What’s your biggest fear about being a landlord? For many, it’s the prospect of getting locked in a lengthy dispute with their tenants while trying to keep their cool.
What’s your biggest fear about being a landlord? For many, it’s the prospect of getting locked in a lengthy dispute with their tenants while trying to keep their cool.
Having a letting agent who fills you with confidence is an essential part of being a landlord, whether you’re an old hand or just starting out.
Buy-to-let is undergoing a massive transformation right now. Poor-quality homes are getting squeezed out by tightening legislation, and short-term profiteering has fallen away through changing tax laws. As a result, many landlords have sold up.
If you’re considering investing in buy-to-let property in Fife, it’s important to understand the Fife property market and know what to look for in a potential investment.
Although rents are going through the roof, yields are getting higher, and there’s massive demand from tenants, many landlords are selling their rental homes. For some, it’s part of their long-term plan, but for others, it’s a reaction against changing rules and taxes.
How many tax allowances do you think you can claim from owning a rental property? The truth might pleasantly surprise you.
“Being a landlord might still pay better than a pension” – that was the arresting headline in The Telegraph that caught our attention recently. Continue reading FP TV (EP 124) BUY-TO-LET OR PENSIONS: Which Has The Profit, Freedom, And Security That’s Right For You? (Watch/Read/Listen)
Can you believe the average UK employee now spends just 1.5 days a week at the office? Unimaginable just a couple of years ago, it’s now abundantly clear that the way we work has changed forever.
The new era of flexible working spells good news for landlords, with the chance to increase the income of your existing rental properties. Government figures confirm that hybrid workers are more likely to be high earners, which makes them an audience well worth targeting.
More people than ever are working remotely, including those looking at properties to rent in Fife. Everyone accepted makeshift arrangements during lockdown, from Zooms on the couch to laptops on the stairs, but tenants are now prioritising their health and wellbeing.
Today, homes are being scrutinised for how suited they are to double duties, with high demand for clearly defined workspaces. So whatever the size of your rental property, here’s our guide to using what you’ve got to maximise the performance of your investment.
DESK THE HALLS
Before you start wondering which room might take a desk, have you thought about the entrance hall or landing? These can provide the perfect spot for a workspace that’s physically separate from the living areas.
Does your rental property have any of the following spaces you could turn into – or advertise as – a space to work from home?
Don’t forget the experience of working there. Nobody wants to spend their days crammed into a Harry Potter-style broom cupboard, so think about how you can create an enjoyable and productive space.
LEVERAGE THE LIVING ROOM
As the biggest spaces in most homes, living rooms have the most potential to host a desk. Sometimes, they’re the only option.
But living rooms are central to enjoying some domestic downtime, so I’ve put together a few guidelines for a workspace that takes a back seat when the working day is done.
If you want to go one step further, install a drop-down desk in your chosen spot to show potential tenants just how easily it fades into the background when not in use.
COOK UP A KITCHEN OFFICE
Cooking, laundry, washing up, coffee… kitchens are our most dynamic rooms and the place to get things done, which makes them a natural fit for working from home.
While dining tables have become a favourite for laptop users, smaller kitchens can also make the grade with tricks like:
Another natural advantage of kitchens is their collection of built-in cupboards. These give tenants the perfect hiding place for their printer, paperwork, stationery and laptop without having to find a clever storage solution or upsetting the design.
THINK INSIDE THE BOX ROOM
Not so long ago, plenty of landlords saw homes where one of the bedrooms was tiny as too much trouble. Single tenants and couples didn’t want to pay the extra rent, while sharers would be forever replacing the housemate in the smallest room with a single bed.
But now there’s a new wave of tenants who specifically want a dedicated workspace, and who don’t need an extra double bedroom. This gives box rooms multiple benefits that include:
Box rooms also cost much less to heat; a huge advantage with current energy prices. So if your rental property has a small single bedroom, make sure the description shouts about its suitability for a home workspace.
TAKE IT OUTSIDE
Given our less-than-tropical climate, and that tenants aren’t always the most motivated pruners and mowers, a garden room can add a real wow factor that provides a luxury workspace and significantly increase the sales value of your property.
Most garden rooms are considered permitted development and don’t require planning permission if they are less than 15m2 and not used as a bedroom. You can buy them at hardware stores like B&Q as well as many specialist dealers like Green Retreats.
A cheaper option would be a large garden shed or summerhouse where you get the electricity run in by an expert and complete the final finishes and installations yourself. You’ll save on costs, but remember that the added value to your property will also be lower.
Could your rental property be more profitable?
Don’t miss out on high-earning consultants, practitioners and hybrid workers. If the tenancy at your rental property is coming to an end, or you’ve got your eye on another buy-to-let, get in touch today. We’d love to help you optimise its working-from-home potential.
Call me on 07909093141 or email me at richard.cook@fifeproperties.co.uk for a a friendly, expert chat about rental property in Fife and finding the perfect tenants.
PODCAST: https://spotifyanchor-web.app.link/e/seNko3Tf1s
Despite changes to tax policy, buy-to-let remains a hugely popular life goal for many people as one of the safest long-term investment strategies. Property feels real with tangible, visible and stable assets that shares, crypto and foreign exchange simply can’t match. Continue reading FPTV (EP 106) THRIFTY LANDLORD TIPS: How To Slash Your Upfront Costs When You Buy A Rental Property (Watch/read/listen)
BUY-TO-LET BEGINNER? Get It Right First Time With Our Expert Tips For New Landlords
Have you wondered about becoming a landlord but aren’t sure whether it’s still worth it or even your kind of thing? Well, you’re in the right place! Continue reading FP TV (EP 102) BUY-TO-LET BEGINNER? Get It Right First Time With Our Expert Tips For New Landlords (Watch/Read/Listen)
FIND OUT HOW MUCH YOUR HOME IS WORTH
TAP HERE TO BOOK A FREE SALES/RENTAL VALUATION
OR GET AN