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Yearly archive for 2019

Maximising Your Rental Profits: Landlord Advice

Maximising Your Rental Profits: Landlord Advice

While the potential income for lettings is well documented, in a crowd of adverts on RightMove and Air BnB what does it take to maximise your rental profits?

We have put together some top tips to help you attract the right tenants to your property, to help you maximises your rental profits.

Choose the Right Location

Choose the right location for your rental property, to attract the right tenants. For example, if you are looking for students to rent your property make sure it is near a college or university. If you want to attract long term family tenants then ensure the property is near local schools, transport links and local amenities. Then shout about these things in the accommodation advert to show potential tenants just how great your property is.

Get Professional Photos

Tenants want to find a property that is well presented and in a great location. You can write about this in the property description, but it will come across much better in photos. The right photos of your property will engage the person looking for their next home. By using a professional photographer you can be assured that you’ll have the best lighting and angles for all the photos. Your property will look its best and you’ll be easily maximising your rental profits.

First Impressions Count

It’s important that you make the best possible first impression, in regards to you and your property. Your potential tenant will want to know they have a reliable landlord that they can trust if things go wrong. They will also want to view a home that is well looked after with small repairs completed. A dodgy front door lock or damaged paint work on the wall could be enough to make your potential tenant look elsewhere.

Highlight Amenities

Things like off road parking, a shed or a downstairs toilet could be exactly what your tenant is looking for. Make sure you really highlight these amenities when talking about your property. If you’re not sure what special features your property has then check out other properties and you’ll quickly see what you thought was ‘the norm’ is actually a big benefit for a tenant.

Use the Experts

We have listed all the things you can do as a ways of really maximising your rental profits. The reason we know these work is because we are lettings experts in Peterborough. We have been helping landlords maximise their rental profits for years. If you would like us to manage your property and do all of the above pointers for you just ask. We would be happy to take this extra work and stress away from you.

Find out what rent you can expect from your property by calling us for a free, no obligation property valuation now.

The Peterborough Property Market Reforms That Home Owners Are Begging For

The Peterborough Property Market Reforms That Home Owners Are Begging For

Tepilo have been analysing the property market reforms that homeowners are literally begging for, and the results were interesting. If you’re a homeowner we would love to know what you think. This research was UK wide and over 2,000 adults were spoken to.

However, we want to know, as Peterborough homeowners are these reforms something you would like to see in the Peterborough property market?

  • 55% of homeowners surveyed said that they would strongly agree with the introduction of new legislation that would stop gazumping from taking place. If you have not yet experienced gazumping, then this is the name for when a seller accepts a verbal offer from one buyer, but then accepts a higher offer from someone else.
  • 52% of homeowners feel that caps should be introduced to curb the number, value or location of properties purchased by people who are not residents in the UK.
  • 47% of homeowners that own more than one property are against a cap being introduced on the number of residential properties that one person can own. However, 41% of homeowners support this capping measure.
  • The top property market reform that homeowners with more than one house want to see is the scrapping of inheritance tax on all property assets. In fact 62% of homeowners with more than one property, that took part in this research, feel this way.
  • We were not surprised to see that a stamp duty overhaul came up. Whenever we speak to Peterborough homeowners about property market reforms this is something that comes up. 40% of homeowners want to see new incentives for stamp duty, such as a reduction of stamp duty or an increased scope on the Help to Buy schemes for first-time buyers and homeowners purchasing a new build home.
  • 44% homeowners felt that a financial incentive should be on offer for those buying properties that derelict, so they can be renovated and put back on the property market for sale.

So, what do you think? If you could choose one reform for the Peterborough property market, what would you choose?

Only Sixty Seconds To Sell Your Home

Only Sixty Seconds To Sell Your Home

When home buyers and renters in Peterborough are viewing your home the time really does start the second they set foot in your home. If your home has a positive impact on them in the first 60 seconds then it puts they buyer or renter in a brilliant frame of mind. However, if they notice something they don’t like in that first 60 seconds, it could be game over for them buying or renting your home in Peterborough.

We all know that first impressions count – so what is the first impression someone gets of your home?

Of course you need to think about the kerb appeal of your property. Is your garden well maintained? Is the front door clean? Is the path up to your house weed free?

But what about when they enter your home; how can you ensure they get the best first impression for your home? By following these quick tips!

  • If the door has a dodgy lock, the light in the entrance doesn’t work, there is scratched paint as you enter or exposed wires this is not the first impression you want. Take the time to complete these quick 5 minute jobs to give the viewers the peace of mind that the house is well maintained and looked after.
  • While your delicious take away last night was really yummy – the morning smell the day after isn’t quite as attractive. Now are the dirty plates in the sink. Take the time to give your home the quick once over before the viewing. Open the windows to let in some fresh air, and give them a quick clean too. The more natural light you can get into a room the better.
  • They may be your prized possessions and favourite things that your children have made for you. However, to a potential buyer or renter in Peterborough, these things are just clutter. The clutter in your home not only makes the room look smaller. This clutter can also make your home look messy. You don’t need to throw these things away, just store them somewhere safe (and out of sight) during the viewings.
  • If you have the time before putting your house on the market in Peterborough, redecorate your home. A brighter room is far more welcoming than a room with dark walls. A tin of magnolia paint can be a really good way of making a room look brighter, more spacious and more welcoming.

If you’re looking to create the right first impression for renters and home buyers in Peterborough then give us a call. We would be only too happy to help you sell or rent your home in Peterborough.

Women Are The House Hunters – Are You Appealing To Them?

Women Are The House Hunters – Are You Appealing To Them?

Did you know that women are three times as likely as men to pay the asking price of a property? How does this affect the way that you sell and present your home? Does your home appeal to the women that may in fact be the ones choosing the home, and offering the most to buy your home?

Research shows that only 5.5% of men will pay the full asking price of a home. Meanwhile 22% of men will offer less than 90% of the asking price of your home.

This same research shows us that 17% of women will offer the full asking price for a home. The research also shows that 90% of female house buyers will offer 10% of less below the asking price. This shows just how much more money you can get when selling your home to a woman, as opposed to a man.

So how you can you ensure that your home is appealing to female buyers?

Firstly, women are more sensitive to nasty smells than men are. This means that you need to make sure that you home looks and smells fresh and clean. Pop round with the polish and duster before your house viewing and you will make your property far more attractive to the female.

Ladies are also drawn to colour. Things like a large bouquet of flowers on the side board or a bowl of fresh and colourful fruit in the kitchen will be really attractive to a female buyer. Things like this will appeal to her feminine side and this small touch could get you the asking price you want.

Fresh linen in the bedroom, especially with the added fresh linen smell is a brilliant way to appeal to the female. Things like this won’t appeal to a man, but they are a nice added touch. A freshly made bed is much nicer than a screwed up duvet hastily laid across the bed.

You can appeal to a ladies luxurious side with thick fluffy towels in the bathroom and high quality luxury toiletries too. These sorts of things will appeal to both sexes as they can imagine living in your home, and enjoying these luxurious items.

If you are selling your home in Peterborough and want to ensure that is looks its best then give us a call. We are experienced estate agents in Peterborough. We know what our buyers want and how to appeal to them.

What Can Landlords In Peterborough Expect For 2019?

What Can Landlords In Peterborough Expect For 2019?

The last few years haven’t been easy for landlords in Peterborough. There have been tax changes, new regulations, regulation changes and more. Unfortunately it doesn’t look to be an easier journey over 2019 for Peterborough landlords either, with Government figures showing tenants could be saving around £240million each year with new legislations.

If you don’t work with a professional letting agent that you can trust and rely upon, then your life as a landlord in Peterborough could be about to get even trickier.

Here at Letters Group we work with landlords in Peterborough to ensure they are away of all the latest regulation and legislation changes so our Peterborough Landlords are always doing it right.

Please see the latest changes that landlords in Peterborough need to be aware of to stay legal;

Client Money Protection Schemes
As of 1st April 2019 the second regulation comes into force, as per Government requirements. The client money protection scheme protects the money of the landlords and tenants if a letting or property agent was to go into administration. This is something the team here at Letters Group put in place quite some time ago, because we want our Peterborough landlords to feel safe when they use us as their letting agents.

Ban on Tenant Fees
As of 1st June 2019, it will become law in England that there will be a ban on tenant fees. Examples of banned fees include charging for a guarantor form, credit checks, inventories, cleaning services, referencing, admin charges, gardening services and such like. Generally speaking, pretty much any fee that is in a tenancy agreement will become void.

Tenant Deposits
The original government proposed limit of deposits from tenants was 4 weeks, but the industry average was 6 weeks. The government have now started that 5 weeks rent is the maximum deposit that can be taken from a tenant.

Here at Letters Group we would always recommend that a professional inventory check-in is completed as standard, and regular checks are completed on the property.

It is important to note that deposits for tenancies where the annual rate is £50,000 or more are given one extra week. For tenancies of this size, the tenant deposit can be charged to the equivalent of 6 weeks rent.

If you are an independent landlord in Peterborough and would like to partner up with a lettings agency for added support and to take away the stress, then please contact us directly. We would be happy to discuss we can work for you, and the stresses and headaches of being a landlord in Peterborough that we can take away for you.

Could Three Year Tenancies Work For Peterborough Landlords?

Could Three Year Tenancies Work For Peterborough Landlords?

A three year tenancy term with a six month break clause is something that has been introduced in Scotland in recent years. There have been lots of talks in the Government about introducing this into England too, using a similar model that has been working in Scotland.

The three year tenancy with a six month break clause could prove really popular among renters in Peterborough that are looking for longer term security from the rental property. Bit could a three year tenancy with a size month break clause work for landlords in Peterborough? Could it work for you, as a landlord in Peterborough?

The discussion of introducing three year tenancies has come about from Government data. This data reveals that on average, people renting a home will stay in the property for an average of four years. However, this research goes on to show that 81% of rental contracts for homes are assured short-hold tenancies. These short-hold tenancies in Peterborough have a minimum fixes term of just six to twelve months.

Moving towards three years tenancies in Peterborough would result in greater security for renters in Peterborough as well as Peterborough landlords. However it would also result in few renewal fees from the start of the tenancy.

Research and initial reports shows us that 32% of potential landlords would be put off the idea of investing in the buy-to-let property if this was to go ahead. However it seems that the government is keen to continue pressing on ahead with their proposal of giving tenants a minimum three year contract. This contract would enable a Peterborough tenant to be tied into a 3 year contract, but they would still be able to walk away sooner if they so choose.

A three year tenancy in Peterborough can take away a lot of the stress for a landlord in Peterborough, but not if it is a problem tenant.

We would recommend that you partner up with a professional, experienced and trustworthy letting agency in Peterborough that can complete the pre-tenancy checks for you and help ensure that you have a good tenant that will cause minimal issues during their three year tenancy in your property.

Top Three Reasons People Rent Out Their Home

Top Three Reasons People Rent Out Their Home

Here at Letters Group we get a flurry of home buyers and sellers at this time of the year. We also get lots of home owners asking about the current rental market and if it is worth them renting out their property instead of selling it.

While everyone we speak to is different, there are some common reasons that people choose to rent out their home, instead of selling their home. We have put some of these most common reasons below for you, but if you are considering renting out your home, or are not sure if selling or renting is the best option for you then contact us directly. We would be happy to chat about your home, your goals and make recommendations for you.

  1. Always Wanted An Investment Property: Some people have always wanted to have an investment property and if they are looking at selling their home, then now is the time to consider taking this first step into owning an investment property. As a homeowner you will have gained a competitive loan on purchasing the house, offering better rates than you would get as an investor looking to buy an investment property. You can also trial renting out your home for a year or two, see how you get on, and make a more permanent decision from there?
  2. Want To Generate Additional Cash Flow: If you have lived in your home a few years it is likely you will paid down your mortgage balance a bit and will have got competitive loan terms. By renting out your home you will be able to increase your cash flow by a couple of hundred pounds each month, and in these uncertain economic times, this extra money can be extremely useful.
  3. Want A Security Blanket: Perhaps you are moving out of your home to move in with a partner, or purchasing a new home as you have moved with work? By keeping your home and moving into a new one, you have the security blanket and know that if it all goes wrong, you always have a property that you can go back to if the job doesn’t work out or the relationship fails.

While renting out your home can be a scary experience as you don’t know who is living in your property, you can work with letting agents in Peterborough, like the team here at Letters Group and we can manage your property for you.

13% On House Prices Expected By 2023

13% On House Prices Expected By 2023

A recent report from CBRE, one of the foremost property consultancies in the UK, has given an, unexpected by some people, relatively upbeat prediction of the housing market in Great Britain over the next 5 years.

We have put together some of the highlights of the research by CBRE together for you so you can quickly and easily see the research that is relevant to you, whether you are buying or selling a home, or renting / looking to rent your property.

  • CBRE forecasts a 1.8% growth in the average price of houses in 2019. While this may be a modest forecast, it is more optimistic that forecasts from other property experts. It is important to note that 2019 transactions volume is restricted because of the growing caution among property owners, buyers and lenders, along with a muted buy to let market.
  • The CBRE consultancy predicts that compound price growth will be up 13.1% by the end of 2023.
  • CBRE warn that while ‘Help to Buy’ schemes currently underpin the new build market, it is likely this will change after 2021 when only first time buyers will be eligible for these schemes.
  • CBRE feels that house prices are approaching the limit that current incomes and credit conditions can support. This means that the ability for buyers to bid up prices has now become, and will continue to be, limited. It is important to note that affordability and mortgage regulation will constrain the price growth of house prices.
  • Speaking on the lettings market, CBRE forecasts that rents will increase by 11.4% by the end of 2023. CBRE add that the demand for rental homes is expected in increase after a two year period, and this in turn will weaken tenant enquiries, more so from younger people in lower-earning brackets.
  • CBRE feel that biggest highlight of private rental landscapes is the growing ‘Build to Rent’ niche. This niche attracted £2.1 billion of investment in year to the end of the 3rd quarter in 2018. This is 51% higher than the same period in 2017. CBRE add that property investment is on a firm upwards trajectory and it is likely that the investment volumes in 2019 will exceed the total of 2018.

If you’d like to know more about the housing market and how it could affect you and your own property or home, then why not call us now. We make it our business to stay ahead of the latest news so we can make sure we help our customers get the most from buying, selling or renting a home in Peterborough.