Young couples renting guide

They don’t want your development if it has no outside space or a garden.Bedroom sizes will prove to be another important factor. Small bedrooms for the main bedrooms or master bedroom will prove a real turn-off, so don’t think about making them any smaller unless they are a good size in the first place.

Young couples renting guide – Schools play a factor

Being close to the schools and parks will be an important factor in attracting the young couples to your property development , so make sure you do your home work before buying the property for this target.

If you keep these basic points in mind you will find it easy to attract young couples into your buy to let home.

Mortgage Options

For a competitive “But-To-Let” you may need to look at the option of a remortgage. Remortgage advice from leading mortgage brokers such as Money supermarket or Britannia can help you secure some great deals without the hassle of setting up another mortgage from scratch. It also takes some of the risk element away from both parties and therefore can tend to be approved more quickly.

The Guide to Buy To Let Mortgages

Thinking about buying a property to rent out?
Some banks will offer a range of Buy to Let mortgages that are specific to the business investment you have in mind, either long term or short. So if you’ve considered purchasing a property to let, or investing for the longer term, then there is some great advice on the high street and its normally free. Most Mortgage Advisers will be happy to discuss the range of mortgages they offer .

Buying a rental property is very different from finding a home. This often gets lost at this point with property finding. Remember, this is a business decision which you should treat as an investment, take care not to get carried away imagining yourself living in the house. Be objective and focus on who is likely to rent the property you are looking to buy. To help you decide on the right type of rental property, here are five handy tips for you to review when you view any property.

Buy To Let Mortgages – FAQ’s

As with any financial commitment, it is essential that you find out all you can before you make any decisions. Most banks will understand if you’re investing in property then you probably have a number of questions.

Here are some pointers you may already have thought of and responses to some of the most common questions asked:

Know you tenant for you “buy to let”. Think carefully about the type of tenant you want to attract e.g. Young professionals, families or sharers. Considering this issue may help you to decide on the type of property you purchase and its location. Remember that Halifax Buy to Let properties have to be let on an Assured Shorthold Tenancy basis.

Consider which area to “buy to let”. Comparison of areas and homework is vital. Do your research and visit lots of different areas. Location is an important consideration and will often determine the type of tenant you will let to. Don’t necessarily buy locally to your home. Think about prosperous towns which might attract a higher demand for rental property.

What’s the location like for your perspective tenant? Try and put yourself in the shoes of your tenant-to-be. Think about transport links, parking, shops, schools and other local facilities – pick the brains of letting agents for information about areas where properties may be easier to rent.

Will it be unprofitable due to constant renovation? If you’re buying a property which needs improvements, then restrictions could be placed on the amount you can borrow and it could also delay how quickly you can let the property out. Can you afford the mortgage payments during the renovation period? Sometimes this can end as a disaster, so don’t dismiss this.

How much rent are you likely to receive? We know what you would like to make, but be realistic. Do your homework – talk to local letting agents, check the local press to find out comparable rental values.

These areas are likely to bring you the best return on your investment: Buy to let in Birmingham, Bournemouth, Cambridge, Essex, Kent, Leeds, London, Northampton, Norwich, Nottingham and Yorkshire.

The reason they are so profitable is mainly due to the Universities and transport links.

6 Letting Presentation Tips

1. Bathrooms – bathroom cleanliness is essential. Overly colourful, dated and particularly carpeted bathrooms are not popular. A light, simply presented bathroom with a power shower is the best option. Good mirrors. chrome fittinas. heated towel rails and additional storaae will all add to the appeal.

2. Neutral colours – remember that it is not your style and taste that counts, plain and neutral colours will appeal to the broadest possible range of prospective tenants.

3. Quality fittings and furnishings – you should ensure that all fittings are of a good standard and there are no defects or unfinished jobs in the property. Remember tenants will want to move into a well finished home without having to worry about maintenance problems or unsightly decor. Most tenancies will be unfurnished but where furniture is provided upholstered items must have a fire-resistant safety label.

4. Internet and Entertainment – broadband internet, phone line and TV aerial points are pre-requisites. These will always attract interest in this ever digital age.

5. Kitchens – kitchens need to be fitted with up to date appliances. Attractive kitchens are more important than any gadget or feature in appealing to the market. Kitchen essentials include a good oven, hob, extractor hood, washing machine and a good size fridge/freezer. Depending on space, useful extras would be clothes dryer, dishwasher and microwave. Always provide operating and instruction manuals for appliances.

6. External – The first impression is created from the external arrival and approaching the property. Try and keep gardens and shrubs tidy. Driveways clear and presentable. Paintwork up to a reasonable standard. This will help your letting presentation feel right from the start.

Challenge for families that rent

What should you have in mind if you are looking at property to rent for your family?

Growing families will need a large garden, a flexible layout as children move out or grow up and as with young couples a generous kitchen with an eating area for a growing family and for entertaining friends, so develop your property with that in mind for maximum profit on your house investment.

Off road parking and a garage are always one of the first items on the list as they may well have more than one car as both may work or one may need transport to take the kids to school. Plenty of storage is also essential, so consider adapting under stairways into good storage areas.

If you keep these basic points in mind you will find it easy to attract Growing Families into your buy to let home.

Avoid small reception rooms, which may double up as another bedroom when things get tight for space.

If you are a landlord looking to rent to a family then the above principles still apply.

You will find that they normally look after the property which will prove useful if at a later date you need to think about selling your it.

The past findings were showing it was 40 out of 50 places it was better to buy than rent. But renting is now 15% more expensive than owning on average across Britain with buying now beating renting in 47 of the 50 largest towns across the country, according to Zoopla’s analysis.

The latest Rent versus Buy chart shows:

• Renting now 15% more expensive than owning on average across Britain
• Buying property more attractive than it has ever been compared to renting
• Swansea, Plymouth and Bournemouth only places where renting rules
• Renters in London pay £6,888 p.a more on average than homeowners

Locations where renting rules over buying

• Source: Zoopla.co.uk
• * Based on 2 bedroom flats on the market for sale/rent in November 2011
• ** % variance between monthly rent and interest-only mortgage payment at 5% pa

Top 10 locations where buying beats renting

Should you rent the property furnished, unfurnished or part-furnished?

Lets define the differences firstly:

• Unfurnished – unfurnished is the most popular and easiest to find tenants as it allows room for the tenants to bring their own items of furniture including bedroom furniture and beds which tend to be more personal. Unfurnished generally means that carpets, curtains and some white goods (i.e. fridge, cooker) are included.
• Part-furnished – this really is somewhere between the two – several items such as wardrobes, dining table and chairs may be supplied, but not beds, 3-piece suites, TV, dish washers, washing machines tumble dryers.
• Furnished – it’s to the landlord’s discretion and to some extent by negotiation as to the standard and amount of furniture required by your target tenant group. In a fully furnished letting you would expect to see similar to above with the addition of beds, 3-piece suites – in fact everything needed to make a comfortable living home. Crockery, cutlery, towels, bedding etc while expected in the high-end lettings may be subject to negotiation and not always provided.

When you have viewings of a property, while still tenanted, point out to the new tenants exactly what is to be included and excluded and discuss requirements then.

Property Guide for Furnished or Unfurnished

If you are willing to be flexible as a landlord, for example removing and storing unwanted items or adding additional items as required, you will increase your chances of letting quickly, increasing your annual rental income.

Furnishings Fire and Safety

So the choice of furnishing may make a difference when you discover recent legislation. This outlines furnishings regulations act 1998. Fire and safety has meant that upholstered articles must have a fire resistant filling, they must have passed a match resistance test or, if certain typesbe used with a fire resistant interliner and the cover fabric and the filling material must have passed a cigarette resistance test.

The regulations apply to beds, headboards, mattresses, sofa beds, nursery furniture, scatter cushions and seat pads, pillows, loose and stretch covers for furniture.  The regulations do not apply to: antique furniture or any furniture manufactured before 1950, and bed clothes (including duvets) loose covers for all mattresses, pillowcases, curtains, carpets and sleeping bags since 1st march 1993.  All properties rented from that date must have fire/cigarette resistant furniture and coverings.  Lettings beginning prior to 1st march 1993 must have fire resistant furniture by 1st July 1997.

Landlords Responsibility for Furnished Property

Compliant labels should be displayed on all suitable furniture, a copy of which is shown below.  As a guideline, all furniture purchased after 1st march 1990 from a reputable uk manufacturer or retailer are likely to meet the required standards and exhibit suitable labels.  All furniture will display the appropriate safety label at point of purchase and all new furniture must now display a permanent and non-detachable label.

As a landlord  it’s a punishable offense to supply soft furnishings which do not meet official fire resistant standards and carry permanent labels to that effect.  All landlords must comply and there will be no exceptions to this rule.  If items do not comply with the above-mentioned standards, they should be removed prior to the tenancy commencing.  You may not sell or give any non-compliant items to the tenant.

Profiting from property is really possible, as many land lords have found out. Even during a recession it can still prove a reasonable investment.

Rental Property Management intend to help show you a step by step guide to the ease of developing property through renting and buying to let.

Buy To Let Guide

House Investment

Finding the right property to start with is always going to help make a good start on any road to propert development. Remember this is probably the most important decision along the next few chain of events that you can make. The first must is do register with estate aganets and local auction rooms.

The practicalities of buying

From the start you must think like a developer if you want to maximise the hard work you put into each development. Be objective about the property.

Make sure you have a budget and stick to it. Easier said than done. Also have a contingency fund, i suggest about 10% of your overall budget as there will always be something unexpected coming along and draining your buget.

Don’t make assumptions, get facts, get workman to look at the work required and provide a price, not a guess and a figure that you want to hear. Be realistic on what you can do, you cant do everything, and even if you could it may not be the most cost effective way.

Next you’ll need to read : How to Identify Your Market

Print them off before you go for your viewing or meet the landlord!

The thing is, now is the time to get some promises made, as if they want you in they will give you priority. Once you have signed you may not get such a helpful landlord.

40 Questions to ask a new landlord

What’s more a savvy landlord would want someone who looks after the apartment, questions like these reflect a tenant who cares, so it will prove of benefit to you in more than one way.

Do I get a reduced rent for referring a friend?
Will my rent increase for a short term lease?
How are maintenance request handled?
Are smoke and CO2 alarms installed for apartment?
How much will rent increase each year?
Is there a notice board for residents to communicate?
What storage is available?
What day of the month is rent due?
How do you want rent paid?
When will I get my security deposit back?
What is the parking arrangement?
When the lease is up, will I be obligated to sign a new lease?
How much is the security deposit?
Is the apartment furnished or unfurnished?
Does apartment manager live on site?
How much is the application fee?
If I’ve been locked out of my apartment is there a number to call?
Is subletting allowed?
Does the apartment come with pest control?
What is the lease start and end date?
Is the maintenance worker swamped with a backlog of work
Do other tenants look respectable?
Where can I submit a complaint about maintenance?
How is my mail delivered to the apartment?
What’s the cost of utility bills?
How is my rubbish collected and what day?
Which fees are non-refundable?
Where do guest park their vehicles?
What personal documents will you need from me prior to signing of the lease?
Can I paint the walls or ceilings?
Is there a fee for early termination of lease?
How many electrical outlets in each room?
Ask a random tenant, what they think of the apartment complex.
What security features are installed for this community?
Does front door have a peep hole?
Does carpet need to be clean?
What is the neighborhood like at night?
Are there cracks in the walls or ceilings?
Is there a sprinkler system for apartment?
Will rental be freshly painted prior to move in?

Don’t be afraid to ask these questions before you rent a property. Genuine landlords will be happy to answer any of these questions.

This is the site you have been looking for. Profiting from property is really possible
We’ll show you a step by step guide to the ease of developing property through renting and buying to let!

To make life easier we have a buying to let profit calculator for you here

Buying to Let

Buying to let

This is where most developers end up. Once executed, this can prove to be money for old rope. Ok thats a bit pushing the point, but here i can teach you some really useful tips on how to let with very little fuss. If you need a mortgage then you will need to contact your bank or building society for a buy to let mortgage. The essetial element is to first consider the previous chapters as just as important as the monthly cheque you receive from your tennants. In effect the two are very much releated. So re-read those chapters before you get to this exciting chapter on how to but to let.

My 10 Steps to success

Ok i’m going to make this very easy by revealing my 10 steps. Follow this and you will succeed, ignore a step and you may struggle. Here goes…

1. Find the right area to buy into and make some appointments with local letting agents normally estate agents will be able to offer help with letting too .
2. Once you’ve picked their brains to assess the state of the lettings market (and discovered what type of properties are most in demand) you can begin the house hunting game. Get several viewings under your belt to get a feel of the market.
3. Talk to mortgage providers early on in the game to ensure that you find the best deal. If you have a personal financial advisor, they will do this service free of charge, use this free service, it may save you money and time along with our useful free development guide legal stages glossary and if you need a mortgage then the Buy to let Mortgage Guideis also a useful tool on this site.
4. Once you’ve found a suitable property put in an offer and be patient. What you might think is a silly offer may prove to be a bargain, remember you can always increase your offer.
5. When your offer on the property is accepted you’ll need to get a licensed conveyor or a solicitor to deal with the legal and financial paperwork.
6. This is the step that can seem to go on forever, the survey and searches.You will also need to get it valued. Then you’ll be in a position to finalise your mortgage arrangements with your finance lender.
7. Who will property manage ? Once you’ve been handed the keys you’ll need to decide whether you are happy to manage the property yourself or if you want to hand it over to a letting agent.
8. The chances are that the house will need some work doing on it, so it’s best to get the workmen in there as soon as possible. You will find our buying to let profit calculator useful at this point.
9. If you’re planning to let the property furnished it makes long-term sense to invest in solid/ robust furniture (ideally carboot sales house clearances or local auctions are an ideal way of sourcing good solid furniture without putting costs through the roof).
10. Before your tenants take control of the property, do make sure that they are clear on the terms of your contract to avoid any later possible complications.

All the best…

Real estate agents in USA or just estate agents in UK are demanding up to £1000 backhanders. We reveal the con here on RPM.

Real Estate Agents – the issue

For many years it’s been every home movers nightmare, not just the moving and the hassle of packing up home, not just the outrageous taxes, stamp duties and other moving costs. The thought of paying estate agents for whats often known as “money for old rope”. Well the government has now told them to clean up their act. Though this was raised in June 2004 and still nothing has been enforced

Estate agents can play a few tricks

The tricks real estate agents use

England house purchasing process needs to be undergoing some dramatics changes. Estate agents are asking buyers for up to £1000 backhanders to enable them to have the properties they want ahead of the crowd. This is a total misuse of position and yet has gone on for years. The money lines the estate agents pocket and is never seen coming off the house price or future fees.

Outrageous Fees

While a % is used as an estate agents fee, the work involved in sales doesn’t reflect the payment. You could market most properties for a few hundred pounds, yet the average payment is between £3000 – £5000.

Undervaluing

To get a quick sale, estate agents will undervalue a property, the sale takes place with minimal work and the fees taken are easy money. This is why it’s recommended that a homeowner always takes three independent valuations before agreeing to go with an agent.

Estate agent lies

Never, surely not. In 1979 and act was passed to make it legal that alldetails are to be accurate and passed on to the property seller. In fact, this is rarely enforced.

Gazumping

A study showed that one in five buyers were gazumped. This was often due to esate agents marketing properties while under offer.

In Ireland they have moved away from the percentage system as prices have gone out of control. The average cost to sell a house is around £700, which is a lot lower than the average 1.75% that estate agents ask for in England.