Tag: #hmolandlords
How to Do the Basics Brilliantly: Key Tips for Landlords in Manchester
Have you ever wondered how some landlords seem to run successful portfolios and others don’t seem to crack the rental property puzzle? In our experience, we’ve seen what the best do that the rest don’t. And the answer is surprisingly simple; they do the basics brilliantly. The best landlords have weathered many storms over the years, from interest rate rises and market turmoil to regulatory and tax changes. And they’ve seen countless Prime Ministers, Chancellors and Housing Secretaries (there’s been a revolving door in that department) come and go. The key learning here is they don’t get too worked up [...]
Avoid These Common Pitfalls as a First-Time Landlord in Manchester
Despite overblown media reports of a wave of landlords selling up due to regulation changes and new government policies, property remains a viable long-term investment for many. For first-time landlords, however, common pitfalls can turn a promising venture into a stressful experience. Avoid these six mistakes to ensure your property investment journey gets off to a smooth start. Underestimating costs One of the biggest errors new landlords make is underestimating the ongoing property maintenance costs. Repairs, safety inspections and void periods (when your property is empty) can quickly eat into your profits. Budgeting for unexpected expenses and having a contingency [...]
The Surprising Demographic Shift Taking Place in the Manchester Rental Market
First-time buyers might be getting older, but when it comes to landlords, it’s a different story. A new survey* has found that in the past nine years, there’s been a drop in the average age of landlords in the UK. Back in 2014, the average age for a landlord purchasing a rental with a buy-to-let mortgage was 46.4. By 2023, that figure was down to 42.9. Age breakdown Young adults are often presented as economic lightweights who fritter their cash away on avocado toast and pumpkin spice lattes. But take a deeper dive into the figures, and it’s clear [...]
How to Choose a Manchester Letting Agent
Great letting agents make a world of difference to their clients. They're star performers who keep tenancies running smoothly, properties well-maintained and landlords on the right side of the law. But not all letting agents are equal. Unfortunately, a small minority are rogue operators with ulterior motives. So how can landlords find a reputable, legit letting agent to manage their rental? Let's find out. But first, a cautionary tale This story, recently reported by the BBC, is a prime example of what can go wrong if you get hoodwinked by a rogue agent. A [...]
How Letting Agents in Manchester Support Landlords and Tenants
A good letting agent can make a world of difference for both landlords and tenants. Here are ten things a top-notch letting agent does to provide outstanding service: Tenant Vetting and Screening A reliable letting agent conducts tenant screening (often called referencing) to ensure potential tenants are compatible with the financial obligations and responsibilities of the tenancy. Doing so reduces the risk of payment issues and helps support a harmonious tenancy for both tenant and landlord. Property Marketing Savvy marketing is crucial for attracting quality tenants quickly. The best letting agents use professional photos and accurate descriptions, and advertise on [...]
Buying Your Manchester Rental Property: What You Need to Know
If you feel totally at home in your rental property, you may daydream about buying it from your landlord. So, what issues come into play when you want to buy the property that you’re renting? Let’s take a look. Be realistic While it’s not unheard of for a tenant to buy their rental, it is uncommon. One reason for this is timing: the tenant needs to be in a financial position to buy the property at the same point as the landlord is looking to sell. Understand the commitment involved There are benefits to [...]
The Dos and Don’ts of Deposit Deductions: Advice for Manchester Landlords
When a tenancy ends, there’s often confusion – and sometimes disputes – over what a landlord can claim as a deposit deduction. So, let’s look at what’s reasonable to claim and how to avoid deposit disputes in the first place. A landlord can deduct funds from a tenant’s deposit to cover*: Unpaid rent or bills. Damage caused by negligence or recklessness. (The tenant should return the property in the same condition as at the start of a tenancy.) Anything in the property at check-in that is missing at check-out, such as furniture, appliances and smaller items such as lampshades or [...]
How Landlords in Manchester Can ‘Grow’ Trust with Tenants
Gardens can boost a rental property’s appeal, often making it more attractive to potential tenants – especially during May, as spring is here and summer is around the corner. But, as beneficial as they may be, gardens can also be a source of friction between landlords and tenants, particularly when it comes to maintenance responsibilities. To skilfully swerve such disputes, landlords should adopt a proactive approach. Here are five straightforward strategies to help keep your garden an asset, not a liability. 1.Simplify garden designs Choose garden designs that are both appealing and easy to maintain. Opt for plants that require [...]
Five Things Manchester Landlords Should Consider before Buying a Property Abroad
Investing in a buy-to-let abroad can be a tempting prospect. Owning your own little piece of paradise while earning a rental income can seem like a win-win scenario. However, it’s essential to have realistic expectations about the challenges landlords face when managing a property overseas. Here are five things to consider before investing in an overseas rental. The distance factor : Managing maintenance and repairs is difficult when you live hundreds of miles away (especially if you don’t speak the local language). As a result, most landlords get an agent to manage the property for them. As you won’t be [...]
What You Need to Know if You Inherit a Rental Property in Manchester
If you’ve just inherited a rental property, then you may be wondering what your options are. While you won’t need to make any decisions on the spot (it usually takes many months to settle an estate), it’s good to start thinking about the issues you’ll have to address in time. The first is what you intend to do with the property. Assuming you don’t want to move in yourself, your options are to: Continue to rent the property out. That way, you’ll earn a monthly income and have a long-term investment that you could later pass [...]
What Manchester Couples Need to Know before Moving In Together
If talk between you and your partner this Valentine’s Day turns to living together, there are a few practical things you should know first. Here at Myhouse Agents, we pride ourselves on being as helpful as possible. But dishing out relationship advice is a step too far – even for us. So, if you’re considering moving in with your partner, we’ll leave the big decisions and lovey-dovey stuff down to you. However, if you decide to co-habit, we have some useful, albeit unromantic, advice for you. It’s based on insights we’ve gained over the years from [...]
Is Your Manchester Rental Property Ready for Winter?
Forecasters predict this winter will be cold and dry – making it likely we’ll get lots of snow. While this is excellent news if you’re a skier, if you’re a landlord, it means there’s no room for complacency when it comes to maintenance and repairs. Freezing temperatures can cause all sorts of property damage, so it’s vital that your rental is ready for the tough months ahead. Here’s a list of seven ways to winter-proof your property to avoid expensive repair bills and ensure that you and your tenants can rest easy on cold, dark nights. [...]
How to Make Sure Your Manchester Rental Property Is Safe
Many people are under the assumption that being a landlord is an easy ride. Get your tenants in, collect the monthly rent and that’s it, you’re laughing. Sounds like a dream… Unfortunately, it’s far from the truth, as most experienced landlords and agents will tell you. Unless you’re lucky enough to have long-term tenants, every time a new lot of renters move in, there are lots of checks to be made, forms to sign, letters to send and on it goes. One thing that should never be ignored or delayed are your annual safety checks. As a landlord, [...]
Should You Include Bills in Your Monthly Rent for Your Manchester Property?
Tenants’ needs and wants are always changing. A decade ago, broadband was a luxury, now it’s a necessity. Since the pandemic, properties with outside space are more popular than ever. So how can you make your rental property as attractive to tenants as possible? Recent research by property bods at Rightmove has found that ‘bills included’ is now one of the most popular search terms currently used by prospective tenants, overtaking ‘pets’ and ‘garden’, marking yet another change in what renters want. What does this mean for private landlords? Many landlords running Houses of Multiple Occupation offer bills [...]
What to Do If Your Tenants Fall Out
Joint tenancies can be a great way for friends and couples to share costs and a steady source of income for landlords – but they’re not without their challenges. Friends can fall out, couples can split up, and rows about who used all the loo roll or spilt red wine on the carpet can escalate into toxic disputes. Sadly, the current cost of living crisis, which is causing much anxiety among renters, may further complicate things. According to a recent survey*, three in five people living in shared accommodation say rising energy bills are a source of [...]
What Your Tenants Need to Know on Moving-In Day
Want to get your new tenancy off to a good start and safeguard against future disputes? Then here are some important things you should tell your tenants on moving-in day. Let’s face it, finding good tenants and getting all the relevant paperwork ready for a new tenancy is hard work. As well as arranging viewings and reference checks, landlords have to finalise the contract, compile an inventory and take meter readings. By the time all this is done, most landlords are itching to get the moving-in formalities over with quickly and leave their tenants to unpack. [...]
Why Property Management is Value for Money for Landlords
As a landlord, you might have invested in property for additional income; maybe it’s a way to save for your future, or perhaps you’re an accidental landlord and had to rent your property out due to a change in circumstances. Whatever the reason, it’s a safe bet that you want to make a good return on your investment. But while you’re happy to use a letting agent to find tenants, when it comes down to it, you just can’t bring yourself to pay them to manage the property for you. This might just be one of your biggest mistakes. In [...]
How to Winter-Proof You Manchester Rental Property
Here are ten ways to prevent a minor mishap or major disaster at your rental property this winter. For many people, winter really is the most wonderful time of the year, a chance to crunch through frosty fields, make the perfect snow angel or snuggle up by the fire. But from a property perspective, winter can be hazardous, with snow, rain, ice, high winds and low temperatures all posing potential risks. Landlords who fail to prepare for these risks could face a hefty repair bill and a disrupted holiday season (not to mention the distress your tenants may experience if [...]
The Five ‘Rs’ of Making the Most of Your Property Portfolio
A property portfolio is a great way to generate income and build yourself a tidy retirement nest egg. But there’s more to it than shaking hands with new tenants and waiting for the rent to roll in. You need robust systems and a professional attitude to protect your investment and ensure you don’t wind up out of pocket or on the wrong side of the law. To find out what it takes to manage several rental properties, read our guide, the Five Rs of Making the Most of Your Property Portfolio. Responsibilities As a landlord, it’s important [...]
Is Rent Protection Insurance Really Necessary?
The rental market is a tough place to be, especially in the current economic climate. With the cost of living crisis leaving many tenants feeling squeezed, now could be the right time for landlords to invest in rent protection insurance. But is it really worth it, or just another expense? In this two-minute read, we look at rent protection insurance in detail to help you decide whether you need it. What is it? Rent protection is also known as rent guarantee insurance or landlord rent insurance. It protects landlords against loss of rental income if a [...]
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Are Manchester Landlords Recession Proof?
Recessions hit everyone right where it hurts: in the pocket. Everyone feels the pinch as prices rise and the cost of living spirals. Homeowners face the prospect of higher mortgage rates and rising bills. But what about landlords? Are they the Teflon of a credit crunch? According to finance experts at Investopedia, landlords not only survive recessions, but they thrive, as renting becomes more appealing than buying in the economic downturn. After all, owning rental properties guarantees them an income, or does it? In this quick read, we look at why landlords aren’t always immune to recessions [...]
How to Spot a Fake Landlord and Avoid Getting Scammed
Don’t let fraudsters swindle you out of your hard-earned money. Read on to discover what the ‘fake landlord’ scam is and how to protect yourself. The fake landlord ruse has been around for years, but current market conditions mean that some renters are particularly vulnerable to this con right now. Here’s how it works A fraudster posts a property for rent online, complete with photos (usually stolen from a legit website). Often, they advertise on online community noticeboards so they can take advantage of free listings. However, some fraudsters go so far as to create an authentic-looking lettings [...]
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https://www.youtube.com/watch?v=GOe-ozjboIo
How Manchester Landlords Can Save Thousands of Pounds
There’s a lot to think about when you are a landlord. You’ve got the ever-changing rules around rental property to consider. Then there’s ensuring your property is well maintained and your tenants are happy. Add to that the cost-of-living crisis, pressures on the economy and political instability, and you could be forgiven for thinking, ‘what’s the point?’. But before you sell up, let’s look at your alternatives. We believe that the best way a landlord in Manchester can run successful rental property portfolios is to work with an experienced, knowledgeable and conscientious letting agent. Now, more than ever, landlords [...]
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https://www.youtube.com/watch?v=Cj0sDBoabrA
Attention Manchester Landlords – Don’t Let Condensation Cause Sleepless Nights
This two-minute read looks at some simple steps landlords and tenants can take to reduce the risk of condensation causing mould, damp and disputes. What causes condensation? When moist air is cooled by contact with cold surfaces such as walls, windows or mirrors, the moisture condenses into water droplets, AKA: condensation. This can often cause unsightly mould and, in extreme cases, be unhealthy. Not just in terms of physical health but because it’s a common breeding ground for disputes between landlords and tenants. Why should landlords take it seriously? Condensation is more likely to strike when the [...]
Why You Need Generation Z to Rent Out Your Property
They’re young, they’re moving out of their parents’ homes, and they could be your next tenants. We’re talking about Generation Z, the workforce of the future and a generation that’s ready to pay rent. Over the next three years, it’s estimated that Gen Z (born between 1996 and 2012) will pay a larger share of the UK rent bill than any other age group, as found by property giants Hamptons. While it’s true that some 20-somethings choose to stay in the comfy nests made by mum and dad for a bit longer than other age groups, more and [...]
A Quick Guide to Setting Your Monthly Rent
As a landlord, you want to earn a good return on your property investment, but how do you decide what rent to charge? In the current market, rents are at an all-time high, but what’s the fairest way to set your monthly price? In this quick read, we look at how to calculate the right rental price for your property. Check out the local area While not all properties are the same, researching the local market is the first step towards finding out how much rent to charge. Use a combination of local agent sites and nationwide property portals to [...]
Why Manchester Buy-to-Lets Are Still a Good Investment
If you’re a landlord, chances are you’re feeling a bit hard done by at the moment. It seems like every other day, new rules and revisions are being announced around landlord and tenant law, which means you have to change the way you work and may face higher taxes. But is it all doom and gloom? Is it time to hang up your landlord hat and sell up? We definitely don’t think so. In this quick read, we tell you why investing in buy-to-let property is still a good idea if you’ve got the money (and [...]
How Manchester Landlords Can Beat Bug Infestations
If the idea of an insect infestation at your Manchester rental property makes your skin crawl, read on to find out how to beat the bugs this summer. No landlord wants uninvited visitors in their buy-to-let – especially the six-legged variety that spread disease, bite, sting and cause property damage. With insects breeding prolifically in warm weather, here’s a list of the little critters to be on the lookout for in your rental property. Flies: Common house flies reproduce in large numbers, so even if you only have a few buzzing around the place, this can change quickly. Flies [...]
Why Manchester Landlords Should Never Skip Doing an Inventory
A thorough inventory can save a landlord time and money and prevent messy end-of-tenancy disputes. So why do so many landlords rush this essential stage – or skip it altogether? In this quick read, we look at why an inventory is important and what you need to include in it. Picture this Your tenant of the past 12 months is leaving. You go to check them out and find a massive stain on the carpet, the sofa cover has been torn and there are lots of marks on the walls. Uh oh. You’re in a stand-off. [...]
Is Being a Manchester Landlord an Easy Money Maker?
Many people think that being a landlord is easy. Rent out a property, move some people in, sit back and rake in the cash… if only it was that simple. Any experienced landlord knows that owning rental property is hard, and it can be a 24/7 job in the event of any issues. Preparing a property for rent is just the first hurdle; ensuring your tenants are safe and the property is maintained are ongoing requirements. In this quick read, we bust some common myths about landlords and their obligations. Landlords don’t care about safety Wrong! It’s [...]
Why Landlords Should Conduct a Property MOT
It pays to sit down once a year and review how your buy-to-let is performing and flag up any potential issues looming on the horizon. A two-minute read. We’re all familiar with an MOT, an annual check-up to ensure your car is safe and good to go for the year ahead. Well, let’s apply the same concept to a buy-to-let investment. Even if your current tenancy is ticking along nicely, a property MOT can be a helpful exercise to ensure that you: Are up to date with government regulations and maintenance Have the right rental strategy Are [...]
WFH and Landlords: What You Need to Know
In our post-pandemic world, working from home (WFH) has become the new norm for many people. But as a landlord, you need to make sure your tenants are working in a way that doesn’t impact you negatively. Most of us think of WFH as sitting in front of a laptop or doing Zoom meetings wearing a shirt and tie with pyjama bottoms. However, there’s been a boom of small businesses cropping up, many of them based in flats and houses all over the country. In this two-minute read, we look at some questions to consider if you’re a [...]
Top Tips for Successful Property Inspections
Inspections are a key part of managing a tenancy so it’s imperative that landlords get them right. Here are some top tips to ensure landlords don’t miss a thing. A two-minute read. We’ve all heard the horror stories about nightmare tenants who trash a rental property, leaving the landlord up to their neck in repair bills and legal costs. Or maintenance issues that were left and became problematic. Thankfully, there are ways landlords can minimise these risks and one key strategy is to conduct regular inspections. Landlords are often diligent with inspections at the start of a tenancy, [...]
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Top Tips for Finding the Best Tenants
The secret to a smooth-running tenancy is good tenants. Here’s how to find them. A two-minute read. There are few guarantees in life, but we promise you this: let your property to a bad tenant, and your job as a landlord will get much more complicated. Expect to be out of pocket (due to missed rent payments and damage to your property) and stressed (dealing with nightmare tenants is, to state the obvious, a nightmare!). The key to avoiding this kind of turmoil is to find a good tenant who will treat you and your property with respect. This [...]
What Landlords Need to Know about Their Legal Responsibilities
This two-minute read explains how landlords can navigate their way through an ever-growing list of rules and regulations. There’s one rookie mistake that many first-time landlords make when they invest in property – and it can cost them dearly further down the track. While most newbie landlords mull over the obvious financial stuff – like rental income, repairs, mortgage costs and tax – they overlook one other crucial factor in the buy-to-let (BTL) equation: legal responsibilities. As landlords today must comply with more than 175 rules and regulations (many of which are constantly being tinkered with), it’s [...]
Guaranteed Rent or Guaranteed Stress?
As a busy landlord juggling a portfolio of multiple properties, you might be thinking about ways to reduce your workload or secure a regular income. Have you been enticed by promises of guaranteed rent? Guaranteed rental schemes or rent-to-rent (R2R, not R2D2) schemes are growing in popularity. But hold on for a minute, what do they actually mean? In a nutshell, it’s where you rent your property to a rent guarantee specialist who promises to pay you a certain amount every month and takes on the burden of managing your property. Sounds great, doesn’t it? But is [...]
Guide to Switching Letting Agents
This two-minute read looks at why landlords should change letting agents and how it can benefit them. Did you know that lots of people pay more for their phone bills, car insurance or Wi-Fi simply because the thought of changing providers is too stressful? This is like a lot of landlords – they stick with the same letting agent they’ve used for years just because it’s easier to stay put. We hate change. Why rock the boat? Sure, the boat may be leaking and have a dodgy fish smell, but is it really that bad? Well, dodgy [...]
A Landlord’s Guide to HMOs in Manchester
As a landlord, you might be thinking about how to get more value from your property. While the rental market for single tenancies is booming, have you considered a House in Multiple Occupation (HMO)? These days, HMOs are big business. In simple terms, it’s where a single property is made into multiple dwellings. And currently, the rental market is crying out for more. HMOs are no longer dingy bedsits of the past, they’re more like high-quality studio apartments under one roof. In this three-minute read, we take you through the basics of an HMO, what you need [...]
Four Things You Must Do If You’re an Accidental Landlord
If you’ve become a landlord due to unexpected circumstances such as bereavement or a new relationship, here’s some helpful advice. A two-minute read. It’s surprising how many people become landlords more by chance than design – or in other words, ‘accidental landlords’. Whether through inheritance, a change in a relationship or a new job, sometimes people find themselves in the (rather fortunate) position of owning a property that they don’t want or need to live in. And instead of selling up, the owner decides to rent the property out. While this usually works out well in the [...]
Reasons Why Your Manchester Letting Agents Can Save You Time and Money
As trusted local letting agents, we work with a lot of landlords. Finding tenants, managing properties, organising inspections – we take care of each step. However, more and more landlords are choosing to work alone, but is it as easy as they think? Here’s why we think working with an agent is the best way to rent out your property. Save time Even if you’re a full-time landlord, finding, vetting, and keeping tenants happy is time-consuming. While there are many online options for finding tenants, there’s a lot to be said for an experienced letting agent taking care of [...]
What to Do Before Renting Your Property to Family or Friends 👪
Here are some questions you should ask yourself before you rent your property to family or friends. Do they need to sign a tenancy agreement? Yes, yes, and yes again! They might be family, but they’re also your tenants and both parties need to know what is expected of them. For example, they might say they want to stay for 12 months but then leave after just six. Without a tenancy agreement, there’s nothing to stop them – putting your income at risk. Should I take a deposit? This is a personal decision that you need to make, [...]
Why Landlords Should Respond Promptly to Tenants (And Not Mess Them About)
When a tenant gets in touch, don’t faff about – a prompt response will save you time and money in the long run. A three-minute read. Picture this: you’re frantically busy at work, scrambling to meet an urgent deadline when your phone pings. It’s your tenant raising what seems like a pretty minor issue, so you make a mental note to get back to them in a few hours when things calm down. But time flies, and before you know it, days have passed, and you still haven’t taken action to address the issue raised. Most [...]
Reference Checks: Tips for Manchester Landlords
Don’t make the rookie mistake of cutting corners with reference checks – it’s a sure-fire way to wind up with a nightmare tenant. A three-minute read. When it comes to tenant selection, there’s a saying that all landlords should heed: Go with the right tenant, not the first tenant. Sometimes, landlords are so eager to see rent payments rolling in that they treat the reference checking process as a tick-box exercise rather than an investigative one. But rushing to greenlight the first person willing to take your property can come back to haunt you. What do [...]
EPCs Are Changing. Landlords in Manchester Are You Ready?
Calling all landlords! Have you checked your buy-to-let property’s Energy Performance Certificate (EPC) rating lately? No? Unfortunately, there have been some legal changes that might mean you’ve got some work to do (and money to spend), so you need to keep reading. An EPC details how energy efficient a property is, recommends how to improve efficiency, and gives a general idea of associated costs. At the moment, a rental’s EPC must be a rating of E or above as per the Minimum Energy Efficiency Standards (MEES) and should be updated every ten years. However, the government [...]
How Not to Decorate Your Rental Property in Manchester
In this two-minute read, we explore some common mistakes landlords make when it comes to décor. Are you a landlord with a new rental property? Are you about to decorate? Step away from the colour charts, put down the paintbrush, and read on. Sometimes, it’s hard to separate your personal taste from your rental. After all, you’ve paid a lot of money for it, and you’ve probably invested time and effort getting it ready for the rental market. Here’s what to watch out for: Getting too creative Your rental property is NOT your home. You’ll probably never spend more [...]
When Evictions Are the Only Option 👨⚖️
This three-minute read explores the reasons why evictions happen and how they are carried out. Getting to the stage where you have to evict your tenants is difficult for everyone involved and should always be considered as a last resort. It might be deemed necessary when: The tenant isn’t paying the rent The tenant has abandoned the property The tenant has broken a term of the tenancy Due to the pandemic, the rules have changed as to when you can start eviction proceedings. Also, different tenancy types have different rules as to the process. There is a very specific process [...]
How to Switch Letting Agents (It’s Easier Than You Think)
In this three-minute read, we look at what’s involved in changing letting agents. If your letting agent is delivering sloppy service or hitting you up for extra fees, then it’s time to think about switching. Many Manchester landlords mistakenly think changing agents is a messy and complicated process, but it’s relatively simple. Why change? Most landlords switch because they’re unhappy with the level of service they’re getting from their agent. It’s time to consider switching if: - You find yourself doing more and more of the legwork when it comes to maintenance, repairs, and safety checks because the agent is [...]
Capital repayment Mortgages – the pros and cons
How People in Manchester Can Give a Gift to Future Generations This Christmas Who says you can't have a great time this Christmas AND do your bit for Planet Earth? In this two-minute read, we look at some simple things people in Manchester can do to make the festive period as eco-friendly as possible. There's been some positive vaccine news starting to come out in the UK and across the world. But the news around our planet's health isn't as rosy. On Wednesday (2 December), United Nations Secretary-General António Guterres urged nations to make radical changes before [...]
A Tell-Tale Sign That Your Letting Agent is a Cowboy
In this two-minute read, we explain why your letting agent should be part of a client money protection (CMP) scheme. The lettings sector used to be the Wild West of the property market, with a small group of unscrupulous agents giving the industry a bad name. Thankfully, the introduction of stricter regulations in recent years has sent many cowboy agents riding off into the sunset. But no industry is perfect, and landlords and tenants still need to be wary of rogue operators. If you’re looking to do business with a letting agent, one of the first things you should [...]
Manchester Landlords Are Still Making These Mistakes
In this three-minute read, we take a look at the most common rules and regulations that Manchester landlords need to remember. Being a landlord is a tricky business. There are nearly 200 different pieces of legislation covering the how, why, and when of managing a rental property. Here are just four that landlords are often not getting quite right. 👨⚖️ Deposit protection In England, Scotland, and Wales, the deposit must be registered with a deposit protection scheme. The 2021 UK Landlord Survey found that 81% of landlords find registering their deposit difficult. The deposit must be registered within 30 [...]
Buy-to-Let Mortgages: What Landlords Need to Know
In this three-minute read, we compare the different types of buy-to-let mortgages. When choosing the right buy-to-let mortgage, landlords face a key decision: go with an interest-only deal or opt for a capital repayment arrangement. Both options have their pros and cons. Let’s take a closer look. Interest-only mortgage Your payments only cover the interest on the loan and have no impact on the capital. Pros Lower repayments Your monthly repayments are lower than that of an equivalent capital repayment mortgage. For example, with a 25-year interest-only mortgage of £200,000, monthly repayments would be £573 (4.45%, fixed for [...]
Top Tips for Manchester Landlords about Garden Maintenance🏡
In this three-minute read, we look at who is responsible for maintaining the garden at a rental property. The most significant property trend to emerge from the pandemic has been the surge in demand – from buyers and renters – for properties with gardens. The race for space is undoubtedly good news for landlords marketing properties with a garden, balcony, or courtyard. And it’s not just easier to rent out a property with a garden; it’s more lucrative, too. New research shows renters are willing to pay on average 25% more for a home with a garden*. But letting [...]
How Manchester Landlords Can Avoid a Tenant Nightmare
In this three-minute read, we look at what can go wrong if you side-step tenant reference checks and wind up with a bad tenant. New landlords often flirt with the idea of ditching traditional tenant selection processes and taking a DIY approach instead. After all, there are so many ways to source tenants these days – like Gumtree or social media – why bother with anything else? Trust us, side-stepping a formal selection process may seem like it might save you time, but it can be so much costlier in the long run. Wind up with a bad tenant [...]
Six Reasons Why Manchester Landlords Shouldn’t Get Lax with Inspections 🧐
In this three-minute read, we look at why regular inspections should be central to your property management strategy. When you’re a busy landlord juggling a multitude of responsibilities, it’s easy to let a crucial part of managing a property – regular inspections – slide. Landlords usually carry out inspections with clockwork regularity at the start of a tenancy, but things can get a little lax over time. Perhaps the tenant presents as a model citizen, and the landlord develops a false sense of security. (To which we say, remember Walter White, the unassuming science teacher turned crystal meth baron [...]
Do Manchester Landlords Need to Register with the ICO?
This two-minute read takes a look at the ICO and what Manchester landlords need to do. Back in 2018, the rules around the General Data Protection Regulation (GDPR) and data handling changed. Things like ‘This website uses cookies; do you accept?’ popped up everywhere. The ICO is the Information Commissioner’s Office and covers the whole of the UK. The ICO website explains that they are ‘The UK’s independent authority set up to uphold information rights in the public interest, promoting openness by public bodies and data privacy for individuals.’ It’s the law It doesn’t matter how many properties [...]
How Manchester Landlords Can Avoid Tenant Disputes about Cleaning
Here we look at ways landlords can prevent losing money in disputes about cleaning. It’s not just couples who bicker over who did or didn’t scrub the bathroom; landlords and tenants can often find themselves at odds on the thorny issue of cleaning. In fact, it’s the most common cause of landlord/tenant discord – 42% of end-of-tenancy disputes are about cleaning*. Here are some tips for Manchester landlords on how to avoid losing money on cleaning disputes. Be realistic Tenants should leave a property in the same condition it was in at the start of the tenancy – with one [...]
What Expenses Can I Put against My Tax Return as a Manchester Landlord?
This three-minute read guides Manchester landlords to declaring their rental income in the best way possible. If you rent out a property and receive a rental income from that, you must declare it. You have to pay tax on any profit. It doesn’t change your employment status to ‘self-employed’ though, as it’s considered an investment. Of course, HMRC can be more complicated than a day at Hogwarts. The best advice will be to seek professional advice from an accountant but we’ve picked out some key points to start you off. Start hoarding 🗄️ HMRC unimaginatively call this ‘record keeping’. [...]
What’s the Rental Return on Your Manchester Buy-to-Let Property?
A two-minute read to help you quickly determine the return on a buy-to-let property in Manchester If you’re looking for a property to rent out, it’s important to understand the numbers involved. You may have inherited a property and are thinking of letting it. Use the information here to identify if that is a prudent thing to do or if the capital from selling the property could be better invested. Find the numbers The simplest way to work out your gross return on a rental is to estimate some numbers. You can have a browse on the property portals [...]
👨⚕️International Nurses Day: How People in Manchester Can Say Thanks 🙏🏼
We celebrate those working in the noblest of professions – nursing. As it’s International Nurses Day next week, we thought we’d share this brilliant quote with you: “Save one life, and you’re a hero. Save 100 lives, and you’re a nurse.” International Nurses Day is on 12 May (the birthday of Florence Nightingale, the founder of modern nursing). It’s a chance to thank a profession that has given so much during the pandemic. Nurses have served on the Covid-19 frontline for more than a year, delivering high-quality professional care along with unstinting compassion and kindness. This was most apparent at [...]