Tag Archives: Property Advice

31May 2012

Property Landlord advice: Buying a House to rent. Part 1.

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By Steve Roulstone

 

There have been several questions asked and answered in the press lately, covering several aspects of buying a property to rent. So I have decided to write down what we at Castle Estates consider to be the most important matters for consideration when buying a property for the rental market.

Parts 1 through 4.

I will be writing the Guide in four parts dealing with what to do from the start to completion. This is not meant to be a comprehensive list, rather pointing you in the right direction. Other matters are bound to arise as you progress through financing, choosing an Agent, dealing with Insurance and then finding the property and making comparisons to decide which property is best value for money.

Part 1; Choosing your Finances, Insurance, Accountant and Agent.

Before you even arrange your first viewing of a property, it is a good idea to ensure firstly that you have the right finance to be able to purchase a rental home, especially with the current mortgage availability. Size of deposit will be crucial and by speaking with a mortgage broker (always better to ask your friends for a recommendation if you are unsure, you will be surprised just how many are also Landlords!) you will get a feel for exactly what calculations are needed to ensure the mortgage will be covered by the rent.

Insurances.

It is popular now to call Buildings Insurance for a rental property Landlords Insurance nowadays. It is not, it is Buildings Insurance, but you would still be better to speak to those who specialise in the rental market rather than mainstream Insurance providers, who always seem to offer Landlords Insurance as a premium. Some Mortgage Companies now insist on their own Insurance policies, ensure you are aware before committing to a mortgage what the cost is. It could make your mortgage less competitive! There is also proper Landlords Insurance to be considered. Your Agent will assist here, but Industry recognised meaning of Landlords Insurance is a policy that offers Guaranteed rent if the Tenant fails to pay the rent and Legal expenses to remove the Tenant as quickly as possible and of course, using Industry specialist experts to carry out the role!

 Accountants.

Unfortunately, Income from your rental property is taxable. Therefore you should seek advice from an Accountant so that your income is properly accounted for at the end of each year. When this additional income is small, I know that some consider an Accountant to be a cost they could do without, but speaking from experience, I have never been disappointed by the savings they have been able to make, compared with the cost of ensuring you are legal with the Taxman. By law, we have to advice Income tax offices of every penny paid to Landlords each year.  Therefore if the taxman knows what has been earned from the property, it makes sense to ensure you have claimed against every bit of allowable expenditure you can. The best person to do that for you is an accountant!

Agent.

Well I would suggest Castle Estates wouldn’t I! The legality surrounding this market means that we would suggest a professional Letting Agency to look after your property. In short, these are some of the reasons why; Ability to credit reference Tenants, Regular property visits, Time served arrears chasing systems, Knowledge of the industry and the law, Professional Inventories, Professional agreements and clauses and a network of Maintenance Contractors. What you need to do is choose one before you start. Make sure they are associated with a professional industry body and belong to such organisations as Safe Agent and The Property Ombudsman. After all, they will be able to advice you at every turn and all at no cost until such time as you yourself are earning from the property. (A genuine case of free advice)

18May 2012

Property Landlord advice: Annual Rent Increases show current market trends.

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By Steve Roulstone

I recently wrote that a scheme being tried by a local Council in Staffordshire to encourage house sales was an excellent idea and one that if it worked be copied in other areas. At the time I wrote it I was aware that it may be difficult for some to understand why a Letting Agent should be happy to see house sales moving again when so many houses are entering the rental market purely because they cannot sell in this market?

Perfect answer!

Well one of our regular routine annual procedures has provided an answer as to why in a way far better than anything I could find to articulate my thoughts at the time of writing about the Council. The procedure is the annual rent review, which, because Landlords are able to increase rent once per year, we undertake in the spring because it is the most natural time for prices to increase in what is normally the time when the market shows its best increase through increased activity.

Hard task.

We do of course discuss each scenario with our Landlords so that they are both aware and happy with any proposed increase and I must confirm that it is good to see so many Landlords this year being realistic about both the market and the current Tenants capacity to pay any increase. But each eligible property has had to be reviewed carefully. As a rule, we would normally only recommend an increase that kept the rent below the current market price, an approach which rarely meets with anything but approval from our Landlords, but the numbers of available properties at present as meant that we need to have a very good picture of those very rates!

Large increase in numbers.

It is a fact that the number of properties coming to the market is still high and Tenants do have plenty of selection when looking for a home and are on average looking at far more properties than they would normally do (possibly twice as many if our viewing diary is anything to go by!) but this has of course had an effect on the achievable prices as more and more offers are made as Tenants try to catch a bargain. Of course we manage them in a way that reflects what we expect to happen so we are very aware of what rent we are liable to achieve still for our Landlords!

Less houses in this case will be better!

And this is the evidence that confirms my view of any scheme which encourages more movement in the housing market. There is also no doubt that we are seeing as many if not more Tenants as we would expect at this time of year, the problem for so many Landlords is that there are at least twice as many houses if not more on the market. It is easy therefore to see that should houses start to sell again; the rental market will also improve as what we consider normality would be resumed.

Competition will stay.

Estate Agents do of course still have and will continue to have the ability to speak to any owner of a property that is failing to be sold and will no doubt offer the rental option before the Traditional Letting Agent even gets the opportunity to speak to owners. So be it, it is a situation we have lived with for the last three years and we are still getting more than our share of the properties available.

Market share.

But what tells us this will not change even if house sales do make a dramatic recovery this year, is that the Private Rental market now accounts for over 20% of UK housing stock at current rising trends. (Figures will be confirmed next year) so we as Agents will learn to live with the increased competition, but I still see increasing sales as a good thing for Landlords and hopefully by the time we carry out our rent review next year, the new figure will be easier to calculate!

16May 2012

Current Property News: EPC regulations being made to look nonsense.

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By Steve Roulstone

Recent changes in the way in which EPC documents have to be displayed are quite frankly being made to look ridiculous by the way in which they are being translated. It is of course well known that there are always areas that need clarification when new legislation is introduced, but the plethora of new requirements being launched at our industry at present does beg the question, why is it so unclear how to introduce changes that, if we got them wrong, are subject to a financial penalty?

EPC Displays.

The clarity is supposed to be how and where the information shown on the EPC is displayed. There are three areas of concern, when a property is being viewed, when it is being advertised and when it is being displayed. The problem lies with the latter, but all affected areas have had to be clarified.

Property viewings.

This for us was the easiest to deal with, as the EPC has to be available for all potential Tenants when a viewing takes place. As our staff carry I Pads with the EPC stored for every property being marketed, along with as much information as a Tenant may require, this was easy to deal with. All we needed to get clarified was that an electronic version, with a back up of the written version being supplied either in the post or by e-mail. It is.

Advertising.

This includes both the paper version of advertising as well as through the web. Again, after some suggestions that the EPC would have to be placed alongside each property advertised in the paper, it was confirmed that it does not need to be in this format. Good job really or this post would have had two targets for the ridiculous suggestion of the year!

Display advert.

Now for the area that has me looking to the skies in frustration! It is well known that property details are in by far the majority of Lettings or Estate Agent offices produced in A4 size, or something very close. This includes the window display and in our case as with many others on a rolling TV display. Well somebody has now decided that the front page of the EPC should be included on page one of the document displaying the property, if the document includes for a rented property a photograph and the price as well! Not much point in producing it if it does not!

New Style.

They also state that it has to be page one of the new style, but that the new style is not needed for those that have already been produced (They last ten years for a rental property) so firstly, how can we show the new style unless we pay for an updated version? If you visit the EPC report retrieval site www.epcregister.com to recover a report it is STILL shown in the old style?

 Ridiculous requirement!

But worst of all, is how can a form designed for A4 reproduction, with close on 50 lines of information be shown clearly ON an A4 sheet of paper and leave any room for anything else to be displayed on the same sheet of paper? Does this mean that all property display details are going to have to be re-produced in A3 to allow room? Are every single Estate and Letting Agent in the country going to have to change their display units costing £millions? This is (once again) an effect of the changes that has just never been thought through, the practical requirements and sheer ability to be able to comply with the need to show the EPC in the manner described is just impossible?

Conclusion

I just do not have one! I just hope that common sense prevails in the end and that a proper solution is found, in the meantime all Agents are left wondering what to do whilst being in danger of having a fine clapped on them for failing to display EPC details in the new format! Or do we just change all internal and window display units and spend a fortune changing them? Just in case!!

03May 2012

Current Property News: Council and Mortgage provider offer key to the future?

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By Steve Roulstone

 

An unusual link has been formed in the launch of a new scheme to assist first time buyers in the Staffordshire Moorlands. Leek United Building Society has put together a scheme with Staffordshire Moorlands District Council to offer 95% mortgages to those who cannot afford the usual 25% deposit currently required by most mortgages but can afford the monthly re-payments.

 

Target audience.

 

The scheme is targeted at first time buyers who either live or work in the Staffordshire Moorlands catchment area. Presumably for the property being purchased to be acceptable, the house will need to be within the Moorlands catchment area. This can only be looked upon as a good idea by Staffordshire Moorlands Council, who will presumably attract more Council Tax payers for the region and at the same time removing pressure on the Council’s social housing needs.

 

Finances.

 

The idea is that the Council will approve purchasers providing they meet with the rules of the scheme and then act as Guarantor for the payment of the monthly mortgage.  Also fees chargeable appear to be very transparent from the start, so those looking to sign up should be able to budget all costs applicable prior to applying. The role of the third party (Sector Treasury Services Ltd) listed as part of the agreement is not made clear, but I would presume that they are able to assist in the 5% deposit required.

 

Timescale.                      

 

The scheme is only available for a short period until the end of August 2012, but hopefully it will be a success and it is certainly one that I shall be keeping an eye on. If it does prove successful, hopefully other Councils will also be keen to look at the implications and results as it would seem to me to be an innovative way of dealing with the perennial problem for first time buyers, especially with the current mortgages that are available.

 

Market effect.

 

I also feel that it is an idea which will have little effect on the rental market, which you will forgive me for considering. Yes there may be some reduction in Tenants, but at a time when the market needs any kind of encouragement it can get, especially in an area like the Moorlands who rely on the more traditional industries which are probably affected more by the current financial uncertainty than most it is good to see people thinking outside of the box. Time will of course tell, but I for one applaud the positive move. Hopefully when tested there will be enough people willing and able to fulfil the criteria set out by those concerned in this laudable initiative.

25Apr 2012

Property Landlord advice: Things to consider when Buying to Let.

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By Steve Roulstone     

    

As the property market trundles on with its slow recovery, one thing that is noticeable is the increase in the number of people who are considering purchasing a property again for their rental market. In many cases this is existing Landlords who have property with us already and have arrived at the position where they have built a deposit to purchase another property, for as we all know, a significant deposit is now needed before a mortgage can be agreed. But we are also being asked by people looking to buy for the first time, as property becomes the preferred investment because of the lack of return from deposit accounts and the continued risk of traditional share investment markets.

Good planning.

I would have to say, that for those who chose tracker mortgages the current return from rental property has been significantly improved. Far from the reported problems that Landlords are supposed to be suffering when house prices dropped, good planning has led to an increase in revenue as the mortgages have dropped significantly. This has meant an opportunity, be it delayed as a sufficient deposit has been saved, for further purchases to be made and at a time, as I have reported recently, when property prices have started to grow again.

Sound advice.

But even for those who own property, it is always a good idea to discuss and visit the principles about what makes a good Buy to Let property again. This means that we are being asked to advice people more and more and we are always happy to do so. Our principal has always been good honest clear advise, even if it means saying no to a current opportunity, will in the long run, either when a potential Landlord returns or because of word of mouth that our advice can be trusted even when it does mean telling somebody that a property is not right for the rental market, will eventually pay off and at least we can sleep well at night!

 Points to consider.

So when considering property there are two areas that we believe should be considered in some cases even before you visit the property, so before a viewing is arranged, consider the following:

 Area concerned; Is it a popular area of the Town or City you are looking at. Or is the village on a sensible route.

Popularity of type of property; Is this the right property for the market. Flats or Family homes (such as three bed semi detached) are the common decision to be made and at times, depending on the size of available deposit, a careful look will be needed

Open to all markets; Such as is there a bath? Don’t forget that only having a shower will cut out everybody with small children.

Property facilities; Where are the local shops, bus routes, what are the standard of the local schools and where is the centre that people will head to for entertainment. This may not be important to you, but it will be for the Tenant.

Once inside.

The obvious consideration when you actual view the property is how much work has been done to the property and by whom? I have actually been in a property this week that has been altered beyond comparison from the original build, but by a builder owner and you can see the quality as soon a s you step inside. But be careful, I have also been in a property that a DIY enthusiast had left in such a poor state that three occupants could have been killed by fumes from the fire, electrocuted in a bath of water and by using too many appliances in a kitchen, and all the other occupants of the road would have known would have been a dimming of the lights!

List the advantages.

 Then most importantly, list all the good points. Do this when you are comparing property and you will find a decision can quite often be made for you! Garage or car-port? Drive or on road parking? En-suite or not? Conservatory or not? Low or high maintenance garden? One or two reception rooms? The property that ticks the right number of boxes will be the one that is more popular.

Good value.

This means that price is not the most important consideration, but when the bricks and mortar continue to be the main investment and the rent should serve to pay the rent and allow you to build up a maintenance reserve, that value will in the end remain constant and the property should produce less down time (between Tenants) and that of course, is what we as Agents strive to produce for all of our Landlords.

19Apr 2012

Current Property News: EPC Regulations still being clarified.

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By Steve Roulstone

With the recent change in EPC regulations, we like many other Agents turned to our advisors and asked for clarification of what the changes meant and what was there considered practical way they could advise us to adopt the changes as required. The answer we received raised more questions than it answered and we were left none the wiser. It appear that the manner in which the changes have been introduced have left those who carry out the inspections at a quandary in understanding what is now required.

Agents requirements.

The main change for Letting Agents is to have the EPC available within seven days of the property being marketed. I am pleased to say that this was our own timetable anyway but always done with the knowledge that we had longer if the EPC was not forthcoming. No for us the clarity needs to be around what is meant by an electronic copy, when the report from the RLA states that the new format should be used after April 1st, but fails to say if this is ONLY for new EPC’s created rather than an updated version of the old certificate.

Words speak volumes.

 Some reports suggest that this is the case, but when you attempt to download EPC’s that are still current but were produced in the old format, they are still in the old format! So ‘the powers that be’ need to clarify for those concerned what they should or should not be doing. It becomes more of a problem when those that are supposed to be advising do not know themselves!

Simple guidelines.

At present we are ensuring we are operating in a manner best suited to the intent of these changes until we receive total clarity, which means we will avoid any unnecessary costly changes to our systems whilst still providing the information when requested and ensuring one is available without delay.

These guidelines will hopefully assist in the meantime:

1. When viewing a property ideally an EPC or at least the new front page should be “available”

2. Available means it can be in electronic format

3. An EPC MUST be commissioned immediately on marketing if existing one not available

4. Long as you can prove you have commissioned then for up to 7 days you can view and market without one. It is an offence but there is no penalty!! It is after 7 days that it becomes more serious

5. The eventual winning tenant MUST be given a copy of the full EPC when the contract starts i.e. at check-in.

18Apr 2012

Current Property News: Rightmove figures give insight for purchasers.

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By Steve Roulstone

In surfing the net for Current Property News, I note with interest two sets of figures that have been published this week. Firstly the Rightmove calculation of asking prices throughout the country and secondly The Average House guide published by the Office for National Statistics (ONS) Bothe offer many varied statistics, breaking down details by region and County as well as National.

Significance of the gap.

When you look at the two headline figures, it is quiet significant that the asking price on average across the Country is £20,000 higher than the actual selling price and with the push of the Rightmove report being that on average house prices are at an all time high again across the Country, it does look as if sellers, knowing they will get offers no matter how the word the price within sales particulars, are asking at a higher level and negotiating on average a 10% lower price than that asked for.

Significant difference.

But what is also apparent is that the difference in average prices between London and the rest of the Country is vast and still growing. Since the peak of 2008, prices in London have risen by 14.9% whereas prices in the rest of the UK have fallen by 4.3% during the same period. This such a significant swing that it does make the average figures somewhat irrelevant, but the regional figures given by Rightmove are very informative and definitely give significant information for those needing to track values across this time frame.

Solid information.

It is good for all interested parties to receive information both in this manner and broken down in to regional statistics that both reports give. For example I have a property myself that was initially marketed in late 2007, it is currently rented (no surprise there then!) but as the Tenant has asked about the opportunity to purchase, it is easy for me to work out what would be the current price using the averages published in these reports. Both parties can use then for the same reasons, definitely allowing initial conversations to take place without the expense or time needed to get the property re-valued.

Assistance.

I cannot see how this situation does anything but assist people by keeping them informed. For the professionals, some of the mystique of pricing houses is removed, giving the vendor and buyer better confidence in the asking price and indeed any offers made as well. A definite win – win situation and I applaud Rightmove in particular for the manner in which they present the information and make it easily available for all.

Look and you will find.

The only disappointment and yes there had to be one! Is that the BBC who I have oft criticised for the way in which they place a negative spin on anything to do with the housing market have chosen to scale down the amount of reporting now that the shock and horror of house prices falling has lessened and we have all learnt to live with what the market delivers? Like most, I see slow growth continuing which most commentators agree with. It seems the BBC is only happy to give more time to the housing market when it gives them the opportunity to report on bad news and it looks as though our market will continue to receive little air time from the BBC for the foreseeable future. Time will tell if I am right!

17Apr 2012

Current Property News: Landlord wins Judgement against bad Tenant.

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By Steve Roulstone

Just occasionally matters come to the point where faith in the system is not only renewed but also rewarded! The news we received this week is one of those cases.  We have a Landlord who has had great faith in dealing with the situation that was presented to them in a professional and thorough manner through the courts. Thankfully to a good conclusion as this was after we advised the Landlord that it was a case worthy of legal judgement,  ensuring that the Tenant was not allowed to get away with the state that they left the Landlords property in at the end of the Tenancy.

Ignored instruction.

We soon realised at the start of the Tenancy whilst doing our property visits that the house was not being cared for in the proper manner. General untidiness was soon becoming harmful to both the inside and outside of the house. We did everything we could to get the Tenant to carry out the work required, but in the end under instruction from the Landlord, following our advice, notice was given to leave. Any effort to keep the property in order at that stage ceased.

Check out.

When we then came to check the Tenants out of the property, the work needed to return the property to good order was vast! We photographed, noted, gained quotes and spoke to the Tenant about getting the work carried out. They disagreed, refused and eventually ignored all communications until the Landlord had no choice but to instruct the work in order for the home to be available for the rental market again.

Options.

 At this point we spoke again at length and in the end after looking at the cost of the dilapidations advised the Landlord to take the matter to court. This is of course a big decision to make, not only for the inevitable risk that such a decision brings with it, but also because of the actual task itself which can of course be daunting. The Landlords stood by their conviction and filed papers.

Courts take time.

Never was a statement more true. The original hearing was cancelled twice initially after sitting around all day to be told the court did not have enough time to hear the case, then at the Tenants request until a third date was finally set for this month and only now has the Landlord finally received a judgement. This made all the more understandable when you realise that the Tenant actually vacated in June 2010!!

Award.

But in the end it was worth it! The courts awarded the Landlord the whole of the claim for damages, the deposit in full and two months loss of rent because of the length of time it took to get the property fit for the market again. This is made all the better with the knowledge that the Tenant who replaced the person claimed against still enjoy living there and are treating the property as it should be treated by any good Tenant.

Summary

And what do we take from all of this? Well first of all that currently the law does not move quick enough to resolve matters for Landlords under such circumstances; it does not make sense for anybody to be left waiting for two years for a decision to be arrived at and even if it had been heard the first time the case was cancelled it would still have been nearly a year. That the reasons why such a case can be delayed for a further year are too lenient, because it should NOT be possible to postpone a hearing with such ease as was the case for the further delays suffered  and that Landlords need better help from the Deposit holding bodies, as this was a substantial amount they should not have been made to cope without when you consider the amount awarded to the Landlord by the Judge was over £3000.

The good side!

But thankfully the biggest conclusion is that it does pay to take your case to the courts. I of course do not know for sure, but people who leave property in such a condition probably hope the problem will go away because of the trouble needed to pursue the matter to conclusion, but also in the end the courts have awarded correctly and it proves that errant Tenants can be brought to justice if the Landlords have the strength of character to hold true!

11Apr 2012

Current Property News: Landlords to address Legionnaires disease as well!

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By Steve Roulstone

There are times a as a Letting Agent that it feels as if the whole world is looking to upset your apple cart. No sooner do we get to grips with the Localism Act when along comes the HSE and offers up another tasty treat for Landlords and Agents to comply with. This time it is Legionnaires disease and the implications of removing the size limit in water tanks that has bought every rented property in the country in line with the new Code of Practise issues by the HSE.

What Next!

I am not suprised that the Industry has read the detail and asked open mouthed what else are we liable to be asked to take on board? There are cases of Legionnaires found in residential homes, but if we start looking at statistics for the reasons why people fall ill in the home, or have accidents, then Legionnaires falls way down the list of matters that need addressing! The problem is that the HSE are the organisation responsible for controlling the disease, so as soon as the 300litre tank size restriction was removed, they have no option but to advise Landlords and Agents accordingly.

It’s a silly world.

It would of course be easy to look at other areas of concern and suggest for example that stairs are banned; all glass is covered by wire protection; cookers are limited to low temperatures; kettles are banned; children are banned from kitchens and treat all areas of danger in the same manner. There are times when we all think that such matters are treated with overkill, I am no different!

Deal with the facts.

 And those facts are that the industry is now evaluating the situation and dealing with the new Code of Practise. On the face of it and the initial reaction from the Industry suggested that there would now need to be further costs generated by regular inspections of all internal water systems. But I believe that those looking at the situation will be able to give us clear guide lines as we look to take the Code of Practise on board in a practical manner.  

Tenant responsibility.

Before and between tenancies, we will ensure systems are in place to deal with the requirements. Where a Tenancy exists, we will probably develop a strategy to deal with instructing the Tenant on how to ensure the problem is dealt with during the Tenancy by following prescribed instruction at regular intervals, such as heating the water system to required temperatures especially in modern property where the system can be easily dealt with. In older properties, it may well be a requirement that any areas of concern are highlighted and dealt with through an inspection.     

Professionals.

At the end of the day, we will deal with this as we have dealt with the numerous changes in legislation introduced in the last ten years, in the right manner. As I have always said if we call ourselves professionals, we deal with matters professionally. Even though it still seems like a sledge hammer to crack a nut! I once had a Health and Safety expert as a Tenant, who questioned the standard of fence between gardens at a newly built property, because his neighbours had a dog that barked at him every time he went in the garden. His take was that it is our responsibility to protect him as our Tenant from all eventualities.

Sensible solution.

 I wondered at the time if that would include building gates at the end of the drive, chopping down the trees across the road and installing conveyer belts for use instead of the stairs. What we do do as a matter of course is address these issues in a sensible and practical way. We ensure fences offer security, dog or no dog, trust people to be able to drive on the road and not crash in too the house, have people take responsibility for tree safety, in this case the local council on an adopted road and ensure that a hand rail is in place to assist everybody using the stairs. No doubt the solution for dealing with Legionnaires disease in the home will also prove to be just as practical!

06Mar 2012

Current Property News: ARLA give solid advice.

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By Steve Roulstone

It is good to see ARLA posting some advice for Landlords and Ian Potter in his latest release has done just that by providing his top ten list of’ what to do as a new Landlord’. It is a good article and reflects what we at Castle Estates have been stating for some time now, namely, take good advice!! Ian concentrates on several areas, most of which are similar to those I commented on as listed in my local paper, and as then, I would like to add a little more meat to the bone through this post, something that is of course difficult for Ian to do as a representative of our Professional body, rather than a ‘Letting Agent’ parse.

More property needed!

The background to the piece is again, the increasing opportunity that exists in the current market for the investment Landlord, with figures quoted of over half of those Agents questioned believing that demand is outstripping supply. I would have hoped the figure were more like three-quarters, but would concede that the market is rising after a quite Winter and that it should continue to do so until well after Easter, the traditional time to see the Market develop momentum for the year.

Research Research Research!

Ian has stated rightly so, that a new investor will need to look at what gives any one property an advantage over another, but I believe we can be more specific here. The investor may not know at present which are the better schools, where catchment areas start and finish and such basic matters as what DOES make a difference to Tenants when looking at property? This is of course where experience of an area comes in to play and not just as a Letting agent, but how long in this market. I do not wish to turn this into an Estate Agent Vrs Letting agent piece, but suffice to say, most Estate Agents have only just started renting property and I would say look to the longer established specialist before deciding who to speak with.

Present well and Know the market.

Ian is correct to point our areas where a property can stand or fall and in some cases is ignored by Landlords, that is the appearance against what else is available for the Tenants to choice from and an understanding when doing the calculations, of what actually happens between Tenants during void periods. Both of these matters reflect on the financial and are well lined together. We always advise all Landlords, especially new to buying property as an investment, to look at the income based on ten months occupancy (but would normally be able to supply eleven as our track record confirms!) and even if the property is good enough to market without delay, work out how long before decoration should be planned! Cost implications of both need to be built in to every financial plan and if you are unsure about condition of decoration, then it probably proves the property would benefit from work being carried out now!

 Insurance and Inventory.

I link these together because everybody knows that Insurance protects, but not everybody gets that an Inventory does as well, because the Inventory has become one of the most important documents when renting a property. Landlords and agents have to be able to prove any dilapidations at the end of the Tenancy and without an Inventory I fail to see how this can be done. One simple challenge from a Tenant for the Landlord to prove what condition the property was in at the start of the Tenancy and without an Inventory, the Landlord cannot comply!

And for the rest?

It is all great! The more the subject is looked at the more you will realise that there is a process, not always the same,  but one that will make sure the first time Landlord does not slip up at the first hurdle. The other point is that there will never be a shortage of people willing to spread their knowledge and all that any new Landlord needs to do is ask! All the Landlord has to do is ask the right person. That is why I believe in professional qualifications and vote for experience every time!