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Jun 18, 2021
Climate Projects we're supporting this month
PROTECTING OLD-GROWTH RAINFOREST IN PERU Madre de Dios is the third-largest, and least densely populated, region of Peru. It is home to much of the Peruvian Amazon. The region has historically been subject to numerous conservation challenges. These include the extraction of the rich natural resources in the area – including rubber, timber, and alluvial gold. In 2011, the completion of the Trans-Oceanic Highway – linking Peru to Brazil – presented further challenges to the conservation efforts in the region, dramatically expanding the nearby town of Puerto Maldonado, and producing an uptick in illegal logging in the region, in areas nearby to the highway. The local community is reliant on the old-growth rainforest, but protecting it from degradation and deforestation activities has been a challenge. Supporting the community to both safeguard the rainforest and to establish sustainable sources of income are therefore top priorities in the region. 0.9T CO2 REMOVED PEATLAND RESTORATION AND CONSERVATION IN INDONESIA Peatlands are a type of wetland and are among the most valuable ecosystems on Earth. The term ‘peatland’ refers to the peat soil and the wetland habitat growing on its surface. Peat is a swampy, water-logged soil that is made through the slow accumulation of dead trees, plants, and other organic material which can only partially decompose due to the volume of water these habitats contain. These unique habitats store massive amounts of carbon, with stocks below ground amounting to up to 20 times the amount stored in trees and vegetation. Despite covering just 3% of the Earth’s surface, they store more carbon than all other vegetation types in the world combined. When peatlands are cleared, drained or burned, the carbon stored within them is released into the atmosphere as carbon dioxide. Indonesia contains some 36% of the world’s tropical peatlands, however, they are increasingly being destroyed to make room for plantation crops including oil palm and acacia. From 2000 to 2015, the country lost an average of 498,000 hectares of forest each year. 0.5T CO2 REMOVED
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 11, 2021
June 2021 Update
Life is slowly starting to return to normal, and the gradual relaxation of restrictions includes those impacting the private rented sector. With the eviction ban coming to an end on 31 May 2021 and notice periods beginning to reduce, we're slowly but surely returning to normal. We all have our fingers crossed hoping further restrictions will be relaxed on June 21st, however still remain vigilant at this time maintaining social distancing and keeping everyone safe. Our office has been open now for a while with normal opening hours, but some of us are still working from home when we can. Pre-pandemic priorities also appear to be back on the government's agenda, with the Queen's Speech confirming that proposals for the Renters' Reform Bill will be released in autumn. Graeme and the The Property Genius team EVICTIONS BAN ENDED ON 31 MAY 2021 AND NOTICE PERIODS BEING REDUCED TO FOUR MONTHS The government has confirmed that the evictions ban ended on 31 May 2021, however, bailiffs have been asked not to carry out an eviction if anyone living in the property has Covid-19 symptoms or is self-isolating. From 1 June 2021, notice periods - which had previously been extended to six months' notice - will be reduced to four months' notice. The announcement also said that, "subject to the public health advice and progress with the Roadmap", notice periods will return to pre-pandemic levels from 1 October 2021. Courts will continue to prioritise the most serious cases, such as those involving fraud or anti-social behaviour, with many of the evictions waiting to be enforced when the ban lifts, predating the pandemic. Notice periods for the most serious cases will remain lower. We're still keeping in touch with your tenants to ensure that we're up to date on their current situation. If you have any questions or concerns, please feel free to get in touch. GOVERNMENT CONFIRMS THE RENTERS' REFORM BILL WILL BE MOVING FORWARD The Renters' Reform Bill - first announced in late 2019 - is back on the agenda with the Queen's Speech confirming the government's intention to "enhance the rights of those who rent". In the briefing notes to the speech, the government announced that it would outline its "reform package" for the private rented sector in the autumn. This is set to include abolishing Section 21, as well as strengthening repossession grounds for landlords under Section 8 when they have valid cause. The government will also outline proposals for a new ‘lifetime’ tenancy deposit model that eases the burden on tenants when moving from one tenancy to the next, helping improve the experience of those living in the private rental sector. If you have any questions about the Renters' Reform Bill and what it could mean for the private rented sector, don't hesitate to get in touch. OUR RENTAL MARKET PERFORMANCE OVER THE PAST MONTH The rental market roared back to life in May after a steady start to 2021, with void periods diminishing across the country, according to the latest Goodlord Rental Index. Despite the sales market taking centre stage following the stamp duty-induced frenzy, the increasingly strong performance for lettings is set to dominate the narrative this summer. Across the country, voids are tumbling and rents continue to be more resilient than predicted. 0 Likes
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.
Mar 5, 2021
7 Tips to Increase the Value of Your Home in Chorlton, Manchester
Increasing the value of your home in Chorlton, Manchester is a smart way to go further with your investment. Even if housing prices naturally increase in the area as it develops, renovating and improving your Chorlton, Manchester home will boost its value even further. Between improving its aesthetics for yourself, and increasing the financial value for when you sell, here at Property Genius we want to share with you our top seven tips to get you there! 1. KEEP YOUR PROPERTY IN GOOD REPAIR Regularly deep clean your property, stay on top of any mould and damp, and generally aim to fix any issues as they arise. This will keep your home in great condition and help you spread out the cost of maintenance. In return, you won’t have to heavily negotiate on the price of your home when the time comes to sell, or risk it being actually unsellable because a small issue became a big issue simply because it wasn’t handled at the time. 2. INSTALL AND NURTURE FRONT AND REAR GARDENS Front and rear gardens are a great way to improve the overall look of your property, and almost 1 in 5 buyers want these features. As a bonus, you’ll have a project that will keep you fit, out amongst the nature, have a beautiful home, and a lovely place to sit! Tip: Many people today are looking to live more sustainably. Having beautiful gardens is a great way to start, as it offers a breath of fresh air even in the density of a city. To really appeal to these buyers, however, consider investing in a kitchen garden. Something that can be easily maintained, such as a wall of herbs, for example as this can really help sell your home. 3. ADD CHARACTER FEATURES TO YOUR PROPERTY Far too often, beautiful character features get removed, so consider adding them in! Change lighting fixtures and fittings to options you find characterful or quirky, replace flooring to incorporate hardwood, add mouldings, beams and even an open fire or log burner. These character features add to the beauty of your home and can become a true selling point later on. At the very least, these character features will help your property stand out against the others in your area and make it easier to sell your property quickly. 4. IMPROVE YOUR HOME ENERGY EFFICIENCY In terms of adding value to both the sale price and your wallet now, improving your property’s energy efficiency is key. This means replacing windows if they are not double glazed – or if they are very old, as double glazing loses its efficiency over time – it means insulating your home and changing the main doors so that they are better sealed. It could also mean investing in a new heating system. Central heating is a popular option, but there are many alternative means to heat a home that are even more efficient. If you get these changes done early, you can lower the cost of your utilities, and boost the value of your home. 5. ADD A BEDROOM Adding a bedroom will instantly put your property into the next price bracket. A two-bedroom home will never sell for as much as a three-bedroom home, and if you have a sizeable loft you have the perfect opportunity to convert it. For even better results, add an ensuite! Tip: Adding a home office or a playroom can be just as lucrative as adding a bedroom and can be done at a much lower cost. Add a rear extension to your property and use that extra space to make room for a downstairs office or child-friendly zone. With the rise of remote working, both of these options will appeal to working professionals and parents. 6. RENOVATE THE BATHROOMS Modern bathrooms can look fantastic and help you feel like you have a spa in your own home! They can also increase the value of your property. Bathroom remodels are one of the top renovations that buyers and homeowners want done for their property, and new technology and materials are better than ever at keeping the room sealed and your home free of damp. 7. RENOVATE THE KITCHEN Kitchen styles come and go, and chances are the kitchen you inherited when you bought the house is not to your standards or tastes. Renovate with timelessness in mind and remember to ensure your kitchen’s value is in line with your property’s value. A successful kitchen renovation can boost the value of your home significantly, but make sure you stay within your budget so that you see the value back. For expert advice on increasing the value of your home in Chorlton, Manchester, contact the team at Property Genius on 0161 881 3028 today.
Jul 15, 2020
Green Homes Grant Scheme
You may have heard about the Green Homes Grant Scheme in the announcement recently together with the Stamp Duty Land Tax ‘Holiday’. To further clarify what this is and how this may apply to you, I’ve set out a few points that are worth considering: The scheme starts in September 2020. It is a requirement as a Landlord to hold an EPC Energy rating report, which will show you the energy efficiency of the buy-to-let property. If you are thinking of improving this rating then this could be a great incentive to do so. The grant is up to £5,000 but could be as high as £10,000 dependent on certain circumstances. It is anticipated that the Government will pay up to two-thirds of the cost of making a home more efficient. At present, there is very limited information with what this will mean for Landlords as the guidance has not yet been fully published. Typical examples of qualifying improvements include, but are not limited to; Insulation Heating Double glazing Draught-proofing Renewable energy features such as solar panels and heat From reviewing the guidance so far, this looks to be treated very much the same way as any other grant that has so far been given to the public to help with finances during this crisis. What I mean by this is that it will not be repayable, unlike the Coronavirus Business interruption Loan or the Bounce Back Loan – which are what they say on the tin – Loans! So there you have it! Two great savers to help you with your buy-to-let portfolios! Book a discovery call in with me and let’s find out if I can help you put a plan in place to take advantage of the current help that’s out there! Contact details: Mellissa Dean FCCA (Director) M: 07740293463 E: hello@innovateadvice.co.uk W: www.innovateadvice.co.uk
Jul 14, 2020
Stamp Duty Land Tax “holiday”
I’m certain you will have heard all the buzz around the new help and support that the Government announced in the mini-budget last week. You are no doubt eager to find out if any of this will apply to you so I’m here to give you the key facts that have been made thus far. The chancellor announced that Stamp Duty will not apply to main residences which have a value of up to £500,000. Prior to this announcement, SDLT was payable on any value over £125,000, or £300,000 if this was a first-time buyer purchase. But what does this mean for Landlords, if this has been specifically mentioned for main residence properties? You will be pleased to hear that buy to lets and second homes are also eligible for the saving, however, the 3% additional SDLT remains payable at the same rates as they always have been following the same rules and guidelines. A small amount of guidance has been published at this point. Higher rates for additional properties The 3% higher rate for purchases of additional dwellings applies on top of revised standard rates above for the period 8 July 2020 to 31 March 2021. The following rates apply: Property or lease premium or transfer value SDLT rate Up to £500,000 3% The next £425,000 (the portion from £500,001 to £925,000) 8% The next £575,000 (the portion from £925,001 to £1.5 million) 13% The remaining amount (the portion above £1.5 million) 15% If you have your property portfolio trading as a Limited company, you can also benefit from the increase, as will companies that purchase a residential property of any value where they meet the relief conditions from the corporate 15% SDLT charge. Be mindful that there has been no change with the filing deadlines for submitting SDLT paperwork, and any purchases under the £125,000 still require there to be a return filed to HMRC. At present, it appears that if you have exchanged contracts, but not yet completed up to the date of 8th July, then you are able to claim this relief and the purchase will only be subject to stamp duty at a rate of 3% on values up to £500,000. Unfortunately, if you completed contracts prior to the 8th July then you have missed out on the relief. There is currently no recourse to claim this back, even if you were only a couple of days out. This is only a temporary free and on 1st April 2021 rates will be returned to the original applicable rates. Book a discovery call in with me and let’s find out if I can help you put a plan in place to take advantage of the current help that’s out there! Contact details: Mellissa Dean FCCA (Director) M: 07740293463 E: hello@innovateadvice.co.uk W: www.innovateadvice.co.uk