Month: June 2024

  • June 22, 2024

    Becoming an Accidental Landlord: A Practical Guide

    Introduction
    Have you found yourself renting out a property due to unforeseen circumstances rather than a planned investment? You’re not alone. This guide covers 7 essential considerations to help you become a successful ‘accidental’ landlord.

    Understanding Accidental Landlords
    An ‘accidental landlord’ is someone who rents out a property due to circumstances rather than a deliberate investment decision. Common scenarios include:

    Moving in with a partner
    Inheriting a property
    Temporarily relocating for work
    Needing to move but struggling to sell a home

    If any of these situations apply to you, renting out your property can be a good source of extra income. However, there are important legal steps to follow. Here’s a 7-step guide to help you start your journey as a successful ‘accidental’ landlord.

    Step 1: Check the Mortgage

    First, determine if your property has a mortgage. If it’s a standard residential mortgage, inform your lender about your intention to rent it out. Failure to do so could breach your mortgage terms, leading to increased interest rates, back-payments, fines, or even a demand for full repayment.

    Your lender might:

    Grant ‘consent to let,’ allowing you to keep your residential mortgage temporarily, usually with higher interest rates and additional fees.
    Require you to switch to a buy-to-let mortgage, which has different criteria, including rental income levels and loan-to-value ratios.

    Consult a buy-to-let mortgage broker to explore your options and secure the best deal for your situation.

    Step 2: Review Lease Restrictions or Covenants

    If your property is leasehold, check the lease for any clauses that restrict letting or specify tenant types. Possible restrictions include:

    Only owner-occupiers can live in the property
    Only single individuals or family units can rent the property
    Prospective tenants must be approved by the freeholder

    Ensure you understand these restrictions and inform your prospective tenants accordingly.

    Step 3: Seek Tax and Legal Advice

    Rental income is subject to tax, and property tax laws can be complex. Consult a property legal expert and a tax consultant specialising in buy-to-let to manage your property and profits efficiently. Planning for future property decisions, such as selling or passing it on, can significantly impact your profitability.

    Step 4: Check the Energy Efficiency Rating (EPC)

    All rental properties must have a minimum ‘E’ rating on their Energy Performance Certificate (EPC). The government plans to raise this requirement to ‘C’ by 2025. Consider making energy efficiency improvements now, such as upgrading insulation, installing double glazing, or updating the boiler, to meet future standards.

    Step 5: Consult a Professional Letting Agent

    Even if you plan to manage the property yourself, a professional letting agent can help you navigate the complex legislation governing rentals. They can expedite the process of getting your property ready for rent and offer ongoing benefits such as:

    In-depth knowledge of the local rental market
    Reliable systems for advertising, referencing, and maintenance
    Membership in professional bodies, ensuring high standards
    Acting as a buffer between you and the tenant in case of disputes

    Step 6: Ensure Health and Safety Compliance

    As a landlord, you must prioritise the health and safety of your tenants. Key obligations include:

    Ensuring the property is fit for habitation
    Installing fire safety measures
    Conducting periodic gas and electrical safety checks
    Providing an effective heating system
    Addressing risks like damp, mould, and trip hazards
    Securing the property

    Understand all legal obligations and invest in necessary changes to ensure compliance, especially if the property is an HMO.

    Step 7: Consider Refurbishment

    Successful letting hinges on attracting quality tenants and securing good rent. If your property isn’t modern or recently refurbished, you may need to invest in updates or new furnishings. Research similar rentals or consult a local agent to understand what tenants seek and make your property as appealing as possible.

    Get In Touch

    Letting a property involves navigating various legal and practical challenges. If you’re an accidental landlord looking to rent out your property, contact us for guidance on the local market and help to ensure your rental is successful now and in the future.

    Reach out to us today at 01706 356633 or enquiries@reside.agency, and we’ll arrange a consultation to help you with your first steps to being a landlord.

  • June 15, 2024

    A simple, step-by-step guide to selling your house

    Selling your home can be a challenging task, but with careful planning and attention to detail, it can be smooth and stress-free. Whether you’re upgrading to a larger property or downsizing, here are the steps you need to follow to get the best price for your home. This guide will walk you through the process of selling your home.

    Step 1: Choose a Reputable Estate Agent

    Start by finding a reputable estate agent experienced in selling properties in your area. Look for an agent with a proven track record of successful sales similar to your property. Research online reviews, ask for recommendations from friends and family, and consider visiting their office to get a feel for their professionalism and expertise.

    Step 2: Get a Valuation

    After selecting an estate agent, the next step is to get a valuation of your property. A reliable agent will offer a free, no-obligation valuation based on current market conditions and the state of your property. They will consider factors such as location, size, and condition to provide an accurate estimate of your home’s worth.

    Step 3: Prepare Your Property for Sale

    Before listing your property, ensure it’s in top condition. A well-presented home attracts more buyers. Spend time decluttering, cleaning, and making minor repairs. Hiring a professional cleaner for a deep clean and a gardener to tidy up the garden can make a significant difference.

    Step 4: Set an Asking Price

    Your estate agent will advise you on setting the right asking price based on their market knowledge and experience. Pricing your property correctly is crucial, as setting it too high or too low can discourage potential buyers.

    Step 5: Market Your Property

    Once your property is ready, your estate agent will handle the marketing. This usually involves listing your home on major property portals like Rightmove, Zoopla, and OnTheMarket. They’ll also promote it through their website, social media, and email campaigns. The agent will arrange viewings and provide feedback from potential buyers.

    Step 6: Receive Offers and Negotiate

    As buyers view your property, offers will start to come in. Your estate agent will relay these offers to you and help you decide whether to accept, reject, or negotiate. If you receive multiple offers, your agent will guide you through the process to ensure you get the best deal.

    Step 7: Agree on a Sale

    After accepting an offer, the buyer will typically conduct a survey. Both you and the buyer will need solicitors to handle the legal process (conveyancing). During this time, your estate agent will help resolve any issues and ensure the process moves smoothly.

    Conclusion

    Selling your home can be straightforward if you follow these steps. By choosing a reputable estate agent, preparing your property, setting the right price, and marketing it effectively, you can attract potential buyers and secure the best possible price for your home.

    Reach out to us today at 01706 356633 or enquiries@reside.agency, and we’ll arrange a free valuation. Your first step in getting your house sold!

  • June 2, 2024

    Style Your Garden to Sell in 6 Easy Steps

    What does your garden mean to you?

    Often viewed as a haven for entertaining and relaxation, studies show that the “right” garden ranks among the top three priorities for homebuyers. In this guide, we share six easy steps to style your garden and maximize its appeal!

    For us, a garden epitomizes entertainment, enjoyment, and peace. It’s no surprise that several studies highlight the garden as a crucial factor for potential buyers. Surrounding your home, both front and back, the garden is a substantial area often overlooked. However, this versatile space can make or break a sale and requires as much preparation as any room inside. We’re here to help!

    Tidying your garden is one thing, but styling it is another. Styling involves adding finishing touches with thoughtful layouts and accessories, elevating your garden to the next level. After trimming the hedges and pressure-washing the patio, the fun begins! By infusing your garden with style, you’ll exceed viewers’ expectations and showcase its full potential. Read on for six proven tips to enhance your garden with charming style.

    • Frame the Front Door

    The first area potential buyers see is the front door. Think about the inviting first impression you want to create. After refreshing old letterboxes, handles, and knockers, consider defining a pathway to the door with flower beds or potted plants interspersed with post lights.

    Frame the doorway or porch with hanging baskets and climbing plants. Alternatively, use candle-filled lanterns of varying sizes on either side of the door, grouped in threes for visual appeal.

    • Get in the Zone

    Divide your back garden into different areas by their intended purpose. This not only makes the space feel bigger but also more organized, showcasing the garden in its best light.

    Position dining and seating areas strategically to delineate zones. Define the main entertainment area with a weatherproof rug and comfy furniture. For a cozy yet sophisticated style, use a glass-topped table and cushioned dining chairs made from all-weather wicker or Lloyd Loom.

    If space allows, create a relaxation corner with an outdoor sofa or swing chair and a timber coffee table. Complete the snug look with a gas or electric heater.

    • Light the Way

    Illuminate your outdoor space with thoughtfully chosen lighting that looks great both day and night. Match the lighting to your interior theme. Bronze and copper fixtures provide an antique look suitable for period houses and cottages, while matte black and silvered patinas complement modern homes.

    Consider recessed floor lighting for decking areas to add an uplifting glow during darker months. Alternatively, intertwine festoon lights around an awning or gazebo, along the eaves of a shed or carport, or wrap them around trees to enhance a relaxed atmosphere

    • Play with Mirrors

    Illuminate your outdoor space with thoughtfully chosen lighting that looks great both day and night. Match the lighting to your interior theme. Bronze and copper fixtures provide an antique look suitable for period houses and cottages, while matte black and silvered patinas complement modern homes.

    Consider recessed floor lighting for decking areas to add an uplifting glow during darker months. Alternatively, intertwine festoon lights around an awning or gazebo, along the eaves of a shed or carport, or wrap them around trees to enhance a relaxed atmosphere.

    • Lift the Space with Color

    Use color to make your garden cheerful and inviting. Container plants are perfect for adding color to paved areas or courtyards. If flowers aren’t blooming yet, use colorful plant pots and baskets.

    For quaint, older houses, fast-growing climbers like wisteria or clematis can create a “wow” factor. In modern homes, trailing plants in hanging baskets can form a living wall of foliage. Wooden or galvanized metal step ladders are also creative for floral displays.

    Fill any bare patches in flower beds with easy-to-maintain perennials like hellebore, libertia, liriope muscari, and cranesbill.

    • Keep it Low-Key

    Avoid overwhelming your garden with excessive styling. Opt for furnishings that highlight texture over pattern and use calm, neutral colors for accessories. This keeps the space depersonalized and appealing to a broad range of buyers.

    Keen for more tips on how to style your garden? Or need advice on preparing your home for the market? We’d love to hear from you!