Tag: #landlord
Calling Manchester Landlords – It’s Nearly Time to File Your Tax Return
If you’re a landlord, the deadline for filing your 2023-2024 income tax return is fast approaching. Here are some important things you need to know. When to file your tax return Self-employed landlords need to file their tax return (and pay any tax owed) each year using the self assessment system. For the 2023-2024 financial year, this must be done by 31 January 2025 (unless HMRC has notified you otherwise). If you don’t, you will receive an automatic £100 penalty. This will increase the longer you delay. This doesn’t apply if you own your property [...]
Mould Prevention: Why Tenants and Landlords in Manchester Need to Work Together
Despite greater awareness and tougher legislative measures, mould can still be a significant issue for landlords and tenants. A new survey has found that 43% of tenants have experienced problems with mould and damp in their rental*. And cases appear to be becoming more – not less – prevalent. Experts attribute this to changing weather patterns (sadly, we’re getting more rain than ever in the UK)**. High energy prices don’t help either, as cash-conscious tenants are now more frugal when heating their homes. (Keeping a property at a moderate, consistent temperature helps prevent mould.) How can this trend be [...]
The Renters’ Rights Bill: Three Things Manchester Landlords Should Know
The Renters’ Rights Bill is a big news story in the property rental world right now. And there are lots of myths and inaccurate information being punted around. In this article, we’ll give you straight answers to three of the most common questions landlords are asking us. Will I be able to evict tenants if I need to? The honest answer is: yes and no. All tenancies will be periodic tenancies. There will be no fixed-term shorthold tenancies as there are now. Tenants will be able to stay as long as they wish. But if your tenants break the [...]
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 [...]
Top Tips for Attracting High-Quality Tenants in Manchester
Some landlords, actually many, have an ‘if it ain’t broke, don’t fix it’ approach to their rental property’s upkeep. But by proactively refurbishing and modernising your rental properties, you can realise a host of benefits that will attract premium tenants and add long-term value to your investment. Here are seven ways why, and how, astute property upgrades benefit forward-thinking landlords. Attract premium tenants: By upgrading your rental, you ensure it meets high standards, making it more likely to be rented quickly, thus minimising those dreaded void periods. Create better landlord-tenant relations: A well-cared-for property often inspires respect and care in [...]
FAO Manchester Landlords: What Makes a Property a Good Investment?
There are five fundamentals to consider when thinking of buying a rental property. Whether you’re a seasoned investor or taking your first step into the rental property market, make sure you understand what makes a place a good investment. Here are five points to consider carefully: Location, location, location. The age-old mantra is as relevant as ever. A property’s location can significantly impact its desirability and, consequently, its value. Look for areas with strong growth potential, good infrastructure and accessibility to amenities like shops, good schools and public transport. Up-and-coming neighbourhoods or those in the regeneration process may offer particularly [...]
Renters Reform Bill: An Update for Manchester Landlords
After years in the making, it looks like the Renters Reform Bill – the biggest shake-up of the private rental sector in decades – will become a reality in 2024. So, how much do you know about this wide-reaching set of proposals, and are you ready for them? Be prepared Perhaps you’ve read a few articles about the bill but have put off getting to grips with the details (after all, politicians put forward all sorts of proposals, many of which never happen). Or maybe you’ve taken the ostrich approach, hoping it will go away. [...]
How to Stop Vermin Invading Your Manchester Home
What’s cute, has a bushy tail and could cause thousands of pounds worth of damage to a rental property? Unfortunately, as sweet as they may seem, squirrels and their nests can be a nightmare for landlords and tenants. Once those little grey beasts make themselves at home in a property, you’ve got trouble ahead. A report by general insurers LV= found that claims caused by squirrel infestations jumped up by 51% last year. Why do the furry critters do so much damage? Squirrels’ teeth never stop growing, so they chew and chew and chew some more to file [...]
What You Need to Know if Your Manchester Landlord Decides to Sell Your Rental Property
As a tenant living in a rental property, you need to be aware of your rights. Fortunately, due to recent reforms in legislation, you’re now more protected than ever when it comes to matters of eviction and deposits. But what if your landlord tells you they’re planning to sell the property where you live? First things first, don’t panic. If you’ve signed a tenancy agreement, your landlord must stick to it, even if they’re planning to sell the property. In this quick read, we look at some questions you might have if your landlord decides to sell. [...]
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 [...]
Turn Your Manchester Rental Property into Somewhere You Love
Whether your rental property is a blank space you just sleep in, or it’s a new family property, it’s important to make it feel like home. So, how can you fall in love with your rental without breaching tenancy rules? You could be a long-term renter or maybe a flat-sharer, but one thing is for sure, making the space your own will immediately change the way it looks and feels. In this quick read, we look at ways to love your rental without falling foul of any tenancy agreement rules and stipulations. Check what’s allowed Before [...]
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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https://www.youtube.com/watch?v=SL6updwk9xc
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, [...]
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 [...]
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 [...]
Two Top Tax Tips for Manchester Landlords
This two-minute read includes some handy tax advice for landlords. Our tax system is often criticised for being complicated and unwieldy, but by following two simple rules you can take the stress and hassle out of filing a return. Rule Number 1: Do your homework Raise your hand if you find the subject of tax dull? You’re not alone, many people cite tax as a conversation killer (right up there with religion and politics). And because they find it boring, they don’t bother to learn much about it or keep abreast of rule changes. The problem [...]
How to Make a Spare Room Work Best for You
We look at what you can do with a spare room to ensure you’re making the most out of it in this two-minute read. Now’s the time to give your spare room some serious thought about how to make the best use of this extra space in your home. Especially after the past 18 months we’ve all experienced, which have changed the way many people use it. Below are seven things you can do to create a room that suits your lifestyle and situation. Home office 🧑💼 – Yes, we know you may already be doing this but have you [...]
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https://youtu.be/6GKbuO4Uf-8
Are You a Landlord or a Property Investor in Manchester?
In this two-minute read, we look at the differences between landlords and property investors. What’s the difference between a landlord and a property investor? Aren’t they the same thing? Does one rent out properties and the other sell them on? If these questions have got you scratching your head, read on. Long term vs short term Keeping it simple, a landlord makes a regular income from renting properties to tenants. They are responsible for maintenance and managing the property. It’s also likely that they hold onto the property for the long term. A property investor is trickier to define. [...]