Essential Tips for First Time Landlords

Landlords can reap the benefits of owning an investment property both financially and personally, however, being successful at letting out property usually requires a number of key factors. By not comprehending these important issues, your investment will most likely fail and you could end up on the losing end of what could have been a rewarding experience. The first step in becoming a knowledgeable landlord is to obtain landlord insurance to make sure your investment is protected. To get the best deals and rates, try shopping online. This is a great way to compare landlord insurance policies and also allows you to verify that everything you own is completely covered for the best price.

Landlords have a legal obligation under the Landlord and Tenant Act (1985) to make sure their investments are up to the highest standards and codes to ensure the safety of their tenants. However, taking the necessary precautions doesn’t always mean your tenants are completely safe, as unforeseen situations could arise. Landlord insurance provides coverage to both you and your tenants in the event of a fire or other unexpected occurrence. Having appropriate landlord insurance coverage could save you money down the road in case a tenant needs to make an insurance claim. Most landlords take out multiple policies on their dwelling and include coverage for contents insurance, legal cover insurance, building insurance and landlord’s liability insurance.

Knowledgeable landlords, who are successful at their trade, base their decisions on understanding their target market thoroughly before renting out their dwelling. Do your research before letting out your property and compile the data to help make your next move a more educated one. An example would be to put together a list of all the properties in your area that are similar to yours and assess how fast they are being purchased. If they haven’t sold after a number of months of sitting on the market, the landlord may have priced their dwelling too high. This would be a great opportunity for you to lower your price slightly to broaden your chances of successfully selling your investment property first. If you are considering utilizing a letting agent to advertise your investment, it’s important to do your homework and find a savvy agent for the best price.

Finally, the most apparent way to get your investment ready before letting it out would be to make sure it’s in excellent condition and looks pleasing to prospective tenants. The more attractive your property looks both on the inside and out, the higher rental amount you will be able to get from your tenants.

Great Tips to Increase the Value of your Home

Purchasing a home is not just about finding a place to live; it’s also about selecting the wisest investment you’ll ever make. Choosing the right home improvements can increase your home’s resale value dramatically and savvy homeowners are taking full advantage of it.

My Online Estate Agent is a guide to help show homeowners specific tips on how to increase the value of their homes.

Financial Plan:
Before you begin, focus your attention on a realistic budget and stay within those parameters. This will help you plan on which improvements you should make first and how much potential profit it could generate. A bigger budget doesn’t guarantee a more profitable return on your investment so figure wisely.

Costs of Labour and Materials:
Costs can vary significantly so be sure to shop around for the best deals. Be smart about where you choose to cut costs and what areas you should spend more in. Get recommendations from family and friends on tradespeople who are cost efficient and can get the job done right.

Selecting a Project:
The following are some of the top home improvements that can help generate more money for the value of your home:

Additional Space – A conservatory, loft extension or extra bathroom can increase the square footage of your home and bring you maximum results in your home’s resale value.

Energy Efficient – Providing your home with the latest Energy Performance Certificates can have a major impact on what your home is worth. Upgraded energy efficient boilers, double glazing, or home insulation helps your home stand out from the others and shows the buyer how they can save money on utility bills.

Curb Appeal – The outward appearance of your home is the first impression made on a potential buyer. Be mindful of the condition of your roof, and doors and update any areas that need maintenance.

Garden and Parking – Buyers look for a well-maintained yard and ample off road parking so make sure to utilize your space wisely. Consult with an expert for additional ideas to make your area more enticing.

Personality:
To ensure that your home sells at the highest price, keep everything neutral. Buyers prefer a home with beige décor and whitewashed walls instead of something loud and obtrusive. A buyer typically chooses a home that feels right to them, where they can make their own memories.

Understand the Market:
Do your homework and get the latest information on the demographics of your neighborhood and think about their preferences. An updated kitchen, open living space or extra bathroom may be the most beneficial in helping you secure the most money for your home.

Avoid the Pitfalls:

Educate yourself on what not to do.

The Real Cost Involved in the Sale of a Property

Most sellers can expect to make a tidy sum selling their property in today’s strong housing market. There may be a price to pay before you begin to harvest your rewards however.

1. Energy Performance Certificate:
Sellers are now required to provide the prospective buyer with an Energy Performance Certificate (EPC). Consult the fact sheet for a thorough explanation of the EPC’s.Tip: The costs run around £100 so consider asking your estate agent if they would cover the cost of the EPC as an incentive for you to use their services.

2. Estate Agent Fees:
When a seller uses an estate agent to list their property for sale, they charge a commission based on one or two percent of the final selling price.

Tip: Think about cutting the estate agent fee out altogether by selling your property privately. Without an estate agent, you need to prepare yourself to do the extra work it entails to get your home sold.

3. Conveyancing:
This covers the legal aspect of both selling and purchasing a property by allowing your solicitor to take care of the necessary paperwork and guidance.

Tip: If you are also purchasing a property, inquire to see you if you can work a discount fee to cover both transactions.

4. Storage:
Not all housing transactions can be timed to the precise date, so you may need to find storage for your belongings. A rough figure to go by includes one hundred square metres equating to 200 boxes.

Tip: Ask a professional exactly how much room you will need, so you don’t pay for unnecessary space.

5. Removals:
Once you’re property has been sold, you will want to move your belongings to your new dwelling. You can enlist a firm to transport your furnishings from start to finish.

Tip: To provide protection for your cherished items, consult with the firm on purchasing moving insurance if your current insurance company doesn’t already cover this for you.