Essential Tips for Landlords: Maximising Returns and Tenant Satisfaction

Property is an excellent investment that can generate passive income for years and often increases in value with every year. However, being a landlord and successfully managing your property and tenants can be a bit of a minefield, especially when you’re just starting out.  

To help you, Boothroyd & Co have put together our top tips for maximising returns on your property and ensuring your tenants stay satisfied. After all, good tenants who pay on time and who you can trust with your property are like gold dust. 

Screen your tenants  

In the current market, landlords may find they have the option to choose from a large pool of tenants. Whilst having a lot of options, it is important that you understand how to screen your tenants properly in order to find the best fit for you as mistakes made at this stage can cause problems for you further down the line. 

A good agent can help to guide you towards the most suitable tenants for you but if you’d like to do it yourself, it’s vital that you get evidence of an applicant’s income, credit status and any rental history that they can provide. Ensure that you get copies of appropriate documents and don’t just take their word for it. References are important here.  

Research rental rates and agree the terms of tenancy  

Research is incredibly important – put your rent too high and you won’t find anyone to rent your property but too low and you’ll struggle to make a profit. Again, good agents will be able to examine your property and give you an accurate idea of how much to charge but if you want to go it alone then websites like Rightmove and Zoopla are a good place to start. 

Add in property information that accurately represents your property and look at how much similar properties in the area are being advertised for. This will help you decide on your own price. You can also get some marketing ideas from these websites too. 

For example, if your property is spacious and near to a school advertising it toward families may help you find your ideal tenants. Similarly, if your property is near a university, you may wish to look for student tenants which could be idea if you’d rather offer fixed term contracts (more on that below). If your property is going to have more than four tenants, make sure you get in touch with your local council to check whether you need to register for multi-occupancy.  

Before a tenant moves in, it’s important that you agree with the tenant the terms of tenancy. Always get this done in the form of a written tenancy agreement and set out the terms and conditions in detail.  

Tenancies can be for a fixed term, for example, 6 months or can be in the form of a ‘rolling tenancy’. Rolling tenancies essentially renews on a month-by-month basis. Remember, that even if you opt for a rolling tenancy, you will still need to serve the tenant notice if you want to take back possession of your property. Again, it is important to get this written into the tenancy agreement. 

Both fixed term and rolling tenancies have their benefits, so it’s important to consider whether you want to let your property out long term or whether you’d just like it occupied for certain periods of the year. 

Make your inventory 

An inventory list is a detailed list of all the furnishings, fixtures, fittings, and sometimes even the condition of the property, that are provided by you as the landlord as part of the rental agreement. It typically includes items such as furniture, appliances, kitchen utensils, linens, and other household items. The purpose of an inventory list is to document the condition of these items before the tenant moves in and after the tenant moves out, to determine if there are any damages or losses that the tenant may be liable for. 

Don’t forget about property maintenance and repairs 

Before your tenants move in, make sure you discuss who is responsible for property maintenance and repairs. Generally, landlords will be responsible for big repairs such as plumbing or building works, however, smaller maintenance jobs like mowing the lawn usually fall to the tenants. Try to make sure that all repairs are done swiftly as this helps foster a relationship of trust with your tenants. 

Get all of this agreed in writing and take a suitable security deposit to cover costs if your tenants fail to stay on top of maintenance, report repairs, or actually damage the property themselves. Under the 2004 Housing Act, security deposits must be paid into a deposit protection scheme within 14 calendar days of being received by the landlord so make sure you get this sorted. 

Don’t forget to take out insurance. Many landlords aren’t aware of this but the law states that landlord property insurance is needed to cover rented properties as general home insurance is not usually adequate to cover third party. Having specialist landlord insurance also enables you to limit your exposure risk and, in some cases, can cover you if your tenants don’t pay when they should. 

Get clued up on your legal obligations 

This one is really important as residential tenancies come with a lot of complex controls and regulations ever since legislation was introduced in 1915. It’s essential that you’re clear on your responsibilities and what penalties you could receive if you fail to comply. These penalties can range from civil action to criminal prosecution.  

The main areas of legislation concern: 

Energy Performance Certificates (EPCs) 

Gas Safety 

Electrical Safety 

Smoke and Carbon Monoxide Detection 

The Housing Health and Safety Rating System (HHSRS) 

These can be complex so if you’re just starting out as a landlord or if you’re struggling to understand all your responsibilities, it can be really beneficial to get an agency in to manage your property. They can ensure you’re fully complaint and help you to avoid any nasty surprises further down the line. 

Want to let out a property? Contact us today to find out how we can help make the whole process easy for you. 

How Long Does It Take To Move House in 2022?

Relocating to a new home is not a simple task. In fact, buying a home is one of the most stressful tasks a person can face. However, if you put in the time and effort to prepare ahead of moving, you can make the ordeal of buying and moving into a new house much less stressful.

 

The typical household’s moving time

The purchase process and the transfer of ownership can add anywhere from two weeks to two and a half years to the time it takes to move into your new home. There’s always the chance that something will go wrong and delay your move. Prepare in advance, schedule appointments with service providers (like movers) in advance, and keep your paperwork in order.

Here, we’ll break down how long each step of the relocation process will take and offer some helpful advice to make the transition easier.

 

The home moving timeline

When relocating, you have a lot on your plate, not the least of which is the purchasing and selling of homes. Keep in mind that if you are a first-time buyer, this process may go much more quickly than it would for individuals who are part of a lengthy chain. Here’s a rundown of the steps that will need to be taken, along with an estimate of how long they’ll take.

                  • Mortgage approval – 5 days to 8 weeks
                  • Selling your home – 4 to 10 weeks
                  • Finding a new home – 1 to 10 weeks
                  • Making an offer – 1 to 2 weeks
                  • Conveyancing – 8 to 10 weeks
                  • Property survey – 1 to 3 weeks
                  • Moving in – 1 day to 2 weeks

Keep in mind that some of these steps can be completed in tandem with one another, such as looking for a new house while your current one is on the market.

 

How long does it take to sell a house from offer to completion?

Conditions in the market, the length of the property chain, and local demand are all factors that can dictate the time it will take.

This is highly dependent on how quickly your conveyancing solicitor, your local authority, and other parties involved (including yourself) process incoming documentation and demands.

For this reason, it’s crucial to “keep on top” of the process at all times and reply promptly to any requests for information or clarification that may come up. In light of the current high volumes caused by the Covid-19 outbreak, it is essential to have an excellent solicitor in mind whom you may call as soon as an offer on the house is accepted.

 

Do you need help with your next house move?

Moving can take anything from 8 to 22 weeks, depending on your circumstances. Still, a lot of it is relative, so don’t panic if it seems to be going faster or slower for you than it does for others. Need advice? Please contact our professional, friendly team. We’d be happy to help you without any obligation or pressure.

“Once we’ve exchanged, then we’ll be moving” - A Common Misconception

“Once we’ve exchanged, then we’ll be moving” – a Common Misconception

Moving house is a complicated business and has long been known as one of the most stressful life events you can go through. Unfortunately, this is true, because once you’ve found the house of your dreams and it looks like everything’s going according to plan, there could be a number of bumps in the road and hoops to jump through before you finally get those keys in the door.

This isn’t to put you off moving house but with so much that must happen for you to be able to move, it’s not uncommon for things to go wrong. It doesn’t mean that you won’t get your house, but it’s important to be prepared for what moving house actually entails and what you can do to avoid or prepare yourself for last-minute nightmares.

 

You’ve found your house, what next?

Once you’ve found your house, your offer has been accepted, and all the necessary checks have been done, you’ll likely be given a completion date. This is the day when the money is transferred, the keys are exchanged, and essentially everything should be ‘complete’. However, things could still go wrong at this point and delays could still happen even on completion day.

A lot’s going on at one time and there are so many moving parts that need to be in the right place for the completion to happen. For example, if you’re buying a house in a chain then you’ll be relying on the people that you’re buying from and selling to have all their ducks in a row.

You likely need to sell your current house to be able to buy your new house, and your buyer will probably need to sell their house to be able to buy yours, and your seller is likely to be relying on you to sell your house so that you can buy their new one! Are you still following? This means that there is a whole chain of people who are all sorting out money, banks, solicitors, and removal companies at the same time. If one small thing is delayed in the chain then there are knock-on consequences for everyone.

It’s not just the frustration of this happening that can cause stress either but if you are the one who has caused the delay then you could end up paying a fine.

 

How can you avoid delays?

So, what can you do to avoid delays on completion day and make sure there are no kinks in your part of the chain?

While there is so much to do when it comes to moving and you’ll probably be looking ahead to your new home and thinking about what you’re taking with you, what you’re throwing away – what’s going to the charity shop or the tip, what you’ll need to buy new and how you’ll get yourself settled in your new home as quickly as possible – none of this is important at this stage. The things you should be getting prepared for are those steps that will get you through the front door.

Plan ahead with the bank and make sure you speak to them beforehand and get an idea of timings and how long payments will take to go through on completion day. Once you know what to expect, you can let everyone else know and hopefully, everyone else in the chain will be doing the same thing.

When it comes to your removal company, you’re relying on them to get you out of your home so that someone else can move in. If, for some reason, your removal company cancels on you then you might be unable to move – which will not only hold everyone up, but you’ll also likely get a fine. Make sure that you have researched removal companies thoroughly. Read reviews and take recommendations from friends so that you can be as certain as you can that you are trusting your worldly goods to the right people who will get things done on time.

 

Use a reputable estate agent

Finally, one of the most important things you can do is to choose a reputable estate agent such as Boothroyd & Co, as doing this can make the whole process far less daunting and will reduce the chances of any miscommunication or any last-minute nightmares. If you do this, then you can spend more time planning where your furniture will go and how you’ll decorate it, and leave the stressful stuff to the professionals.

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