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Jul 19, 2021
How to Avoid Losing Your Rental Deposit
When you first begin renting a property, your new landlord is highly likely to ask for a deposit before letting you move in. Typically, this is 5 weeks rent payable upfront, and can’t be more than this due to legislation. Your landlord is legally required to protect your deposit in a tenancy deposit scheme. When you come to move out they’ll refund your deposit in full, unless they have a justifiable reason to keep some of the money. This could be because: You owe rent You’ve damaged the property. For example, you may have stained the carpet or damaged the walls with fixings You’ve lost or broken items from the inventory, such as furniture or electrical appliances The property is not as clean as it was when the tenancy started To avoid losing your rental deposit, here are our top tips to ensure you get your deposit back in full. 1. TAKE PICTURES WHEN YOU MOVE IN Unfortunately there are some unscrupulous landlords out there, who may try to keep your deposit for damages that were already there when you moved in. Having photographic evidence on day one means you can challenge your landlord in the event of this happening. Not all landlords are likely to do this of course, and some may even be unaware of day one issues, especially if they’re ‘hands off’. Therefore take some pictures on the day you move in, and also be sure to let the landlord or letting agent know of any issues immediately, so they’re aware that you weren’t the cause of them. At Property Genius, we’ll provide you with a detailed online photo inventory report where you can make your own notes and upload your own photos if you feel it could do with a bit more detail. It’s important to have an agreed understanding of the condition and cleanliness of the property at the start of the tenancy. 2. READ YOUR CONTRACT CAREFULLY It’s surprising how many people just blindly sign their tenancy agreement without checking the details. For example, there may be information contained there detailing whether you can decorate, or hang pictures on the walls, and there may be reasonable maintenance requirements that you’re expected to stick to, especially when it comes to the garden. Make sure you read through the contract in detail and if you’re unsure of anything, ask your landlord or letting agent to clarify it and have it written down. This will go a long way to avoiding disputes further down the line. 3. CHECK YOUR INVENTORY Before you sign your contract, make sure you’ve toured the property and agree with everything that’s on the inventory. If anything’s missing or damaged, don’t assume that it’s an error or that the landlord is already aware and will be fine with it. Make sure you let them know, and have the inventory amended. It may seem like a pain at the time, but it’s the sort of minor detail that can come back to bite you in the long run, so check that everything on the inventory is present and in working order, or that you’ve notified the landlord before signing your contract. 4. STAY IN CONTACT WITH YOUR LANDLORD Whether you have a direct relationship with them, or via a lettings agent, it’s a good idea to touch base from time to time so they can keep an eye on the property’s condition, and you can report any damages or issues to them as they arise. It’s important to notify your landlord of any damages or problems as and when they occur, rather than let them build up until the time you move out. This avoids nasty surprises for them, and it means they’re more likely to be receptive to any issues that arise if you’re upfront and honest with them. 5. LOOK AFTER THE PROPERTY You should treat your rental property as if it’s your own home, and this means keeping on top of it by maintaining a good standard of cleanliness and basic maintenance. Reasonable wear and tear such as faded curtains and worn carpets are likely to be accepted, but stained carpets, damaged walls, broken light fittings and greasy ovens are a big no-no if you want your deposit back in full. Therefore, make sure you keep the place clean and tidy, and don’t allow any scuffs and scratches to build up too much. Stay on top of the cleaning and fix any minor issues as they appear such as mouldy sealant around showers and baths. If you’re unable to do it yourself then contact your landlord to get the professionals in. Another sure fire way of losing your deposit is to bodge things like electrics or plumbing, so don’t risk any repairs you’re not comfortable with. A good litmus test is to take a good look at the property when you vacate, and ask yourself if you would be happy as new tenants to move into the property as you have left it. WHAT IF MY LANDLORD WITHHOLDS THE DEPOSIT? Start off by talking to them in person. It may just be a case of crossed wires that can be sorted quickly and easily. If your landlord still won’t return your deposit then ask for them to state the reasons why in writing. You can then check which tenancy deposit scheme your money is being held in and contact them for help resolving your dispute. There are three government-approved tenancy deposit schemes, and they all offer free services to help resolve your dispute. If your landlord hasn’t protected your deposit in one of the schemes then you may be able to claim compensation. Property Genius are your local property experts for the Chorlton, Manchester area. Call us on 01618813028 or email contactus@property-genius.co.uk to chat with a member of our friendly and experienced team about our property management services.
Jul 12, 2021
Has Your Property Been Under or Overvalued?
When you put your property on the market, you put your trust in us – the experts you have chosen. We have the details, we know your expectations, and our aim is to get you moving as soon as possible. Sometimes, different agents will come to other prices and of course, there are reasons for this, such as an estate agent simply trying to win your business or perhaps a different level of experience and knowledge. When talking with home movers in Manchester, we’ve discovered that many people do indeed wonder about whether or not their property has been priced correctly. You’ve probably heard phrases like “priced to sell”, but how do you really know if your property has been undervalued or indeed overvalued? And why does it matter? So, let’s look at how you can tell whether your property is on the market at the correct price. WHAT IS THE RIGHT PRICE? In some respects, this is the million-dollar question. Is your property in Manchester priced on the low side to sell quickly, or is it priced relatively high so that you can potentially make more money? Well, actually, the right price is only ever about what you and the buyer agree to so that a sale can move forward. No other prices really matter! Top Tip: Define what price you want or need to sell your house for and if you are prepared to lower your expectations if the need arises. IS MY PROPERTY OVERPRICED? Are you frustrated because you seem to get a lot of viewings but no offers? Well then, one of the reasons could be that your house has been overvalued. Potential buyers might like the look of your house but fail to view because they feel the asking price is too high. They may view, and they may love it but still feel it’s not worth the price-tag. Not all potential buyers will feel they can risk putting in a low offer either. If you are enjoying lots of viewings but no offers, these are clear signs that something may need tweaking, particularly if similar properties nearby have sold. Top Tip: If you do feel things need to change, do not be afraid to speak with your estate agent. After all, it’s in their interest to get a sale, so if their strategy needs to change, it should. IS MY PROPERTY UNDERVALUED? To define undervalued, you have to look at a few different factors, including how much you are prepared to sell your house in Manchester for. You might get an offer, or multiple offers, super quickly and this may worry you into thinking you could have achieved a higher price. But that is not necessarily the case. A good estate agent will ensure your home does not stagnate on the market! Conversely, if you are getting no viewers and your property is on the market at a lower price than similar homes which have sold nearby, an under-valuation might be making people wonder if there is something wrong with your property! Top Tip: Do some research of your own into similar properties on the market in Chorlton, Manchester. If yours appears obviously low, speak to your estate agent. DO YOUR OWN RESEARCH We at Property Genius use our local experience and knowledge to advise you of what we think your property is worth. Sometimes though, we suggest having a look on the internet yourselves as well, this can give you peace of mind that we’re on the right track. There are so many tools at your fingertips, and you should use them! Go to the search engine of your choice and search for house prices in your area. There are sites that not only give you properties that are currently on the market but also offer up what a property has sold for in the past too. You could also make use of online valuation tools if you want a second opinion. However, bear in mind that these are not always accurate, and it’s best to speak to professionals who have local knowledge and experience. Top Tip: Compare similar properties in Chorlton, Manchester as you’re likely to get a good comparison. If you compare a similar house, but in different localities, then different factors will affect prices. WHAT NEXT? Speak to your agent. We cannot stress strongly enough that communication is key. If you have concerns and you’ve done some research, then talk to your estate agent. Maybe it’s time to review how they are operating and whether or not they need to change. Top Tip: Don’t be afraid to ask the questions and challenge. It’s your property that you are selling; you are in the driving seat. Property Genius use our skill, experience and local knowledge to place your property on the market at the right price. If we can help you, give us a call on 01618813028 or email contactus@property-genius.co.uk and we will be delighted to help.
Jul 5, 2021
How to Get Your Manchester Property Photo Ready
Photographs are an essential step when selling or renting your home in Chorlton, Manchester and are integral to an effective marketing strategy. Your photos need to look fantastic and stand out in a busy market. The images need to be an accurate and honest representation of the property, which is why staging your home before we arrive is crucial. If you are not hiring professional home stagers, there are some simple steps you can take to prepare your home in the best possible way before we send our professional photographers out to capture your home at its best! PAY ATTENTION TO THE FRONT OF THE PROPERTY Even the nicest of cars cause distraction. Remove your vehicle from the driveway to give the viewers the full impact of the outside space and an unobstructed view of the front of the property. Additionally, ensure garage doors are closed. Small changes will make a significant impact on the overall quality of the photography. If you usually keep the bins at the front of the property, ensure they are hidden away out of any shots. Thoroughly clean windows and windowsills to provide that the all-important front image of the home is immaculate. Take some time to tidy the front garden, giving the best first impression. Mow the lawn, trim back any hedges and remove any empty plant pots that may be lying around. MAKE YOUR GARDENS ATTRACTIVE Gardens are often a huge draw for potential buyers, both those who are breaking free from the rental market and those climbing up the property ladder. Gardens are subject to personal taste, but neat lawns, clean decking, smart patios and clearly defined eating areas are what buyers want, so take time to prepare them before the arrival of your photographer. SHOWCASE YOUR BEDROOMS Remove any signs that may be stuck on bedroom doors, especially common for children’s rooms. Store away any children’s toys which may eliminate part of your target audience. If you don’t have the storage room, hide them in the car while the photographer is working! Make all the beds and plump up the pillows. If any cushions are looking past their best, hide them out of shot. Items like this can do more harm than good and make the whole room look tired. ADD SPARKLE TO YOUR BATHROOM Bathrooms and kitchens are the main rooms that can really draw viewers to a home. Simple hacks in the bathroom can drastically elevate your photographs. Simply make sure the toilet seats are down, and mirrors are sparkly clean with no watermarks or smudges. As bathrooms are often small, create space by being as minimal as possible. Store away cosmetic items such as shampoo, lotions, or razors. The bright colours of the bottles can be unattractive and distracting when photographed. REMOVE KITCHEN CLUTTER Kitchens are the heart of the home, and a beautiful kitchen is often the factor that convinces unsure potential buyers. Clear all surfaces, leaving minimal appliances in view. This will prevent clutter from causing distraction and give the illusion of a bigger and fresher space with plenty of work surfaces. DON’T DISTRACT WITH ELECTRONICS Turn off the TV and any computers and make sure there are no loose electronic devices left on countertops, which are distracting for people viewing the images. The last thing you want to see are beautiful images of your home with a distracting TV show in the corner of the otherwise perfect image. LET IN THE LIGHT Open curtains and blinds wide to let the natural light flow through the home. Your photographer will then be able to manipulate the light to show your home in the best, most natural way possible. If you have blinds, open them tilted upwards. This will push the natural light towards the ceiling, allowing it to illuminate without being too harsh for photography. GIVE YOUR PETS A DAY OUT! Although you love them, it is best to keep pets out of your listing photographs whether it is a cat, dog or hamster, if possible, remove the pet from the home for the whole day, as this will give you an excellent opportunity to clean, ready for staging, and prevent them from getting in the way of the photographer. In addition to the pet itself, make sure any pet toys, food bowls and beds are out of shot. Furthermore, tidy up the garden, ensuring no waste or pet toys are lying around. Call the friendly team at Property Genius now on 01618813028 – we use professional photography as standard!
Jun 28, 2021
Is Owning A Rental Property in Manchester Worth It?
Have you been thinking about buying a property to rent out? Perhaps you’ve been looking at ways to invest some money and have seen that property could be a good option. After all, everyone seems to be doing it, don’t they? You may have done your homework, and carried out lots of searches online, seeing many good things but also seeing quite a few potentially negative things too. So, what’s it all about? Is owning a rental property in South Manchester worth it? Here, we take a look at owning a rental property, to help you make a decision. If you’re thinking about investing in the area, come and chat with us as we are experts! IS OWNING A RENTAL PROPERTY IN CHORLTON, MANCHESTER AN EASY WAY TO MAKE MONEY? Firstly, let’s dispel the myth that becoming a landlord is an easy way to make a few quid, to get rich quick and to have an easy life. If you think this, then you may need to stop and think again. It’s true, being a landlord is a great way to invest money that might otherwise sit in the bank earning very little interest. But you have to think of the long game. A property may well sell for a lot more than you paid for it and so you will make some money that way. The rent should cover the mortgage repayments but don’t forget the additional costs such as insurance, maintenance and gas and electrical safety checks. All these things have to be managed too – they don’t just happen. Top Tip: Do your research and then do some more. Look at all the pros and the cons of owning and renting a property and make sure you do the maths. CAN OWNING A RENTAL PROPERTY BE TREATED AS A ‘BUSINESS?’ Being a property owner brings some great rewards, and not just financial. You must treat it as a business though. As you will be your own boss, you’ll be making decisions that you believe to be right and doing things that you know will bring you, personally, financial rewards, and that’s the key to getting it right – treat it as a business. If you look at it as a little hobby, you may not keep up with the legal side of things, or you may become a little lax when it comes to making sure certificates are up to date – and you really cannot afford to do that. Top Tip: If you think you’d like to own a rental property but need a helping hand on the managing and lettings processes, please get in touch with us. It’s what we do for a number of landlords in the Greater Manchester region. IS OWNING A RENTAL PROPERTY TIME-CONSUMING? One of the things that people underestimate when they are thinking about becoming a buy-to-let landlord is time. If you have time to look for a property, to go through the purchase process, to manage the property, to maintain it, it can be a great thing to do. If you don’t think you have the time, employ the services of a lettings agent. A lettings agent can either find a tenant and do the legal paperwork at the start of a tenancy, or they can do all that and then manage the property on your behalf too. Top Tip: Don’t write off becoming a landlord if you don’t think you have the time. Property Genius can help you achieve your goals without impacting on your precious time. WHAT ABOUT EXPENSES? Let’s say you’ve found what you think is a great property. It’s in the right area of Chorlton, Manchester and in a location where you will get a reliable tenant paying the right sort of rent. Brilliant – a rental property makes perfect sense. But! Don’t forget the expenses. There’s the legal fees to think about, potentially the mortgage fees too and additional costs if you need to make repairs. Top Tip: It sounds simple, but always do the calculations and make sure the numbers stack up. If you don’t want to spend money on repairs and bringing a property up to date, then this also shapes what sort of property you buy. OWNING A RENTAL PROPERTY IN CHORLTON, MANCHESTER IS AN OPPORTUNITY AWAITING YOU RIGHT NOW! There has been a lot of press about house prices doing really well right now. That’s great news for the property sector in general, but there are also still opportunities to be had. You could snap up a potential buy-to-rent property and with some work it could well be a solid investment for your money in the long-term. Top Tip: Talk to estate agents like us in Chorlton. We know the area, so we know where the opportunities lie, and we know what makes a good rental property. There are lots of things to get right when you own a rental property, but with the correct advice and support, you can create your own future. Give us a call on 01618813028 or email us at contactus@property-genius.co.uk for expert advice on buying a rental property in Manchester.
Jun 21, 2021
Common Mistakes That Can Reduce the Value of Your Property in Chorlton, Manchester
Selling your home in Chorlton and South Manchester is a huge undertaking, so of course, you want to make the right decisions to achieve the proper resale value for it. Some of the decisions surrounding resale value are more involved than the basic preparation you do when placing your home on the market and of course, these specific decisions can be made months or years before you actually consider selling your home, so you may not even think about it until it’s too late and the value of your home has plummeted. So, if you’re considering selling your home anytime soon, it’s time to start thinking about your property through the eyes of potential buyers. As property experts, here at Property Genius we know all too well the common mistakes you may make that can reduce the value of your home. But we also know how to remedy them. SETTING THE PRICE UNREALISTICALLY HIGH Everyone would like to think their home is worth more than their neighbours’ home, especially after finishing a renovation or upgrade of some kind. However, the truth is that your home is really only worth what someone else is willing to pay for it. You have to be realistic about the value of your home when setting your price. If you set your price at an unrealistically high number, it could sit on the market for months without selling. The longer a property is on the market unsold, the more unattractive it becomes to potential buyers. You may inevitably end up slashing the price to meet expectations, which may make potential buyers question why the price has been reduced so much. It’s a position you don’t really want to put yourself in, so getting a realistic valuation from the start is important. At Property Genius, will always provide you with an honest market appraisal to ensure your property attracts interest and provide compatibles and market report to back it up. NOT DEEP CLEANING YOUR HOME BEFORE VIEWINGS Nobody wants to view a home that is dirty for two main reasons: one, it’s definitely not appealing, and two, it invariably means that the new homeowner will eventually need to spend time, money and effort cleaning it themselves. Major issues like carpet stains and grubby or mouldy tile grout can leave a poor impression on potential buyers when they view your home. In terms of carpet stains, you may be used to ignoring them every day but an interested buyer will notice them immediately. If an offer is forthcoming, your buyer may then look to negotiate on the asking price to cover the cost of replacing the carpet or having it professionally cleaned before moving in. In terms of tile grout, ignoring it is detrimental to the sale of your home. It’s one of the most tedious chores, yes, but leaving dirt along your tile grout can create permanent discolouration, ruining the look of your tiles forever. Even worse, if the area is humid, mould and mildew can build up and can become a major problem. When it comes to cleaning, being proactive is the best course of action. Make sure you regularly clean your home and deal with any spills before they set, which makes them much more difficult to remove later on. NOT PROPERLY MAINTAINING YOUR HOME Taking care of the mechanics of your home is important, especially when it comes to your plumbing and heating. These are directly related to your monthly utilities and can be costly to repair when a big problem arises. Sometimes these issues are unavoidable, but with the right maintenance and care in the long term, smaller problems can be taken care of with plenty of time before they get worse. Potential buyers are likely to ask questions about the state of the plumbing and heating and will be less likely to want to offer on a home that has a history of high utility bills or will need major repairs in the near future. NOT UPDATING DECOR Old, outdated design trends will make your home look dated, which can lower the value of your home simply because potential buyers know they will need to spend money to update the decor once they move in. Wood panelling is a major culprit in this regard, even if it’s restricted to small areas. Viewers will be a little more inclined to offer on your property if the decor is modern and fresh. LETTING PERSONAL TASTE GET INVOLVED When showing your home to potential buyers, you’re trying to get them to imagine their new life in their new home, so having your personal taste right in front of their noses can make this difficult for them. Brightly painted walls in colours that are unusual, having too much wallpaper, or having unique or over the top design elements throughout your home is a major turn off. It just means more work once the new owners move in as they try and get the property back to a neutral state. Before putting your home on the market try and make it look as neutral as possible so it can appeal to a wider number of people. Painting the walls and stripping wallpaper is a good start! CONSIDER THE POTENTIAL STORAGE ISSUES Your buyers will need to start imagining their own possessions in your own home, and part of that will be understanding what storage is available. If you’re struggling for storage yourself, you certainly don’t want to show that’s the case. Put things away so everything looks like it has its place. If you’re struggling to find homes for everything, consider a spring clean and keep the things you need. Put laundry away, hide the exercise bike, put the children’s toys away and get the kitchen worktops free of clutter. For no-obligation advice on buying or selling a home in South Manchester please contact our expert property team at Property Genius on 0161 881 3028 or call in and see us. We look forward to seeing you.
Jun 14, 2021
8 Things Every Landlord Should Know
Whether you’ve just bought your very first property in Chorlton or elsewhere in South Manchester or your fifth, being a landlord is a role where you can continually keep learning new things and facing new challenges. Other than keeping abreast of what’s happening in the property market, you also need to ensure that you’re following all the latest rules and requirements for landlords. Here at Property Genius, we’ve got years of experience working with landlords and dealing with the property market, so we’ve pretty much seen it all! To help you keep on top of all that you need to be aware of, we’ve created a handy list of the eight most essential things that every landlord should know. 1. REMAIN AWARE OF WHAT’S HAPPENING IN THE PROPERTY MARKET The conditions of the Chorlton, Manchester housing market are continually changing. First and foremost, a good landlord should keep an eye on property market conditions. This will help inform you on how to market your property, as well as give you an idea of what price you should be expecting for it. You’ll also have a much better idea of the competition if you regularly do your market research 2. UNDERSTAND THE FACILITIES IN YOUR PROPERTY’S LOCATION Knowing the local neighbourhood that your property is located in can significantly affect how well you position your property. For instance, here in Chorlton, there are some excellent quirky shops and restaurants with easy access to the City Centre, so you may want to market your property suitable for young professionals. Likewise, if it’s located on the commuter belt, you could think about converting it into separate flats to accommodate four individual tenants instead of just one household. 3. ENSURE THAT YOUR PROPERTY IS UP TO SCRATCH When you rent out a property, you need to ensure that it meets certain requirements. You must ensure that it is a liveable space with a safe environment for any tenants that move in. Does it have the necessary smoke alarms? Are there any safety hazards? Is it wheelchair accessible? Ask the team here at Property Genius, as we can help you understand all the requirements your property needs to meet before you can rent it out. 4. SHORT ON TIME? PROPERTY GENIUS WILL BE A HUGE HELP Want someone else to take on the load of the actual property management? Hire Property Genius to look after your rental property and your tenants. Here are some of the many ways that we can help you: Advise you on rental property prices based on market conditions Market your property, online and offline Arrange and conduct viewings on your behalf Draw up tenancy agreements and detailed inventory reports Property maintenance and repairs (no late-night calls about broken boilers for you!) Collect rent every month and chase up late payments 5. WORK OUT YOUR TAXES Before you start getting the rent paid into your bank account, you should register with HMRC to ensure that you’re taxed accordingly. You’ll be taxed on all rental income after the first £1,000. It’s important to mention too that there are different tax rules for landlords depending on the type of property you own. Look into this on the HMRC website to make sure you’re doing all that’s legally required. 6. SET ASIDE SOME MONEY FOR EMERGENCY FUNDS As a landlord, you should always be prepared. To remain within your budget, set aside a small amount in case anything goes wrong. For example, if your property is unexpectedly vacant for a short period, you should ensure that you can cover your mortgage payments without rental income. Work out how long this period would be. Set some money aside for any unexpected issues as well. No matter how new a property is, wear, tear, and weather may lead to the need for maintenance and repairs. 7. COMPLY WITH ALL LEGAL REQUIREMENTS There are many legal requirements that you must follow as a landlord to ensure the safety of your tenants and to avoid fines and penalties. These include: Gas Safety (Installation and Use) Regulations 1998 and Subsequent Amendments. These state that all gas appliances must be safe and checked annually. The Smoke and Carbon Monoxide Alarm (England) Regulations 2015. The landlord is responsible for ensuring that their property is fitted with working smoke alarms and carbon monoxide alarms. The Electrical Safety Standards in the Private Rented Sector (England) Regulations 2020. Under these regulations, the landlord is required to make sure that all electrical appliances in the property are safe to use. EPC (Energy Performance Certificate) & MEES (Minimum Energy Efficiency Standards). These state that all landlords must provide a valid EPC certificate to their prospective tenants. 8. CHECK WHETHER YOUR LOCAL COUNCIL REQUIRES ANY SPECIFIC LICENCES Contact your local council to check whether any other licenses are needed before you rent out your property. Some councils will have specific mandatory regulations above and beyond the ones mentioned above.
Jun 7, 2021
10 Tips for Buy-to-Let Success
Buying a property and letting it out can be very rewarding. Not only do you receive a rental income, but the property itself should also increase in value over time. The property you are renting out is an investment, but you must make sure that it is looked after and well maintained. Of course, you may also be busy with a job and family, and while buying to let is a business, it may not always be the first priority in your life. That’s why we have put together our 10 Tips for Buy-to-Let Success guide. These tips are based on our many years of experience of helping landlords run successful businesses. If you would like help and advice on the rental market in Chorlton or South Manchester, please do get in touch. 1. CHOOSE YOUR PROPERTY WISELY You may want to invest your money and start getting a return as quickly as possible, but first, you must do your homework and consider the type of property you want and what sort of tenant you need. You might be thinking about students, but what if there isn’t a market for students in the area? Top tip Speak to the professionals. We know the local market and can advise you accordingly! 2. DECIDE HOW MUCH INVOLVEMENT YOU WANT Decide what sort of landlord you want to be. Will you be hands-on and do a lot of the maintenance work yourself, or do you want to get tradespeople in to do the work for you? Top Tip If you’re relying on tradespeople, ask around and develop a list of trusted contacts to be used when required. An established agent such as ourselves already has a good working relationship with many local companies often at better rates than if you were to go direct. 3. WILL YOU MANAGE THE PROPERTY? There are quite a few things you need to do including getting gas and electric certificates, collecting rent, dealing with maintenance and other issues, even managing the process of eviction should it come to that. So, are you able to do much of this management yourself, or do you need an experienced lettings manager to take the strain? Top Tip We can help you find a tenant, sort the contracts and look after the management – if you want us to! 4. UNDERSTAND THE POTENTIAL NET RETURNS You may have money in the bank to invest in property. You may also have the desire to be a landlord and are thinking of the potential returns. But, have you actually done the maths? Sit down with a pen and paper and do some research into all the other costs, for example: Landlords Insurance Servicing and gas and electric safety certificates EPC certificate Costs of repairs and maintenance Tax Void Periods Tenant Acquisition Utility Bills Management Fees This is to name but a few! Top Tip Make sure you can afford it. This might sound silly, but if the returns aren’t as great as you think, and the additional costs rack up, you could be in for a surprise. 5. BE AWARE THAT PROPERTY PRICES CAN GO UP AND DOWN! Property is a sound investment most of the time. We would definitely recommend being a buy-to-let landlord, particularly in South Manchester, but you should be aware that property markets can go down as well as up. Top Tip Be in it for the long run. Be patient as markets can fluctuate but a good landlord knows this and sticks with it. 6. ALWAYS GET INSURANCE We firmly advise that you need Landlords Insurance and Buildings Insurance and maybe even Contents Insurance too. It’s better to be safe than sorry and should anything untoward happen, you will know that you are covered. Top Tip Speak with an experienced insurance broker. They will go through the level of cover you need and why. 7. BE EFFICIENT AND KEEP RECORDS OF EVERYTHING A buy-to-let property is best when it has a paying tenant of course. When it is empty, it costs you money. Landlords who can move quickly when they need to find a tenant are the ones who have successful businesses. In addition, make sure you have your tenants sign off on all your hard work getting everything prepared, from a pre-tenancy check list, to feedback from completed maintenance works. Top Tip Make sure your paperwork is organised and in order. Keep a list of preferred suppliers including plumbers and electricians so that any work can be done quickly. 8. CHOOSE THE RIGHT LETTINGS AGENT A good lettings agent will advise you on which area to look at when acquiring a property, and will know the sorts of rent you could expect to get. They’ll be able to market your investment effectively, find suitable tenants, sort the contracts out and make sure you’re set up for success. It’s worth doing your research and getting the right team in place. Top Tip Seek recommendations from other landlords who have used an agent in your area. 8. DON’T FALL IN LOVE WITH THE PROPERTY This is an interesting one. There’s a difference between liking a property and loving it. If you love it, you may well not see it as a business and it is a business that has to make money. Top Tip You won’t be living in the property, but you can put your stamp on it in some way, perhaps the garden design for example. 9. PLAN FOR THE FUTURE While you have a property to rent out, ask yourself what your future plans look like: What’s your long-term goal for the property? Do you know whether you want to sell it eventually? Do you want to keep it and live in it at some point? 10 TOP TIP SET YOUR GOALS RIGHT AT THE START. That way, you will know what to do and when to make the right decisions. We have years of experience in helping buy-to-let landlords and we can help you. If you would like help and advice on the rental market in Chorlton or South Manchester, please do get in touch.
May 31, 2021
8 Questions Every Landlord Should Ask a Prospective Tenant
When you’re renting out your property in South Manchester and you want to get things right. After all, it’s your property, and you want to ensure it is going to be looked after and that the rent is going to be paid. It’s a business, and you don’t want any interruptions to occupancy. So, to help you, our experienced team at Property Genius have come up with eight questions that you should ask a prospective tenant before agreeing to rent your property to them. 1. WHEN ARE THEY ABLE TO MOVE IN? You want continuity of occupancy as it makes sense from a financial and security point of view. If one prospective tenant can’t move in for a few months, but another can, this will help you make a decision on who to let your property to. You need to be on top of your game when it comes to efficiency. If a prospective tenant can move in immediately, but you haven’t got the gas safety or electrical safety inspections done, this will cause issues. 2. DO THEIR FINANCES STACK UP? You don’t want timewasters looking at your rental property. Respectfully ask if they are aware of the rent amount and whether they fully expect to be able to pay it on time, and on the right dates. There’s the deposit too, so make sure they know what’s expected. Your lettings agent will ensure thorough financial checks are carried out. We commission Homelet to independently verify and produce a detailed report for all our landlords. 3. HOW LONG DO THEY THINK THEY WILL WANT TO LIVE IN THE PROPERTY? This is a good question. You don’t want to be going through the process of finding a tenant every six months. Likewise, some people will be looking for long-term tenancies, so see who expects to be in a property for an extended period. The contract length could be advantageous for both parties. Be prepared to be flexible. 4. DO THEY HAVE PETS? Some landlords don’t mind pets, and this may be you. However, pets are also a big no-no for some landlords. If you don’t want to accept tenants with animals, you must be sure that having a pet is not on their future agenda. Similarly, if you don’t mind pets, you need to make sure the contract stipulates what sort of pet, if any, is allowed. If you do allow a pet, your agreement should make it clear that any damages caused by the pet must be rectified by the tenant at their cost. 5. WHAT WOULD THEIR CURRENT LANDLORD SAY ABOUT THEM? References are crucial! When you or your lettings agent speak with your prospective tenant, you hope you will get a genuine answer. References will help clarify this though. Listen to your prospective tenants’ responses with a critical ear as not everyone will be honest! 6. WHY ARE THEY MOVING? Again, you might not always get a genuine reply, but the answer will give you an indication as to what sort of tenant they might be. This question can also be a good ice breaker and will start the conversation. 7. WHAT SORT OF LIFESTYLE DO THEY LEAD? This is a tricky question to ask, but useful nonetheless. You’ll get a feel for the sort of people your prospective tenants are. If they appear to be young, 24-hour party people, you should consider whether your property and location are right for them. 8. WHAT OTHER PROPERTIES HAVE THEY LOOKED AT IN CHORLTON OR SOUTH MANCHESTER? This is a question that can be asked either at the start of a conversation or at the end. You’re trying to ascertain whether they are serious about moving to the area, to your property or if they are just ‘tyre kickers’. They might also say that your property is the only place for them, which is great if everything stacks up financially. Remember, you don’t have to have a definitive list of questions and formally run through them. These questions can be wound into your regular conversation! If you’re unsure of what to ask prospective tenants, please get in touch with us. We have been offering a professional lettings and management service for many years and can guide you. After all, we are the experts in the area for lettings.