloading a template from the internet and high-fiving yourself for a job well done could prove to be a costly mistake. It might not become apparent for months or even years, but if [...]
Why Self-Managing Your Manchester Rental Could Be a Costly Mistake
Why Self-Managing Your Manchester Rental Could Be a Costly Mistake Not since 2008, when Katy Perry stormed the music charts and Gavin and Stacey ruled the small screen, have interest rates been as high as they are today. As a result, many mortgage holders are looking for ways to trim their outgoings to ease the financial burden. Homeowners are putting DIY projects on the back burner and reducing their spending on holidays and takeaways, while some buy-to-let landlords are toying with the idea of self-managing their rental portfolio (despite the fact agent fees are tax deductible). But while [...]
Why Renting in Manchester Could Be the Best Choice for You
The pitfalls of renting are always shouted about: too expensive, dodgy landlords, broken appliances and so on and so on. But what about the positives? With rental reforms on the horizon and changes to eviction rules in full swing, let’s explore why being a tenant is the best choice for some people. According to research by the HomeOwners Alliance, 86% of people want to own their own home. But sometimes, the dream of buying just doesn’t make sense. High interest rates, a lack of savings and additional costs can put that first step on the property ladder out [...]
Why It Makes Sense to Retrofit Your Manchester Rental in Summer
With summer officially starting in a few weeks, most people will have banished all thoughts of winter and the dark, damp days that go with it. But there’s a good reason why landlords should look beyond the sunny skies of the here and now to the colder months. And here’s why. Summer is a good time to get your property ready for winter by making changes that will improve its energy efficiency and reduce heating costs. Here are three reasons why retrofitting in summer makes good sense. Good weather It makes life easier for builders and tradespeople when they don’t [...]
Eight Reasons Why Manchester Landlords Should Refurbish Their Buy-to-Lets
“If it ain’t broke, don’t fix it.” That’s the view some landlords take on the question of renovating a buy-to-let. They do the absolute minimum in terms of maintenance and repairs and only manage to meet their legal obligations by the skin of their teeth. The décor is shabby and tenant turnover is high, but hey, they’re saving every possible penny, so they feel rather pleased with themselves. So, is this the best way to get the most out of your property investment? We’d argue that instead of running your buy-to-let down to its bare [...]
How to Find a Letting Agent in Manchester: Six Questions to Help You Spot a Good Agent
Fed up with self-managing your buy-to-let and want a top-notch professional to do it for you instead? Here’s how to find the best letting agent in your neighbourhood. So, you’ve decided to get a letting agent to manage your rental. You can’t wait to hand the burden of regulatory red tape and admin over to an expert but are faced with a dilemma. With so many agents out there, how do you find the best one? The last thing you want is to sign a contract with an agent and find that they never pick up the phone, [...]
What to Do If Your Tenants Fall Out
Joint tenancies can be a great way for friends and couples to share costs and a steady source of income for landlords – but they’re not without their challenges. Friends can fall out, couples can split up, and rows about who used all the loo roll or spilt red wine on the carpet can escalate into toxic disputes. Sadly, the current cost of living crisis, which is causing much anxiety among renters, may further complicate things. According to a recent survey*, three in five people living in shared accommodation say rising energy bills are a source of [...]
What Your Tenants Need to Know on Moving-In Day
Want to get your new tenancy off to a good start and safeguard against future disputes? Then here are some important things you should tell your tenants on moving-in day. Let’s face it, finding good tenants and getting all the relevant paperwork ready for a new tenancy is hard work. As well as arranging viewings and reference checks, landlords have to finalise the contract, compile an inventory and take meter readings. By the time all this is done, most landlords are itching to get the moving-in formalities over with quickly and leave their tenants to unpack. [...]
Why Property Management is Value for Money for Landlords
As a landlord, you might have invested in property for additional income; maybe it’s a way to save for your future, or perhaps you’re an accidental landlord and had to rent your property out due to a change in circumstances. Whatever the reason, it’s a safe bet that you want to make a good return on your investment. But while you’re happy to use a letting agent to find tenants, when it comes down to it, you just can’t bring yourself to pay them to manage the property for you. This might just be one of your biggest mistakes. In [...]
How to Winter-Proof You Manchester Rental Property
Here are ten ways to prevent a minor mishap or major disaster at your rental property this winter. For many people, winter really is the most wonderful time of the year, a chance to crunch through frosty fields, make the perfect snow angel or snuggle up by the fire. But from a property perspective, winter can be hazardous, with snow, rain, ice, high winds and low temperatures all posing potential risks. Landlords who fail to prepare for these risks could face a hefty repair bill and a disrupted holiday season (not to mention the distress your tenants may experience if [...]
The Five ‘Rs’ of Making the Most of Your Property Portfolio
A property portfolio is a great way to generate income and build yourself a tidy retirement nest egg. But there’s more to it than shaking hands with new tenants and waiting for the rent to roll in. You need robust systems and a professional attitude to protect your investment and ensure you don’t wind up out of pocket or on the wrong side of the law. To find out what it takes to manage several rental properties, read our guide, the Five Rs of Making the Most of Your Property Portfolio. Responsibilities As a landlord, it’s important [...]
Is Rent Protection Insurance Really Necessary?
The rental market is a tough place to be, especially in the current economic climate. With the cost of living crisis leaving many tenants feeling squeezed, now could be the right time for landlords to invest in rent protection insurance. But is it really worth it, or just another expense? In this two-minute read, we look at rent protection insurance in detail to help you decide whether you need it. What is it? Rent protection is also known as rent guarantee insurance or landlord rent insurance. It protects landlords against loss of rental income if a [...]
-
https://www.youtube.com/watch?v=SL6updwk9xc
Are Manchester Landlords Recession Proof?
Recessions hit everyone right where it hurts: in the pocket. Everyone feels the pinch as prices rise and the cost of living spirals. Homeowners face the prospect of higher mortgage rates and rising bills. But what about landlords? Are they the Teflon of a credit crunch? According to finance experts at Investopedia, landlords not only survive recessions, but they thrive, as renting becomes more appealing than buying in the economic downturn. After all, owning rental properties guarantees them an income, or does it? In this quick read, we look at why landlords aren’t always immune to recessions [...]
How to Spot a Fake Landlord and Avoid Getting Scammed
Don’t let fraudsters swindle you out of your hard-earned money. Read on to discover what the ‘fake landlord’ scam is and how to protect yourself. The fake landlord ruse has been around for years, but current market conditions mean that some renters are particularly vulnerable to this con right now. Here’s how it works A fraudster posts a property for rent online, complete with photos (usually stolen from a legit website). Often, they advertise on online community noticeboards so they can take advantage of free listings. However, some fraudsters go so far as to create an authentic-looking lettings [...]
-
https://www.youtube.com/watch?v=GOe-ozjboIo
How Manchester Landlords Can Save Thousands of Pounds
There’s a lot to think about when you are a landlord. You’ve got the ever-changing rules around rental property to consider. Then there’s ensuring your property is well maintained and your tenants are happy. Add to that the cost-of-living crisis, pressures on the economy and political instability, and you could be forgiven for thinking, ‘what’s the point?’. But before you sell up, let’s look at your alternatives. We believe that the best way a landlord in Manchester can run successful rental property portfolios is to work with an experienced, knowledgeable and conscientious letting agent. Now, more than ever, landlords [...]
-
https://www.youtube.com/watch?v=Cj0sDBoabrA
Attention Manchester Landlords – Don’t Let Condensation Cause Sleepless Nights
This two-minute read looks at some simple steps landlords and tenants can take to reduce the risk of condensation causing mould, damp and disputes. What causes condensation? When moist air is cooled by contact with cold surfaces such as walls, windows or mirrors, the moisture condenses into water droplets, AKA: condensation. This can often cause unsightly mould and, in extreme cases, be unhealthy. Not just in terms of physical health but because it’s a common breeding ground for disputes between landlords and tenants. Why should landlords take it seriously? Condensation is more likely to strike when the [...]
Why You Need Generation Z to Rent Out Your Property
They’re young, they’re moving out of their parents’ homes, and they could be your next tenants. We’re talking about Generation Z, the workforce of the future and a generation that’s ready to pay rent. Over the next three years, it’s estimated that Gen Z (born between 1996 and 2012) will pay a larger share of the UK rent bill than any other age group, as found by property giants Hamptons. While it’s true that some 20-somethings choose to stay in the comfy nests made by mum and dad for a bit longer than other age groups, more and [...]
A Quick Guide to Setting Your Monthly Rent
As a landlord, you want to earn a good return on your property investment, but how do you decide what rent to charge? In the current market, rents are at an all-time high, but what’s the fairest way to set your monthly price? In this quick read, we look at how to calculate the right rental price for your property. Check out the local area While not all properties are the same, researching the local market is the first step towards finding out how much rent to charge. Use a combination of local agent sites and nationwide property portals to [...]
Why Manchester Buy-to-Lets Are Still a Good Investment
If you’re a landlord, chances are you’re feeling a bit hard done by at the moment. It seems like every other day, new rules and revisions are being announced around landlord and tenant law, which means you have to change the way you work and may face higher taxes. But is it all doom and gloom? Is it time to hang up your landlord hat and sell up? We definitely don’t think so. In this quick read, we tell you why investing in buy-to-let property is still a good idea if you’ve got the money (and [...]
How Manchester Landlords Can Beat Bug Infestations
If the idea of an insect infestation at your Manchester rental property makes your skin crawl, read on to find out how to beat the bugs this summer. No landlord wants uninvited visitors in their buy-to-let – especially the six-legged variety that spread disease, bite, sting and cause property damage. With insects breeding prolifically in warm weather, here’s a list of the little critters to be on the lookout for in your rental property. Flies: Common house flies reproduce in large numbers, so even if you only have a few buzzing around the place, this can change quickly. Flies [...]
Is Being a Manchester Landlord an Easy Money Maker?
Many people think that being a landlord is easy. Rent out a property, move some people in, sit back and rake in the cash… if only it was that simple. Any experienced landlord knows that owning rental property is hard, and it can be a 24/7 job in the event of any issues. Preparing a property for rent is just the first hurdle; ensuring your tenants are safe and the property is maintained are ongoing requirements. In this quick read, we bust some common myths about landlords and their obligations. Landlords don’t care about safety Wrong! It’s [...]
Why Landlords Should Conduct a Property MOT
It pays to sit down once a year and review how your buy-to-let is performing and flag up any potential issues looming on the horizon. A two-minute read. We’re all familiar with an MOT, an annual check-up to ensure your car is safe and good to go for the year ahead. Well, let’s apply the same concept to a buy-to-let investment. Even if your current tenancy is ticking along nicely, a property MOT can be a helpful exercise to ensure that you: Are up to date with government regulations and maintenance Have the right rental strategy Are [...]
WFH and Landlords: What You Need to Know
In our post-pandemic world, working from home (WFH) has become the new norm for many people. But as a landlord, you need to make sure your tenants are working in a way that doesn’t impact you negatively. Most of us think of WFH as sitting in front of a laptop or doing Zoom meetings wearing a shirt and tie with pyjama bottoms. However, there’s been a boom of small businesses cropping up, many of them based in flats and houses all over the country. In this two-minute read, we look at some questions to consider if you’re a [...]
Top Tips for Successful Property Inspections
Inspections are a key part of managing a tenancy so it’s imperative that landlords get them right. Here are some top tips to ensure landlords don’t miss a thing. A two-minute read. We’ve all heard the horror stories about nightmare tenants who trash a rental property, leaving the landlord up to their neck in repair bills and legal costs. Or maintenance issues that were left and became problematic. Thankfully, there are ways landlords can minimise these risks and one key strategy is to conduct regular inspections. Landlords are often diligent with inspections at the start of a tenancy, [...]
-
https://www.youtube.com/watch?v=liV41waIjbo
Top Tips for Finding the Best Tenants
The secret to a smooth-running tenancy is good tenants. Here’s how to find them. A two-minute read. There are few guarantees in life, but we promise you this: let your property to a bad tenant, and your job as a landlord will get much more complicated. Expect to be out of pocket (due to missed rent payments and damage to your property) and stressed (dealing with nightmare tenants is, to state the obvious, a nightmare!). The key to avoiding this kind of turmoil is to find a good tenant who will treat you and your property with respect. This [...]
What Landlords Need to Know about Their Legal Responsibilities
This two-minute read explains how landlords can navigate their way through an ever-growing list of rules and regulations. There’s one rookie mistake that many first-time landlords make when they invest in property – and it can cost them dearly further down the track. While most newbie landlords mull over the obvious financial stuff – like rental income, repairs, mortgage costs and tax – they overlook one other crucial factor in the buy-to-let (BTL) equation: legal responsibilities. As landlords today must comply with more than 175 rules and regulations (many of which are constantly being tinkered with), it’s [...]
Guaranteed Rent or Guaranteed Stress?
As a busy landlord juggling a portfolio of multiple properties, you might be thinking about ways to reduce your workload or secure a regular income. Have you been enticed by promises of guaranteed rent? Guaranteed rental schemes or rent-to-rent (R2R, not R2D2) schemes are growing in popularity. But hold on for a minute, what do they actually mean? In a nutshell, it’s where you rent your property to a rent guarantee specialist who promises to pay you a certain amount every month and takes on the burden of managing your property. Sounds great, doesn’t it? But is [...]
Guide to Switching Letting Agents
This two-minute read looks at why landlords should change letting agents and how it can benefit them. Did you know that lots of people pay more for their phone bills, car insurance or Wi-Fi simply because the thought of changing providers is too stressful? This is like a lot of landlords – they stick with the same letting agent they’ve used for years just because it’s easier to stay put. We hate change. Why rock the boat? Sure, the boat may be leaking and have a dodgy fish smell, but is it really that bad? Well, dodgy [...]
A Quick Guide for New Landlords in Manchester
Being a first-time landlord can feel daunting. There’s a lot to do before you can get your property rented out – such as repairs, legal obligations, admin, tenant-finding, contract signing, and so on. But don’t fret. A good letting agent will help explain all the ins and outs of the process. And can do most of the work on your behalf. In this three-minute read, we discuss some of the essential steps you need to take before renting out your property. Contact a local agent Before you market your property, you’ll want to know how much [...]
Four Things You Must Do If You’re an Accidental Landlord
If you’ve become a landlord due to unexpected circumstances such as bereavement or a new relationship, here’s some helpful advice. A two-minute read. It’s surprising how many people become landlords more by chance than design – or in other words, ‘accidental landlords’. Whether through inheritance, a change in a relationship or a new job, sometimes people find themselves in the (rather fortunate) position of owning a property that they don’t want or need to live in. And instead of selling up, the owner decides to rent the property out. While this usually works out well in the [...]
Reasons Why Your Manchester Letting Agents Can Save You Time and Money
As trusted local letting agents, we work with a lot of landlords. Finding tenants, managing properties, organising inspections – we take care of each step. However, more and more landlords are choosing to work alone, but is it as easy as they think? Here’s why we think working with an agent is the best way to rent out your property. Save time Even if you’re a full-time landlord, finding, vetting, and keeping tenants happy is time-consuming. While there are many online options for finding tenants, there’s a lot to be said for an experienced letting agent taking care of [...]
What to Do Before Renting Your Property to Family or Friends 👪
Here are some questions you should ask yourself before you rent your property to family or friends. Do they need to sign a tenancy agreement? Yes, yes, and yes again! They might be family, but they’re also your tenants and both parties need to know what is expected of them. For example, they might say they want to stay for 12 months but then leave after just six. Without a tenancy agreement, there’s nothing to stop them – putting your income at risk. Should I take a deposit? This is a personal decision that you need to make, [...]
🛠️ Repairs and Maintenance – What Are a Landlord’s Responsibilities? 💣
This two-minute read details a five-point plan to help landlords manage their maintenance responsibilities. There’s no quick fix when it comes to maintenance and repairs; to avoid stressful and costly tenant disputes, landlords need to be organised and proactive. Who is responsible for what? Always check your contract, but as a general rule, landlords are responsible for structural features like walls and chimneys, along with windows, drains, stairs, toilets, showers, pipework, the boiler, and electrics. If the property has a garden, the landlord is responsible for things like lopping tree branches and repairing fences. But it’s a two-way [...]
Breaking News – What do we all think about this agent aiming to take over the Manchester property market
Real Estate Entrepreneur Promises a 'French Revolution' to Property Marketing A French billionaire who made his money from estate agency is promising to take over the UK property industry with his unique approach to marketing homes. Today, Gerard Michel-Lyon launches his company Lyon Estates in all four capital UK cities. His agency grew to dominate the French market with its near the knuckle advice and painfully honest assessments of properties it is selling. Michel-Lyon spoke via an interpreter and outlined his ultra-ambitious plans while on his superyacht Le Duper Magnifique with an open letter to property owners. The man nicked [...]
Reference Checks: Tips for Manchester Landlords
Don’t make the rookie mistake of cutting corners with reference checks – it’s a sure-fire way to wind up with a nightmare tenant. A three-minute read. When it comes to tenant selection, there’s a saying that all landlords should heed: Go with the right tenant, not the first tenant. Sometimes, landlords are so eager to see rent payments rolling in that they treat the reference checking process as a tick-box exercise rather than an investigative one. But rushing to greenlight the first person willing to take your property can come back to haunt you. What do [...]
EPCs Are Changing. Landlords in Manchester Are You Ready?
Calling all landlords! Have you checked your buy-to-let property’s Energy Performance Certificate (EPC) rating lately? No? Unfortunately, there have been some legal changes that might mean you’ve got some work to do (and money to spend), so you need to keep reading. An EPC details how energy efficient a property is, recommends how to improve efficiency, and gives a general idea of associated costs. At the moment, a rental’s EPC must be a rating of E or above as per the Minimum Energy Efficiency Standards (MEES) and should be updated every ten years. However, the government [...]
What the Rise in Older Renters Means for Manchester Landlords
We explore what the rising rate of older renters means for Manchester landlords. A two-minute read. Landlords looking to secure reliable, long-term tenants shouldn’t overlook a growing demographic in the rental sector – the older renter. Recent statistics* show that the proportion of people aged 45 to 54 who rent is 16% (up 5% in ten years). During the same period, the proportion of renters aged 55 to 64 rose by 5% to 11%. The benefits of older tenants There’s no substitute for rigorous credit and reference checks when it comes to tenant selection. But it’s worth bearing [...]
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 [...]
Let There Be Love – The Landlord and Tenant Special
In this two-minute read, we look at ten ways to improve any landlord and tenant relationship. If you do a quick Google search on ‘how to keep love alive’, communication comes out on top of many of the pieces of advice shared. Almost all relationships benefit from good communication. And that advice extends beyond being a partner, parent, or friend – it can easily be applied to the landlord and tenant relationship. But there’s more to it than that. When it’s done well, the landlord and tenant relationship is precisely that – a relationship rather than [...]
How Not to Decorate Your Rental Property in Manchester
In this two-minute read, we explore some common mistakes landlords make when it comes to décor. Are you a landlord with a new rental property? Are you about to decorate? Step away from the colour charts, put down the paintbrush, and read on. Sometimes, it’s hard to separate your personal taste from your rental. After all, you’ve paid a lot of money for it, and you’ve probably invested time and effort getting it ready for the rental market. Here’s what to watch out for: Getting too creative Your rental property is NOT your home. You’ll probably never spend more [...]
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 [...]
How Landlords Can Beat the Blue Monday Moods
We share how landlords can avoid feeling down on the year’s most depressing day in this two-minute read. If you’re feeling a little flat, low, or down in the dumps next Monday, you won’t be alone. The 17th of January is Blue Monday – according to some psychologists (and clever marketers), it’s the most depressing day on the calendar. It’s a perfect storm of wintery weather taking its toll, the Christmas break becoming a distant memory, resolutions falling by the wayside, and credit card bills coming in. All of this adds up to a formula for feeling, well, a little [...]
New Year’s Resolutions Manchester Landlords Are Making
In this two-minute read, we look at four New Year’s resolutions landlords in Manchester can make to earn more money, have less hassle, and maximise their rental investments. It’s 2022. A new year, new hopes, and a new focus on getting rid of old ways of doing things that are holding us back. And landlords are not immune to wanting a fresh start. January always sees us have plenty of enquiries from landlords keen to improve the way they do things. Below are four resolutions we can help landlords make, but more importantly, keep. To make [...]
Four Ways a Letting Agent Can Help Manchester Landlords Relax at Christmas
This two-minute read explains the benefits of having a letting agent on duty over the festive season. Being a landlord is not a nine-to-five job. You can’t just switch on your out-of-office and mute your WhatsApp messages because you fancy a break. Well actually, you can – if you have a good letting agent working for you. Here are four ways an agent can help you through the silly season. Stress-free holidays As a landlord, you have a duty of care to your tenant. This means you never know if a trip away to see family or friends or to [...]
Nightmare Before Christmas: A Cautionary Tale for Landlords
This two-minute tale takes inspiration from a classic Christmas poem. ‘Twas the night before Christmas, when all through the house, not a creature was stirring, not even a mouse. That was until Mum and Dad, joint owners of a rental property, received a panicked phone call from their tenant. What was the matter? In a highly charged conversation, the tenant explained that a pipe had burst and was causing severe water damage. The problem needs to be sorted – ASAP! Dad, who had been hoping to settle his brain for a long winter’s [...]
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 [...]
How to Winter-Proof Your Manchester Rental Property
In this two-minute read, we look at how landlords in Manchester can make sure their rental investments stand up to the challenges of winter weather. With winter officially only a few weeks away, the time is now ideal for landlords to take steps to ensure their properties are prepared for whatever December to February serves up. By putting a winter property maintenance plan in place, you’re setting yourself and your tenants up for a trouble-free winter period. Begin with boilers – The best time to service a boiler is in September, ahead of it being plunged into constant action in [...]
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 [...]
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 [...]
Rent Arrears: What Manchester Landlords Need to Know In this three-minute read, we look at the steps Manchester landlords can take to protect against a tenant falling into arrears. Landlords have always worried about tenants falling behind in the rent, but that fear feels particularly pertinent right now due to the pandemic. There are many reasons why a tenant might be unable to pay their rent – such as illness, job loss, or relationship breakdown – but the bottom line is it’s stressful for both landlord and tenant. The good news is there are things landlords [...]
Why Now Is a Good Time to Become a Manchester Landlord
In this three-minute read, we look at the rental property market in Manchester and why now is a good time to invest. Have you ever considered becoming a landlord? Investing in property can be a great way to make the most of any money you have to invest. Generally, it’s best if you’re prepared to invest over a long period of time. So, why is right now a great time to get into property? High numbers of tenants The latest stats* from May 2021 showed that numbers of prospective tenants continue to increase. Per letting agency branch, the average number [...]
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 [...]
Five Reasons to Invest in a Holiday Rental Property 🏖️
In this two-minute read, we look at the advantages of buying a holiday rental property. Planning a foreign holiday over the last two years has taken a lot of patience, caused a lot of frustration, and has seen lots of Brits opting for a staycation. With amber and green lists changing frequently, mandatory PCR tests, and the dreaded threat of hotel quarantine, the demand for UK holiday rentals has gone through the roof. But are they really worth the investment? Here are five reasons why buying a holiday rental property may work for you. Expect a [...]
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 [...]
How to Switch Letting Agents (It’s Easier Than You Think)
In this three-minute read, we look at what’s involved in changing letting agents. If your letting agent is delivering sloppy service or hitting you up for extra fees, then it’s time to think about switching. Many Manchester landlords mistakenly think changing agents is a messy and complicated process, but it’s relatively simple. Why change? Most landlords switch because they’re unhappy with the level of service they’re getting from their agent. It’s time to consider switching if: - You find yourself doing more and more of the legwork when it comes to maintenance, repairs, and safety checks because the agent is [...]
Capital repayment Mortgages – the pros and cons
How People in Manchester Can Give a Gift to Future Generations This Christmas Who says you can't have a great time this Christmas AND do your bit for Planet Earth? In this two-minute read, we look at some simple things people in Manchester can do to make the festive period as eco-friendly as possible. There's been some positive vaccine news starting to come out in the UK and across the world. But the news around our planet's health isn't as rosy. On Wednesday (2 December), United Nations Secretary-General António Guterres urged nations to make radical changes before [...]
A Tell-Tale Sign That Your Letting Agent is a Cowboy
In this two-minute read, we explain why your letting agent should be part of a client money protection (CMP) scheme. The lettings sector used to be the Wild West of the property market, with a small group of unscrupulous agents giving the industry a bad name. Thankfully, the introduction of stricter regulations in recent years has sent many cowboy agents riding off into the sunset. But no industry is perfect, and landlords and tenants still need to be wary of rogue operators. If you’re looking to do business with a letting agent, one of the first things you should [...]
Manchester Landlords Are Still Making These Mistakes
In this three-minute read, we take a look at the most common rules and regulations that Manchester landlords need to remember. Being a landlord is a tricky business. There are nearly 200 different pieces of legislation covering the how, why, and when of managing a rental property. Here are just four that landlords are often not getting quite right. 👨⚖️ Deposit protection In England, Scotland, and Wales, the deposit must be registered with a deposit protection scheme. The 2021 UK Landlord Survey found that 81% of landlords find registering their deposit difficult. The deposit must be registered within 30 [...]
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 [...]
How Manchester Landlords Can Avoid Tenant Disputes about Cleaning
Here we look at ways landlords can prevent losing money in disputes about cleaning. It’s not just couples who bicker over who did or didn’t scrub the bathroom; landlords and tenants can often find themselves at odds on the thorny issue of cleaning. In fact, it’s the most common cause of landlord/tenant discord – 42% of end-of-tenancy disputes are about cleaning*. Here are some tips for Manchester landlords on how to avoid losing money on cleaning disputes. Be realistic Tenants should leave a property in the same condition it was in at the start of the tenancy – with one [...]
What Expenses Can I Put against My Tax Return as a Manchester Landlord?
This three-minute read guides Manchester landlords to declaring their rental income in the best way possible. If you rent out a property and receive a rental income from that, you must declare it. You have to pay tax on any profit. It doesn’t change your employment status to ‘self-employed’ though, as it’s considered an investment. Of course, HMRC can be more complicated than a day at Hogwarts. The best advice will be to seek professional advice from an accountant but we’ve picked out some key points to start you off. Start hoarding 🗄️ HMRC unimaginatively call this ‘record keeping’. [...]
What’s the Rental Return on Your Manchester Buy-to-Let Property?
A two-minute read to help you quickly determine the return on a buy-to-let property in Manchester If you’re looking for a property to rent out, it’s important to understand the numbers involved. You may have inherited a property and are thinking of letting it. Use the information here to identify if that is a prudent thing to do or if the capital from selling the property could be better invested. Find the numbers The simplest way to work out your gross return on a rental is to estimate some numbers. You can have a browse on the property portals [...]
👨⚕️International Nurses Day: How People in Manchester Can Say Thanks 🙏🏼
We celebrate those working in the noblest of professions – nursing. As it’s International Nurses Day next week, we thought we’d share this brilliant quote with you: “Save one life, and you’re a hero. Save 100 lives, and you’re a nurse.” International Nurses Day is on 12 May (the birthday of Florence Nightingale, the founder of modern nursing). It’s a chance to thank a profession that has given so much during the pandemic. Nurses have served on the Covid-19 frontline for more than a year, delivering high-quality professional care along with unstinting compassion and kindness. This was most apparent at [...]