When you’re a landlord, it can become difficult to make your property stand out in the rental market. This can be achieved by performing unique renovations that will attract more tenants. When considering renovations and improvements, you need to identify your target market. You don’t want to overspend on a renovation project and then rent it out to students. Understanding your costs and return on investment on your property is an important factor.

Plan your renovation ahead
Planning your renovations ahead of time is a crucial element to the entire process, as this allows you to anticipate and prepare for how long your property will stand empty. This will also enable you to determine whether the traders can work in your preferred timeframe, preventing your property from becoming unoccupied longer than expected. Planning ahead allows you to get your property back on the market quicker.

Short-term or long-term?
The first factor that needs to be identified is what type of rental your property will become after the renovation. If you’re a short-term holiday renter, you are more likely to make the property super attractive, colourful, and well-furnished quickly. If you are long-term letting your property, you are likely to achieve more durable, long-lasting renovations, reducing maintenance throughout the long-term letting. Identifying this ahead of time allows you to get your property back on the market quicker.

Check your insurance and warranties
When making certain renovations to your property, it is crucial to check if your home insurance policy covers you while making these changes. Major renovations are typically not covered by most regular insurance policies, so we suggest purchasing a separate policy. When purchasing certain items for your renovation, you will sometimes be offered extra warranties to add on. As a landlord, extended warranties are an excellent idea, as they allow you to have extra coverage in the future. By having different types of tenants, you can’t always guarantee your property will be cared for at the same standard as yourself, so it’s always recommended to have extra protection on purchases.

Kitchens and bathrooms
When planning a property renovation, the kitchen and bathrooms are the two primary rooms where the house can significantly increase in value. They can potentially increase the value of your home by as much as 10%.* This is because they are durable and costly renovations, giving the property a more modern appearance.

Decorating
When decorating a rental property, it is more common to use darker neutral tones. White and cream create a clean appearance but are not long-lasting and realistic colours to maintain. Having darker neutral tones allows the walls to appear newly decorated for longer, disguising scratches and damage a lot easier in the future. When decorating your rental property, we recommend always buying extra paint for the future, as this allows you to make small fixes within your property while maintaining the same colour.

Preventing property maintenance
When renovating, it is a smart idea to think ahead to see what precautions you can take to prevent property problems in the future. One of those would be checking that your property has no underlying damp and installing measures for mould growth prevention. Using laminated flooring and tiles in most rooms is a great way to make easy, cleanable surfaces and reducing carpet cleaning costs in the future. If you address underlying property problems when renovating, you will have a reduction in overall maintenance and problems in the future.

Keep your receipts
Keeping all your receipts when renovating your property allows you to claim back tax. This is because you are a landlord, and this is your business, so you are able to claim the tax back. This will make a difference in your costs, so even if it is the smallest receipt, it is key to keep it.

 

Contact us today if you need help understanding the rental market

 

loveproperty*

 

When it’s time to move on, it pays to be an early bird. So, where do you start? Let’s take a look at a few tips to help you on your way.

Start your search
Finding a letting agent is a good first step. They will be able to advise you on the entire process and keep you on the right path. Finding the right property can be a swift process or may take longer than anticipated. But, when you do find the right place, you will have the option of putting down a holding deposit. This is usually one week's rent and is refundable, and will help you make your move seamless and ensure you get the property you want.

Book some viewings
Getting out and seeing potential properties is important. It’s tempting to rush this process but when you're emailed a potential property, it’s a good idea to be ready to view it. On the other hand, you may decide to clear your calendar to book multiple viewings. Some homes will surpass expectations, while others may not. Calculating potential bills can create some pleasant surprises in more energy-efficient homes, so it is worthwhile checking the energy rating of your potential property.

Moving out and moving in
Communication and planning are key to a smooth move. Setting a moving-out date for your old place and a moving-in date for your new home on the same day is important. You don’t want to leave things to chance. Pin each party down to exact dates and times, then prepare your belongings and organise removal firms or ask your friends to help. Don’t forget to update your new address for the electoral register, your bank, and the DVLA. Then, inform your energy suppliers and take meter readings of what will become your previous address, and any other parties that need to know you are moving.

Checking the inventory
You should do this whether you are moving out or moving in. Paying attention to this process will help you get your deposit returned at the end of your tenancy. Don’t be afraid to be thorough. The inventory will give details on the condition of everything, from walls and ceilings to appliances. You will want to get your entire deposit back so cleaning your old home and leaving it as you found it is important. But, it is also important to check your new property as soon as you move in.

Using an agent makes the paperwork so much easier
The beauty of using an agent is that they can take care of your deposit, reference checks, and give you a clear understanding of your tenancy agreement. You don’t need an agent to place your deposit in a deposit protection scheme; however, having someone to guide you helps make the process more straightforward. Fully managed properties benefit from 24-hour maintenance support should any issues arise. A good lettings team is always easy to get in touch with to guide you before, after, and during your tenancy to help you in any way they can.

Make your new place your own
With a good letting agent on your side, you can concentrate on enjoying your new home. Adding the little details that make a home your own makes a big difference and you may decide to decorate. If you are organised and well ahead of time you can plan your new layout and discuss any plans you have for decorating with your agent before you move in. After you have handed back the keys to your old home and got your new keys, you know because you have used an agent that the property is compliant. When all the necessary paperwork is in order, your home is decorated nicely, and you know you are supported by your agent, you can relax and make the most of your new life.

 

Are you looking for a fresh start? Contact us today

 

When renting a property, you are required to pay an upfront deposit. A deposit is a sum of money that is collected before you begin your lease agreement, which acts as protective insurance. The deposit is refundable at the end of the tenancy agreement if the tenants respect the property and meet their obligations as tenants. A deposit is usually the cost of one month's rent, so when moving into a rental property, expect to pay two month’s rent upfront at the beginning to cover the cost of the deposit.

Why do we need to protect deposits?
Deposit protection schemes were introduced in 2007 as part of the Housing Act, so all assured-shorthold tenancy agreements that require a deposit are subject to the legislation.* Once the deposit has been taken, the letting agent or landlord has up to 30 days to protect the deposit. If the correct procedure is not followed to protect the deposit, then they could be charged up to three times the amount of the original deposit and will not be able to serve a Section 21 notice to the residing tenants if they require the property. It is a legal requirement to register a deposit in a government-approved scheme.

Different types of deposit protection schemes
Your letting agent or landlord has the option of using three different government-approved deposit schemes. Regardless of the scheme they choose, your deposit will receive equal protection. Your tenancy agreement will have information on what scheme your landlord or letting agent will be using, and within 30 days you should receive confirmation and the prescribed information in writing.

The deposit protection schemes are:

• Deposit Protection Service
• Mydeposits
• Tenancy Deposit Scheme

How can I protect my deposit as a tenant?
Once you've given your deposit to the landlord or letting agent, as a tenant the only way to properly safeguard your deposit is by adhering to all the terms and conditions in your tenancy agreement. This will ensure your deposit's safe return at the end of your lease. You can achieve this by respecting the property and paying your rent on time.

As a tenant, it is important to carry out your own property inventory at the beginning of your lease agreement, as this allows you to give yourself extra protection. By completing this inventory, you want to make the landlord aware and show them any issues or damage before you move in. By collecting the information about your deposit protection from the landlord or letting agent, you can ensure the correct protection has been put in place for your deposit.

What happens to my deposit when my tenancy ends?
When you reach the end of your tenancy, you will discuss with your landlord or letting agent whether you are liable for a refund of your deposit. If you have adhered to your agreement's obligations and maintained high standards in the property, you legally have the right to receive your full deposit back. Your landlord or letting agent must return your deposit within ten days of agreeing to the return. If you have a dispute with your landlord or letting agent and you believe they are withholding your deposit unfairly, then you can complain to the scheme dispute resolution service, and they will launch an investigation to determine the facts of the matter and the final decision.

Renting through a letting agent
By renting through a letting agent, you have more protection with your deposit at the end of your tenancy agreement. This is because agents can act as an impartial third party when handling your deposit, creating a fair decision about whether the deposit should be returned or not.

Get in touch if you want to know more information on the rental market

MakeUrMove*

 

Even perfection can be improved and perhaps it is this that makes you want to move. What was once your ideal home has now become too small, lacking the location you truly love or maybe you just fancy a change for the better.

A word about the market
The good news is that moving conditions are favourable right now, which is why lots of homeowners are getting on the move. According to Rightmove, sales agreed were 13%* higher than the same time last year. Average house prices increased by 1.5% reflecting an 8%* increase in buyer demand compared to last year. With mortgages becoming cheaper, reasonable pricing, and strong equity levels, buying conditions are not imperfect. All of this puts you closer to finding your perfect property.

Is the price right?
For most people, price is one of the biggest determining factors when buying. Combining favourable market conditions with strong levels of equity and homes priced at reasonable levels makes moving now very tempting. House prices are set at more normal levels thanks to the slowdown in the market last year. But this is a good thing because you will get more house for your money while having a great deposit for your perfect home, thanks to all that equity you have gained.

Consider the location carefully
You may already have your heart set on a specific location. The reasons you love it may vary, from the picturesque landscape to being close to family, work or transport links. But it’s important to keep a sense of adventure while searching for your perfect property. For example, being close to cycle paths or rivers and mountains may encourage hobbies you have previously put off pursuing. This is why moving is exciting and can change your life. In this sense, your perfect property can discover you. Looking in new locations can offer many pleasant surprises.

Keep your mind open to potential
Even if you watch all the home improvement programmes or are a well-seasoned property developer, it always pays to consider new ideas. That may involve stepping outside your comfort zone and trying a new buying approach. That could mean moving into a property that does not need a lot of work. Perhaps you want to make your home your own with the little details, or by investing in art, and opulent interiors. Maybe you are planning ahead and want to create a greener, more efficient home.

The importance of viewings
You may get a good feeling from your perfect property from the first kerb view image you see of it. On the other hand, appearances can be deceptive. Some properties can be misleading, like the two-bedroom terraced house with a hugely spacious and stunning garden. You never really know how you truly feel about a property until you step inside. Finding your ‘perfect’ home may involve multiple viewings, and making an inspired choice sometimes involves the input of loved ones and even a good agent.

Get a good agent on your side
Agents are not just there to make a commission, so use them as much as you can. Most pride themselves on providing a service that guides you in every aspect of your move. In many ways, agents are matchmakers, and sometimes a fresh perspective can give you real insights into what you are looking for. Use agents' market knowledge, contacts, experience, and input as much as you can. Ultimately, it’s your decision, but people who are ears deep in the property market year-round can make a massive difference in finding your perfect property.