There are some interesting parallels between landlords and Santa Claus. For a start, you’re often making a list and checking it twice, only yours is full of to-dos for repairs and maintenance at your rental property. Then there’s deciding if your tenants have been naughty or nice, and whether they look after your property and pay the rent on time. Continue reading SEASON’S LETTINGS: YOUR LANDLORD CHRISTMAS CHECKLIST (4 min read)
Tag: Letting Agent
NO VACANCY: Keeping your rental property occupied in Fife! (4 min read)
They say that death and taxes are the only two certainties of life. Well, if you’re a landlord, you might be feeling that empty weeks at your Fife rental property are an inevitable third. Continue reading NO VACANCY: Keeping your rental property occupied in Fife! (4 min read)
Each Fife Landlord Could be Hit By a £25,822 Bill (4 min read)
..and the 5 ways on how all Fife landlords can escape the worst of the coronavirus downturn on their Fife rental property.
With the second lockdown starting on the 5th November 2020 South of the border and Scotland in its 5 tier local protection lockdown programme, does this mean Fife landlords can wave goodbye to their Fife buy-to-let investment and see it go up in smoke on the bonfire of buy-to-let dreams, like a Guy Fawkes puppet? Continue reading Each Fife Landlord Could be Hit By a £25,822 Bill (4 min read)
Fife Properties TV (Series 1 EP 5) Property Market Update for Sales, Lettings and the economy.
Hosts Jim Parker is joined by Letting Agent Richard Cook and Estate Agent Jimmy Mullen to discuss this week’s news in the Fife Property Market while answering questions live on their TV show every Saturday morning @ 9.30am.
Today’s agenda in case you would like to skip to the section required is: Continue reading Fife Properties TV (Series 1 EP 5) Property Market Update for Sales, Lettings and the economy.
Fife Properties TV (Series 1 EP 4) Property Market Update for Sales, Lettings and the economy.
Hosts Jim Parker is joined by Letting Agent Richard Cook and Estate Agent Jimmy Mullen to discuss this week’s news in the Fife Property Market while answering questions live on their TV show every Saturday morning @ 9.30am.
Today’s agenda in case you would like to skip to the section required is: Continue reading Fife Properties TV (Series 1 EP 4) Property Market Update for Sales, Lettings and the economy.
The Rights, Obligations & Responsibilities of the Fife Landlords & Tenants during the Virus Outbreak
The last three or four weeks, unquestionably, have been one of the most life-changing times we have seen since WW2. The imminent threat of the Coronavirus has taken over the world, the UK and Fife and will challenge you, our families, our relationships and test us all.
Fife Buy to Let – Past, Present and Future
Investing in a Fife buy to let property has become a very different sport over the last few years.
In the glory days of the five years after the turn of the Millennium, where we had double-digit house price growth, mortgage companies (notably Northern Rock, HBOS and their ilk) desperate to get on the buy to let mortgage bandwagon with rates so low it would make the belly of a snake seem high and an open mildness to give loans away with not so much more than a note from your Mum and with hardly any regulatory intervention… anyone could make money from investing in property – in fact it was easier to make money than fall off a log! Then we had the unexpected flourish of the property market, with the post credit crunch jump in the property market after 2010, when everything seemed rosy in the garden.
Yet, over the past five years, the thumbscrews on the buy to let market for British (and de facto) Fife investors have slowly turned with new barriers and challenges for buy to let investors. With the change in taxation rules on mortgage relief starting to bite plus a swathe of new rules and regulations for landlords and mortgage companies, it cannot be denied some Fife landlords are leaving the buy to let sector, whilst others are putting a pause on their portfolio expansion.
With the London centric newspapers talking about a massive reduction in house prices (mainly in Mayfair and Prime London – not little old Fife) together with the red-tape that Westminster just keeps adding to the burden of landlords’ profit, it’s no wonder it appears to be dome and gloom for Fife landlords … or is it?
One shouldn’t always believe what one reads in the newspaper. It’s true, investing in the Fife buy to let property market has become a very different ballgame in the last five years thanks to all the changes and a few are panicking and selling up.
Fife landlords can no longer presume to buy a property, sit on it and automatically make a profit
Fife landlords need to see their buy to let investments in these tremulous times in a different light. Before landlords kill their fatted calves (i.e. sell up) because values are, and pardon the metaphor, not growing beyond expectation (i.e. fattening up), let’s not forget that properties produce income in the form of rent and yield. The focus on Fife buy to let property in these times should be on maximising your rents and not being preoccupied with just house price growth.
Rents in Fife’s private rental sector increased
by 1.96% in the past 12 months
Rents in Fife since 2008 have not kept up with inflation, it is cheaper today in REAL TERMS than it was 11 years ago and some landlords are beginning to realise that fact with our help.
Looking at the last few years, it can be seen that there is still a modest margin to increase rents to maximise your investment (and it can be seen some Fife landlords have already caught on), yet still protect your tenants by keeping the rents below those ‘real spending power terms’ of the 2008 levels.
Buy to let must be seen as a medium and long-term investment ….
Rents in Fife are 10.28% higher than they were 3 years ago and property values are 11.04% higher than Jan 2016
…and for the long term, even with the barriers and challenges that the Government is putting in your way – the future couldn’t be brighter if you know what you are doing.
Investment is the key word here… In the old days, anything with a front door and roof made money – yet now it doesn’t. Tenants will pay top dollar for the right property but in the right condition. Do you know where the hot spots are in Fife, whether demand is greater for 2 beds in Fife or 3 beds? Whether town centre terraced houses offer better ROI than suburban semis? With all the regulations many Fife landlords are employing us to guide them by not only managing their properties, taking on the worries of property maintenance, the care of property and their tenants’ behaviour but also advising them on the future of their portfolio. We can give you specialist support (with ourselves or people we trust) on the future direction of the portfolio to meet your investment needs (by judging your circumstances and need between capital growth and yields), specialist finance and even put your property empire into a limited company.
If you are reading this and you know someone who is a Fife buy to let landlord, do them a favour and share this article with them – it could save them a lot of worry, heartache, money and time.
Design trends to look out for in 2020
We’re moving into a new decade, and so the last thing that you want is for your home to look dated. Throughout 2019 we have seen some extreme trends in interior design; from the embracing of industrial elements to the resurgence of entirely neutral spaces. We have taken a look at what to expect this year and how to get ahead with your design aesthetic, whatever your budget.
- Colour makes a comeback
One of the key trends this decade has been that of neutral spaces with a few accent pieces to liven up the décor, however this year one of the main inclinations in design will be towards colour; bolder, brighter and braver! Rebecca Breslin, Wayfair Professional design manager, is calling for an end of “Greige, grey and all neutral everything without texture or visual interest” and therefore if you are looking for a change this year then start by adding colour into your home – burnt oranges and deep blues are set to be en vogue throughout the whole year.
- Paper set to tear up the market
A feature wall has been the mainstay of every makeover show and glossy magazine before-and-after shoot since the early naughties, however 2020 is set to end this fad. Rather than a singular wall that is adorned with wallpaper, we are going to see all four walls covered with paper – in line with the brighter aesthetic of 2020. Wallpaper has seen something of a renaissance over the past decade, with designs from Gucci and Dior all the way through to stick-and-peel examples flooding the marketplace, and this isn’t set to end this year. If you want to experiment, then start with smaller spaces such as studies, toilets and guest bedrooms where patterns will seem less overwhelming.
- Cabinet shake-up
The crisp, white kitchens that have been an enduring design staple over the last decade are set to move into retirement in 2020, with colour making its way back into the heart of the home. Kitchen cabinets, more specifically, are to become a real focus in kitchen design – therefore if you are looking to stay on-trend then think about rejuvenating your cabinets. Navy blue matte cabinets with vintage gold handles will transform your aesthetic immediately and mixes the traditional and vintage visuals that are set to be all the rage this year.
- Give art a start
In these modern days of mass production and consumerism, vintage art and antiques are making a huge comeback due to the perceived one-of-a-kind nature of the objects and that they possess their own unique story. If you are looking to make small changes to your home that make it chic, then adding some select pieces of art is a great start – adding pieces to your kitchen walls will add particular interest to an otherwise utilitarian space.
- Soften the edges
Throughout the 2010s, chicness has often been related to strong lines, sharp edges and minimalism, however as we move into the next decade this is set to be turned on its head for an altogether softer look. As well as a nod to 30s glamour (think metallics such as silver and gold, as well as scalloped seating) curves and fluid shapes are set to be popular this year; from circular side tables to rounded-edge sofas.
Tips for Buyers and Sellers looking to move
It’s the start of a brand new year in the market, with buyers and sellers alike preparing to fulfil their New Year’s Resolutions and make their move. Market conditions appear to have stabilised after December’s general election brought with it a majority Conservative Government, but what can you do to give yourself the best chance of a successful transaction? Read our top tips for Buyers and Sellers below.
BUYERS TIPS
Research, Research, Research
As clichéd as it sounds, buyers who prepare sufficiently are more likely to end up with a better deal for the home they’re looking for. Once you’ve made the decision to begin house hunting, look into sale and listing prices for properties in the local areas that you’re interested in; this will give you a rough guide as to how much you can expect to spend.
Prepare your mortgage
If you’re house-hunting in a competitive area where properties are quickly snapped up, then getting a mortgage agreement in principle will give you an advantage when you find the property that you want. Having your finances in order and prepared can save time and prove invaluable if the home you want is likely to generate significant local interest.
Check the Home Report
Make sure you check the home report (Scotland) and the surveyor’s comments before you offer. This survey flags up any major issues or elements of the property that require attention, such as urgent defects or structural concerns. Depending on the age of the building, you could find yourself a wildly fluctuating amount of work to carry out, especially if previous owners have neglected its upkeep. Either way, this is an invaluable belts and braces report of the property and will provide peace of mind in any outcome. If it’s more than 3 months old once you have had an offer accepted, insist on the seller getting a refresh so it’s up to date. If a long time has passed since it was first listed it could be there is other issues you need to be aware of that could affect your initial offer price.
SELLERS TIPS
Research, Research, Research
Preparation is key for sellers, too! Make sure you know your property’s true value before it’s listed; carry out a full appraisal of your home with a trusted agent and not just an instant valuation to get a clear idea of what your property is worth. Inviting valuers into your home can also provide you with a fresh set of eyes which can be useful in flagging up any existing issues or reminding you of a few flaws that could require attention before going to market, too. Some even provide more specialist knowledge than just a valuation.
Find ways to add more value
If you’re looking for ways to add more worth to your property, then carrying out home improvement projects will certainly aid you. These can be relatively simple tasks, such as installing double glazing or adding extra insulation to your loft, or bigger jobs such as renovating your kitchen. Whilst the cost associated with these projects may be off-putting, it may pay off when it comes to increasing your home’s value. But ask the professionals first if it’s worth doing before doing it.
Declutter and organise
Take a look at each room in your house and you’ll likely find a few easy ways of decluttering and making extra space. This is vital for the viewing process as potential buyers need to be able to picture themselves living in this space, and in some rooms, it’s as easy as clearing a few worktops or mantlepieces.
In today’s market, preparation really is key whether you’re buying or selling. Carry out your market research, get your finances and paperwork and make sure you utilise a knowledgeable and local agent to help you through the process. One that has a consistent track record, years of experience and is an expert in their field. One that embraces and uses new technology and media marketing to hit specific target markets for your property rather than one that will put it on a few big websites and hope for the best. Proactive rather than reactive.
Prospective tenants: furnished or unfurnished lets?
Furnished properties can vary in the level of furniture and furnishings offered. It is extremely important for prospective tenants to find out exactly what is being included in furnished properties before signing any contracts. When viewing rental properties on the market, remember that the furniture and decor may all belong to the current tenant, and so shouldn’t be the sole decider for signing the contract. Continue reading Prospective tenants: furnished or unfurnished lets?
