Written By Em

Em

Em Morley

Swipe Right for the Perfect Property!

Published On: February 14, 2016 at 10:43 am

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Categories: Landlord News

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Some of us might take to our smartphones to find the perfect partner this Valentine’s Day, but for property lovers, there’s another app that will deliver more promises than any stuffed animal or box of chocolates.

Knocker is the smartphone app that connects prospective homebuyers and tenants with their dream property. Simply swipe left or right to shortlist a selection of possible properties.

“This may sound brutal, but it’s the first stage in a selection process,” explains Jon Grant, one of the app’s founders. “What you then do with a shortlist is really up to you.”

Grant believes that Knocker has “changed the way that people look at properties, and made the whole process more immediate and responsive”.

It seems that the majority of buyers and renters already use the internet to search for their next home. So what does Knocker do differently?

To start with, you can simply walk down the street, spot a house for sale, load up the app and find out how much it costs – ideal for those who know exactly where they want to live and want to find out about prices in the area.

Swipe Right for the Perfect Property!

Swipe Right for the Perfect Property!

The Tinder-esque app will also help the over 50% of us that buy a property because we’ve fallen in love with it.

“I think most people know whether the property is for them within ten seconds of stepping into a place,” says Grant. “If the stars align, you’ll know if the property is just right, and feelings grow from there.”

So what makes us fall in love with a property?

Grant explains: “The key things are whether the property meets their need and their mental image of what they want from a home. I think if anything exceeds that even slightly, they could be hit by Cupid’s arrow.”

And it seems viewing a property really can be as romantic as that. Grant has found that how the property is presented, how the viewer is feeling, and factors such as the general environment and the weather that day can all play a part.

Although we may assume younger buyers are more likely to use an app like this, Knocker’s largest demographic ranges from 22-44, with most spending time to browse properties, shortlist their favourites and contact agents.

Landlords are also catching onto the trend. Grant has heard from numerous buy-to-let investors who “love using the app and have made purchases as a result of finding properties”.

He believes the benefit for landlords is being able to identify a particular street, understand prices in the area based on experience or what they see on the app, and find investment opportunities that they know will make them strong returns.

But should a landlord do what other buyers do and fall in love with a property? “Probably not,” says Grant. “It would be like a farmer naming his livestock!”

He continues: “I don’t think there’s anything wrong in having strong feelings towards an item in your portfolio, but a polarised emotion – such as love – might cloud overall objectivity.”

Knocker is most commonly used in fast-paced cities, where affordability and availability make it vital to be able to find a property quickly and efficiently. 20% of Knocker users have a property to sell, but are yet to appoint an estate agent. “We’re planning to do something about that really soon,” says Grant.

With changes to landlord taxes fast approaching, could now be the time to take the plunge and enter the speed-swiping trend?

Knocker might just be right up your street, as it’s proved to cast its matchmaking spell for many. “We know that users of our app absolutely love it, because they tell us, and then we blush a little,” adds Grant.

Visit the website and download the app here: http://knockerapp.com/?utm_source=Landlord%20News&utm_medium=Blog&utm_term=knocker%2C%20app%2C%20&utm_campaign=Landlord%20News

How to Fall in Love with Your Rental Home

Published On: February 13, 2016 at 2:27 pm

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Categories: Tenant News

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It’s unlikely that many of us will find our dream home in the private rental sector, but that doesn’t mean we can’t fall in love with a rental property.

If you don’t own a house, you don’t have free reign to decorate the place exactly as you’d like it and you’ll probably be moving on at some point in the near-ish future. So what can you do to give your rental property a personal touch?

Bring your things

How to Fall in Love with Your Rental Home

How to Fall in Love with Your Rental Home

First thing’s first, bring all of your furniture and ornaments with you. You may not think a vintage armchair will fit in in a modern flat, but having your favourite things around you will inject your personality into any property. Don’t buy new things simply to suit the place you’re renting – your home should reflect you. Being surrounded with some special possessions will help you feel more comfortable in a new environment.

Display your memories

Putting things up in your home isn’t restricted to hanging a few photos on the walls… Print out some special pictures of family and friends and buy new frames to display your loved ones. Do you have any cute cards that you’ve been sent recently? Put these out to cheer you up when you need it. And don’t leave keepsakes hidden away – any reminders of holidays you’ve been on or special occasions will keep a smile on your face.

Accessorise

You probably won’t be able to change the fixtures and fittings in your rental property, but don’t let this stop you; think about what you can alter. Choose a theme for each area of the home and find new items that will make the place feel like it’s been freshly decorated – this could be a new set of towels for the bathroom or some pretty candles to transform the atmosphere.

Make the most of the space

Your furniture will make all the difference in rental accommodation – they’re usually decorated with neutral colours, so some standout items will add interest and difference. Remember to consider the size of the rooms and choose appropriately sized pieces; you don’t want to feel crammed in if your furniture is too big. Making the most of the space you have will create a clear, calm feel throughout the property.

Don’t get in trouble

Fancy making a photo wall but don’t want to get in trouble with your landlord? You need to get your hands on Command Strips – they affix pretty much anything to the wall and don’t leave any residue when you leave the property. Perfect for tenants!

If you’re living in a private rental property, follow these tips to create a home you can really fall in love with.

Carry out mid-term inspections now, urges AIIC

Published On: February 13, 2016 at 10:01 am

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Landlords are being advised that now is the perfect time to carry out a mid-term inspection of their rental property.

The Association of Independent Inventory Clerks (AIIC) is calling for prompt inspections as many homes could be suffering from mould, generally caused by condensation issues.

Prevention

In order to prevent the problem from escalating, the AIIC urges landlords to carry out these checks on properties in the next few weeks.

‘Mould can be caused by a lack of ventilation or incorrect drying of wet washing-even if just one tenant is living in the property,’ noted Patricia Barber, Chair of the AIIC. ‘It can also be caused by on-going leaks both inside and outside the property, blocked gutters and missing roof tiles.’[1]

If mould is found to be present in a property, the AIIC advises that landlords should ensure that this is not due to external factors, lack of ventilation or any other issue that they can easily solve themselves.

Carry out mid-term inspections now, urges AIIC

Carry out mid-term inspections now, urges AIIC

Instructions

On the other hand, if a build up of mould is being caused by substandard living conditions, the landlord should inform their tenants of actions required in writing.

These should include:

  • reference to ventilating the property
  • wiping down walls and windows
  • using extractor fans
  • not putting damp washing on radiators or heaters
  • rubbing down and mould spores as soon as they are noticed

Barber concluded by saying, ‘if mould is not dealt with on a regular basis the resulting damage could cause both tenant and landlord a lot of money at the end of a tenancy.’[1]

[1] https://www.landlordtoday.co.uk/breaking-news/2016/2/landlords-urged-to-carry-out-mid-tenancy-inspections

 

Why Landlords Should Never Love Their Rental Properties

Published On: February 12, 2016 at 3:00 pm

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Many homeowners buy a property because they’ve fallen in love with it. But for landlords, this can be dangerous. Here, we explain why buy-to-let investors should never love their rental properties.

Investing in any asset class is a serious, and big, decision. It takes lots of planning and research, and should be considered from a matter-of-fact perspective. However, property is

Why Landlords Should Never Love Their Rental Properties

Why Landlords Should Never Love Their Rental Properties

often treated very differently.

We all think we understand property; most of us will own a home at some point. So taking the next step and creating a portfolio of investment properties may seem a natural progression.

So what’s the difference? Why can’t we love our rental properties?

To begin with, when you invest in property, you are seeking financial gain. It’s true; you may be seeking high capital gains on your own home, but judging by recent research, which suggests that homebuyers purchase a property because they love it, there is a more emotional connection with your residential property than with a rental home.

It is vital that when making a property investment purchase, the heart doesn’t rule the head. Naturally, lifestyle and location plays a vital part in purchasing any type of property, but don’t let your lifestyle or location of choice be an influence.

You may love an area and think it is the perfect place to live, but will tenants? Rental property locations are naturally different to owner-occupier locations – consider who will rent the type of house you buy; what they do, how old they are, if they have children…

Residential property is more likely to be a long-term investment than more traditional asset classes. Its success is measured over decades rather than years, and this permanence can give a sense of security. But remember, the type of property you buy, the location it is in and your target tenant must all match up.

Buying a property often requires a large loan and there are many regulations that you must follow when operating as a private landlord. You must ensure that the property is suitable and safe for renters, while still making strong returns.

While all of this is possible, it requires you to have your business head on when making the investment – let your tenants fall in love with the property instead.

For landlord guides and advice, remember to find the latest changes to the property market and landlord law on LandlordNews.co.uk.

Buyers Go £16k Over Budget When They Fall in Love with a Home

Published On: February 12, 2016 at 12:57 pm

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Homebuyers that fall in love with a property will spend £16,000 over their budget to secure the deal, according to a survey by Zoopla.

One in three (34%) homeowners admitted that they let their heart rule their head when buying their property, leading them to spend an average of £16,193 more than they had originally planned.

Buyers Go £16k Over Budget When They Falling in Love with a Home

Buyers Go £16k Over Budget When They Fall in Love with a Home

Around 44% of those that had gone over budget after finding a property too good to resist said it was love at first sight. We recently reported that over half of buyers purchase their homes because they’ve fallen in love with it. Read more: /buying-a-home-depends-on-whether-you-fall-in-love-with-it/

Fireplaces took the top spot for the property feature that is most likely to influence a buyer’s decision, with nice neighbours and good décor coming in second and third respectively.

Bay windows, original features, such as floorboards, walk-in wardrobes and freestanding baths can also sway property purchasers.

However, the property portal also found that falling in love with a property can cause rows between couples, with one in 12 pairs saying they argued when putting in an offer because one person was more infatuated with a home than the other.

The top ten reasons people fall in love with a property

  1. Fireplace
  2. Nice neighbours
  3. Nice décor
  4. Original features
  5. Bay windows
  6. Original floorboards
  7. Parquet flooring
  8. Walk-in wardrobe
  9. Range cooker
  10. Freestanding bath

Homeowners in the East of England have spent the most over budget for a home they love, paying £18,908 more than original planned. Those in the North West follow, spending £18,436 more, and Londoners, who fork out £17,386 more than they wanted to.

Homebuyers in Wales are more restrained, spending £9,591 over their budget. In Scotland, house hunters paid £14,152 more than they planned to.

The spokesperson for Zoopla, Lawrence Hall, says: “Buying a property is a significant financial commitment, and all house hunters want to find a home that they love, so it’s understandably a process often fraught with emotion.

“In a competitive property market where stock is low, demand is high, prices are rising and interest rates are at a historical low, it’s hardly surprising to see original budget levels creeping up.”

“However, buyers need to be careful to not let their hearts take over completely,” he warns. “The key to the process is to do as much research as possible before making an offer and striking a balance between the heart strings and the purse strings.”1

1 http://www.mirror.co.uk/money/16000–price-falling-love-7353275

Two-thirds of tenants saving for own property

Published On: February 12, 2016 at 11:28 am

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An interesting new report suggests that over two-thirds of tenants are saving for a deposit and are willing to move away from family and friends to get onto the property ladder.

A study conducted by PropertyLetByUs.com, one of the leading online letting agents, also shows that just under a third of tenants have given up on owning their own home.

Moving

46% of tenants said that they would only be able to afford a property if they were to move to a cheaper area. One in six said that they would consider a lodger to help them with their mortgage costs.

When asked how long they thought it would take to purchase a property, one third said within the next two years. Almost 20% said that they would be able to afford a home in the next three years, with 4% thinking it would take five years.

Over half of tenants aspire to move up the rental ladder before buying their own home, with 51% stating their intent to move to a nicer property when they can.

Two-thirds of tenants saving for own property

Two-thirds of tenants saving for own property

Saving

Jane Morris, Managing Director of PropertyLetByUs.com, noted, ‘despite the recent media attention on Generation Rent, our research shows that the majority of tenants are actively saving for a deposit and are looking to buy a property in the next five years.’[1]

‘Savvy tenants recognise that they may have to look further afield for properties they can afford. Many are prepared to move to areas that are some distance from their friends and families,’ Morris continued.[1]

Morris went on to point out, ‘the latest stats how that a growing number of young people are renting for longer. According to PwC, almost 60% of 20-39 year-olds in England will rent their homes by 2025, while just 26% will have got on the housing ladder. This younger age group will find it increasingly difficult to buy and are likely to be older than previous generations, before they can afford their own home.’[1]

Concluding, Morris said, ‘what is clear is that the majority of tenants still aspire to purchasing a property. But many tenants recognise that they will have to make sacrifices and compromise, so they can afford to buy a home of their own.’[1]

[1] http://www.propertyreporter.co.uk/landlords/majority-of-tenants-saving-for-first-home.html