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Landlord – prepare your properties for winter with our guide

As we head towards the Winter months, now is the optimum time for landlords to prepare for the potential issues that may arise from the harsher weather. Spending a little time and effort now may well save money further down the line in the event of an accident or repair cost. Here’s our list of essential landlord checks:

Boiler Service

The number one priority for every landlord should be checking that the boiler in your property (or properties) is in good condition, as repair costs can be extremely expensive. Book a boiler service to ensure that everything is working correctly and safely as boilers can break down with the surge in gas consumption that comes in the colder months.

Protect the Pipes

Adding lagging to your pipes (specially designed pipe insulation) is an inexpensive measure which will give you peace of mind knowing that your piping will not burst due to freezing and splitting. Focus on pipes in external areas and lofts which may be subject to the most extreme temperatures and you should avoid any problems as the cold sets in.

Smoke and CO Alarms

In line with regulations interlinked smoke alarms must be installed in each hall on each floor including every reception room and a heat detector in the kitchen – now is the perfect time to double-check these are in good working order and that your tenants are safe in your property. If your rental property has a fireplace (or solid fuel appliance) or central heating system then an additional carbon monoxide alarm must be fitted within one meter of the appliance in the same room, as the chances of these items being used increase astronomically in winter.

Open Dialogue

One of the key pieces of advice that we can give to protect your property through the winter is to create healthy dialogue with your tenants. As they are living in the property day-to-day, they will be able to tell you about any smaller issues so that you know how to avoid any larger issues. Make sure your tenants know where the stopcock is in the property, where the fuse board is located and who to call in case of an emergency. This could be invaluable in saving you time and money.

Protect the Roof

Chipped, cracked or dislodged tiles on your roof could lead to significant water damage and in cold temperatures this can lead to structural issues with water freezing and expanding. Double-check that your roof is in tip-top condition, and whilst you’re at it take the time to clear out your gutters to avoid blockages when the inevitable rain falls.

A Guide to Designing a Child’s Bedroom

Designing a child’s room can be tricky; there are a number of factors to consider so it is hard to know where to begin. Design trends are forever changing and your child is constantly growing, so it is important that you consider a few things before starting.

Striking the balance between fun and practical is a challenge and designing something that your child does not grow out of too quickly is not easy, but by taking the time to think it over, you can save yourself a lot of hassle and create a space that is fun for them and easy for you to manage.

Draw Up A Floor Plan

Before you start buying all sorts of cute and colourful furniture, it’s important to remember that depending on your child’s age, this room could have a variety of functions.

Have a think about what the room will be used for and draw out a plan. If the room just needs to be a comfortable place to sleep then you should have plenty of freedom, however, if it also needs to be an area to play and study, you’ll require a good amount of floor space and maybe a dedicated little corner for a desk.

Everyone’s home and preferences are different but you want to get as much out of the space as possible, so take a moment to consider the role that the room will play and how it may change over the next few years.

Choose The Right Colour

It may be tempting to simply ask your child what their favourite colour is and then start buying paint or wallpaper.

While it is a good idea to include your child in the design of their room, if their favourite colour resembles a highlighter pen, then your best option is to go with the more neutral shade of that colour.

Your best strategy is to aim for a colour palette that nicely blends with a variety of furniture and will not look so childish once your child turns into a teen. Save yourself a redecoration job in 18 months by picking a colour that will age well with the rest of the ever-changing décor.

Decide On The Flooring

When it comes to flooring you have a few options, all with their pros and cons, so you just have to decide which will be best for you.

Carpet helps keep the room a little warmer but is vulnerable to stains. Hardwood is much more durable and easy to clean but does not provide much cushion for a child that is a little more clumsy than most. You could also opt for rubber flooring that does offer the benefits of both carpet and hardwood; however, it is the most expensive option of the three.

The flooring that is best for you is dependent on the age of your child, but research your options while keeping your budget in mind and make sure your choice of flooring compliments the room and doesn’t break the bank.

Getting The Furniture Right

There are two key things to keep in mind when choosing your furniture, functionality and lifespan.

We’ve already established that space is a valuable commodity so finding multifunctional furniture can be a real lifesaver.

Beds that have storage built in underneath are quite easy to find and the extra storage they provide can go a long way, as well as free up more of the room for other essential items. This also gives you an opportunity to get a little creative and look for ways to combine 2 items into one such as adding some padding to a desk or dresser so that it also can be used as a changing table.

The other consideration for furniture is its lifespan. There is a lot of cute miniature beds, tables and chairs that might look great, but you must remember that they will grow out of it quicker than you think. A good strategy would be to buy some furniture that they can grow into. Their small clothes may not justify full sized dresser just yet, but it will not be long before you are looking for extra storage space and their feet are hanging out of the end of the bed.

Add Character Through Accessories

Now that your room has been planned out, you have chosen your colour palette, had the flooring fitted, assembled and placed the furniture, it’s time to add character.

The great part about this phase of designing the room is that because the rest of the room’s features were kept neutral and timeless, you can now give your child a good amount of freedom to add their own personality to the room from accessories.

Whether it’s action figures, bed covers or posters, you can basically style the room however you want and the best part is, these accessories can be easily replaced and changed over the years at the same rate as your child’s taste in décor shifts from one thing to the next.

Is the buy-to-let market still viable?

The buy-to-let market has had somewhat of a difficult time over the past few years due to changes in government legislation and taxation. Since July this year, however, the number of buy-to-let mortgages approved has risen considerably and is proving that there is life in the market for those looking to invest.

With competitive mortgage rates available, especially if a larger deposit has been accrued, anybody who has the desire to become a landlord now has the opportunity to do so. A new report by HomeLet showing that the average rent around the UK has reached a record high of £970 per month demonstrates that the potential to reap rewards through buy-to-let is exceptional.

HomeLet data shows that rents have increased in every single region of the United Kingdom over the past twelve months, up to 3.5% greater than at the same point in 2018. For those looking to invest, this presents tremendous opportunity to be able to invest locally and see the benefits.

Biggest annual increases in average rents

Region	August 2018	August 2019	Annual Change
London	£1,632	£1,689	+3.5%
North West	£717	£741	+3.3%
South West	£826	£852	+3.1%

In terms of rental yields, we are also seeing record highs in terms of the average yield that landlords are reaping, with the average now reaching 4.5%, up from last year and the highest in three years. For those looking to maximise their yields, there is a growing trend towards Houses of Multiple Occupancy, or HMOS, as they tend to provide a yield approximately 20% higher than a typical rental property.

So, which region provides the best rental yield?

North West	6.20%
Yorkshire & The Humber	5.90%
East Midlands	5.40%
Scotland	5.30%
West Midlands	5.10%
North East	5.10%
South West	4.40%
Wales	4.20%
East of England	4.10%
London	4.10%
South East	4.00%
National average	4.50%

On a local level in Fife, the annual rental increase is 2% and the rental yield is 4.5%.

However, in Fife, there are real gems out there producing yields of between 6% – 12% sometimes greater.

You can find out more by tuning in to our Lettings Director, Richard Cook’s Investment Property of the Week Vlog via our social media channels every Thursday @ 7pm.

6 Simple Kerb Appeal Improvements for Homeowners in Fife (4 min read)

Making a good first impression is key when presenting your home for sale. Potential buyers and renters are always extra vigilant when it comes to viewing properties, from the front gate to the back garden, meaning it’s even more important to present your home in the best light from the start. Continue reading 6 Simple Kerb Appeal Improvements for Homeowners in Fife (4 min read)

Which type of property brings in the best rental yield

With rents increasing by 1.3% on an annual basis in May, it is clear that there is plenty of room for solid returns in the lettings market. If you are thinking of investing in a rental property, or you are a portfolio landlord looking to increase your selection of properties, then a key factor will be the potential yield that the property could return. Read on to look at our breakdown of properties and potential rental yields, and if you need any further advice then please feel free to contact us.

In terms of rental yields, Houses of Multiple Occupancy (or HMOs) are becoming ever more popular as investment properties and are widely viewed as the future of the rental market. HMOs were in previous years solely a staple of the student lettings market; however, this is now changing, and young professionals are now part of a growing tenant population favouring this rental configuration. For landlords, the mathematics is simple; multiple tenancies operating independently in one property increases rental yield significantly and means that void periods are far less of a problem.

According to the National Landlords Association, average rental yields sit at 6.9% for HMOs, some 1.3% higher than other properties. However, there are other considerations if you are thinking of buying a property with a view to let it out to multiple independent occupants; bedroom sizes must be at least 6.51 square metres and some HMOs will require a license, obtainable from the local council.

Properties in city centres are proving to be extremely popular and demand is rife for centrally located homes on the rental market. With that in mind, purchasing a flat or apartment could prove to be a shrewd move if you are looking to maximise your rental yield potential; with competition amongst renters keeping the prices of well-located properties high and avoiding those dreaded void periods of non-occupancy.

Houses with two bedrooms or more are by far and away the most popular choice amongst renters, whether they are detached, semi-detached or terraced. With the average age of the first-time buyer now at 30, more and more families are renting up until this point, so multiple bedrooms are a must. Appealing to this family and young professional market will help you to achieve your desired rental values and could potentially secure you longer tenancies with tenants willing to sign up to three-year contracts.

Fundamentally, there is no one single property which is guaranteed to give you a specific rental yield. Investing in property remains one of the most stable investment classes, and despite periods of ups and downs, in the long term it is difficult to find a more lucrative venture.

Fife Properties Lettings Director, Richard Cook commented: “One size does not fit all but we do find that 2 bedroom + semi detached/detached or terraced houses an extremely popular among tenants. Equally they give landlords a good return and provide a better exit strategy to flats if you need to sell later on”

Fife Properties currently offer a FREE initial consultation service which not only provides an idea of the rental value of your property but gives extremely useful advice on maximising the returns. To book click the link: https://www.fifeproperties.co.uk/property-valuation/

Buy to Let remains a solid property investment opportunity

Since 2016, there have been several changes to the property market across the United Kingdom – predominantly to the lettings sector. Despite these alterations to taxation, stamp duty and bureaucracy around rental properties, most buy-to-let investors are still finding the market to be lucrative, with stable returns.

With a number of landlords departing the market when initial government changes took place in 2016, competition in the marketplace is greatly reduced and the professionalism of the sector has blossomed.

Chris Baguley, Commercial Director at buy-to-let lender Together, said: “As casual owners exit the sector, buy-to-let is becoming ever more professionalised, as individuals and companies adopt a more rigorous approach to acquiring the right properties in the right areas, and getting them ready to rent within a limited time frame on a tight budget. Perhaps most notably in the housing sector, the balance of today, there is therefore notably less competition than there was before.

“Even if we don’t see the capital growth which has been evident over the past two decades, the income available from property investment can still be attractive compared to other asset classes.”

With rental incomes increasing – the Office of National Statistics announced this month that private rents rose 1.3% on an annual basis in May, increasing once more from April – the opportunities for buy-to-let investors are evident. Additionally, financing your properties has become easier with specific buy-to-let mortgages now offered by a plethora of lenders, who are fiercely competing with one another to keep their market share, providing investors with an opportunity to obtain extremely attractive rates.

A recent survey of more than 5,000 investors found that almost three-quarters of those surveyed considered buy-to-let to be the best, least volatile long-term investment. Indeed, some 83% of buy-to-let investors who were questioned stated that it was either unlikely or very unlikely that they would sell their property over the next year, with almost 60% going on to state that they had no intentions of selling for the next five years.

Fife Properties Group Office Owner, Jim Parker commented: “The term Safe as Houses still applies today. The returns from investment property are still as attractive as it was several years ago for the reasons stated above. However, getting the right property, whether to go sole trader or ltd company, the taxation implications regarding income tax and capital gains later are all extremely important to get right in the beginning. I’ve been involved in this as an active investor and landlord for over 26 years and learning by someone else’s experience is always the best way to go. It’s not the first time I’ve helped first time landlords get started and I still offer this service today.”

Fife Properties currently offer a FREE initial consultation service which not only provides an idea of the rental value of your property but gives extremely useful advice on getting started. To book an appointment click the link: https://www.fifeproperties.co.uk/property-valuation/

Buyer and seller activity increases as Brexit’s effects wane

In what appears to be a reaction to the most recent Brexit delay, the housing market is experiencing a pronounced period of activity, according to figures provided by NAEA Propertymark.

Property demand from prospective buyers was at an eight month high during May, with the number of registered property hunters increasing by an average of 16% during the month from 265 to 307. This represents the highest level of registrations since September of last year, another significant statistic in a period where increased levels of public activity are being seen across the market.

The supply of available housing has also seen an increase in line with this increased activity, with an average increase from 35 properties per member branch on offer in April to 41 in May. This also represents a year-on-year increase of four properties from the same month last year. Average sales per branch also saw a brief increase, from 8 in April to 9 in May.

So, what’s caused the increased activity? Seasonal demand appears to have played a part, alongside the aforementioned Brexit delay which won’t see Britain exit the European Union before October 31st at the earliest. With that in mind, buyers and sellers appear keen to progress with their plans and transactions during this period of relative political calm.

“It is encouraging to see the housing market bouncing back, with supply and demand rising to the highest levels seen since last year,” noted Mark Hayward, Propertmark’s chief executive.

“It’s evident that buyers and sellers are no longer waiting for the outcome of Brexit and want to get things moving, particularly as many sellers are realising that it’s a buyers’ market in certain areas of the country.”

Fife Properties Group Office Owner, Jim Parker commented, “Buyers and sellers have concluded that all the things that could affect the housing market from Brexit have now been factored in and some are not convinced we will be leaving in October. So, it’s business as usual because they cannot wait. We are seeing unprecedented levels of seller and buyer activity compared to previous years with many properties selling quickly but more importantly over the home report value “

Fife Properties currently offer a FREE initial consultation service which not only provides an idea of the current value of your property but gives extremely useful advice on maximising the value when selling. To book click the link: https://www.fifeproperties.co.uk/property-valuation/

How to sell your property quickly in Summer

With plenty of buyers motivated to move before the winter months set in, summer can be the perfect time to sell your property. If you’re selling, or considering selling, then read some of our pointers to help you sell quickly this summer…

Kerb appeal
As is always the case with selling properties, a first impression can make or break a sale with a poorly presented property often putting off buyers before they have even set foot in the home. In the summer this is especially important as buyers will often drive or walk past a property before they decide to book a viewing. With the summer sun shining a light on any less-than-perfect parts of the exterior of your property, you should ensure that flowers are planted, weeds are pruned and lawns are mowed. Extra attention to details, such as ensuring that the front door has been cleaned and the windows are streak-free will pay dividends in your selling process.

Accessories
A neutral interior will appeal to a mass market and increase the scope of your property in terms of potential buyers, but if you are looking to make the most of the summer then don’t be afraid of colour. Using accessories to add pops of colour around your home that reflect the brighter summer season – such as burnt orange and lemon – will make your property stand out from the crowd in those all-important photographs.

Lights
When we think of summer, we all first think of sunshine and brighter evenings – so make the most of this light when presenting your home for sale. Get rid of heavy curtains and dark blinds, which can make a room feel smaller and prevent the light from entering a room. Buyers want to feel that rooms are bright and spacious, so if possible, have windows and doors open throughout the house to create a light, airy feeling (as well as bringing in those fresh summer scents).

Set dress
Set dressing refers to the arranging of a room or space in order to paint a picture of the kind of lifestyle which could be enjoyed in your property. Never is it more important to set dress your garden than throughout the summer months, with potential buyers wanting to know that they will be able to enjoy the outdoor space which your home provides. Tempt potential buyers by showing off your outdoor spaces with garden furniture, fire pits and barbecues.

Viewing times
During the summer months, many people like to start work early and leave early in order to benefit from the longer evenings; make sure that you can accommodate as many viewings as possible by being flexible with your viewing times. Allowing people to view your home early in the morning, as well as in the afternoon will help bring more people through the door as well as showing off your property in a favourable light.

Fife Properties Managing Director, Jim Parker commented: “Summer is certainly a lot faster when selling as people can now view in the evening because of the lighter nights. All these tips can add real value to your property and often get more than the home report value as people can see themselves moving in easily with not much to do. Now is the time to sell while the going is good”
Fife Properties currently offer a FREE initial consultation service which not only provides an idea of the current value of your property but gives extremely useful advice on maximising the value when selling. To book click the link: https://www.fifeproperties.co.uk/property-valuation/

Traditional estate agents found to be good value for money

With recent changes to the landscape of estate agency, including online-only providers and new fee structures, it may come as a surprise to some to see that traditional estate agents are considered good value with regards to fees and value-for-money, estate agent comparison site GetAgent has found.

The review site has found that 84% of home sellers who purchased a property over the last year decided to use a traditional estate agent, with 69% of those feeling that the fee which they paid was good value for money. It would seem, therefore, that when making one of the biggest decisions that many of us will ever make, the traditional method of building a relationship with an agent who then leads you through the buying or selling process is still heavily favoured.

Colby Short, founder and chief executive of GetAgent, said: “We’ve seen some big changes to the sector over the last decade through the rise and fall of the online agent and this consumer learning curve has led to an adjustment in opinion when it comes to the fee charged to sell a home.

“While a low fixed fee may have seemed like the future of home selling and many may have sold successfully via that model, a number of high-profile company collapses along with a consistent string of customer service failures has seen the market share of online agents fail to live up to expectation.

“Previously, the commission fee charged by traditional agents was seen as too high, I think the consumer is now starting to realise that you get what you pay for.

“To pay a few thousand pounds in commission to achieve a higher sold price while securing a buyer in current market conditions is ultimately much better value for money than a few hundred up front and no sale achieved at the end of it.

“Of course, the current lethargy plaguing the market is not ideal and has evidently had an impact on the price achieved and the time it’s taking to sell, but I think it has helped demonstrate the worth of a good estate agent which is a silver lining for the industry at least.”

Fife Properties Group Office Owner, Jim Parker commented: “I agree. Choosing an Estate Agent to sell your house will probably be one of the most important things you will ever do. While fees are important what is equally important is the end result. Having an Estate Agent that can demonstrate the ability to achieve more than the asking price on consistent basis could far outweigh trying to save a few hundred pounds in fees at the beginning. We have that track record”

Property transaction numbers increase by 4%

A key indication to the health of the property market is always transaction numbers, with healthy transactions pointing towards a strong marketplace with serious buyers. In April this year, there were an estimated 64,000 transactions which represents a 4% increase in transactions from the same point last year, according to LSL and Acadata.

With a marked increase in transaction numbers, the market is proving to be extremely resilient in a turbulent political landscape. Strong first-time buyer activity in the marketplace, with many taking advantage of the Government Help-To-Buy scheme, as well as the changes to Stamp Duty encouraging purchases. Indeed, only 65% of transactions were reported as liable for Stamp Duty during the first quarter of this year.

Supporting this increase in transaction volumes is an extremely solvent mortgage market, with more money being injected into the housing market in May 2019 than at any point since 2017. In May this year almost £9bn of home-purchase mortgages were approved by banks and lenders, which is 6% higher than the previous month and an 11% increase on the same time last year.

“April’s marked rise in mortgage approvals suggests that housing market activity may well have got at least some temporary support from the avoidance of a disruptive Brexit at the end of March,” said Howard Archer, chief economic adviser at EY ITEM Club, an economic forecasting group.

It seems that the sentiment in the market is that both buyers and sellers are somewhat fed up of waiting for a Brexit resolution, and are therefore eager to carry on with their property transactions in the present rather than biding their time.

Fife Properties Managing Director, Jim Parker commented: “It is business as usual as the public cannot hold on forever to see what Brexit brings. I am not convinced that it will have any further adverse effects as these have already been factored in when people are deciding. The reality is you have to move for circumstances and not because you feel like it so my advice is always to do it now if you need to, as you don’t know what will change later.”

Tag: Letting Agent

Landlord – prepare your properties for winter with our guide

A Guide to Designing a Child’s Bedroom

Is the buy-to-let market still viable?

6 Simple Kerb Appeal Improvements for Homeowners in Fife (4 min read)

Which type of property brings in the best rental yield

Buy to Let remains a solid property investment opportunity

Buyer and seller activity increases as Brexit’s effects wane

How to sell your property quickly in Summer

Traditional estate agents found to be good value for money

Property transaction numbers increase by 4%

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