Posts with tag: Spring clean

Spring clean your investment strategy in five steps from SevenCapital

Published On: March 18, 2020 at 9:03 am

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Categories: Landlord News

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Here’s some positive news for you all to counteract the stress that everyone is currently under – this Friday marks the first day of spring! We will soon be seeing longer days and hopefully better weather.

For those looking to carry on improving their business, these tips from SevenCapital will help you to spring clean your investment strategy!

A new financial year is on the horizon, which for investors may bring new interest rates, changes to tax relief and, importantly, an opportunity to give your portfolio a timely spring clean. These five steps from Andy Foote, director at SevenCapital, aim to help revive your investments to boost your financial health for the year ahead:

1. Keep your interest up

Checking interest rates can feel like a dull task, but it’s worth it to make sure that your wealth is accumulating the maximum it’s able to. Is the amount of interest you can earn on your investments – for example an ISA – still at or higher than the rate you initially signed up with, and is it one of the best rates on the market that are available to you? 

If you plan to keep investing into an account relying on interests, doing this can make a big difference when you crunch the numbers for the long-term. If your portfolio includes property be sure to review mortgage rates and/or reassess whether now is the right time to leverage any equity built-in property to finance any new purchase.

2. Don’t let tax become taxing

Making sure you’re up to date with your tax returns, up to speed on tax regulations and clued up about any upcoming changes is crucial. But evaluating your taxes owed versus your income is, it goes without saying, also crucial. 

This is particularly relevant for property investors as we come into the final phase of buy-to-let mortgage interest tax relief adjustments this spring. How will the changes impact your finances? Are you a private investor that might benefit more from transferring and running your properties through a limited company, or vice versa?

3. Stick to the (right) track

Your investments might still be “working”, but are they still working as well towards your end goal as you need them to? Maybe your circumstances have changed – do you need to rethink your investments to be able to stay on track to meet your goals, or have they changed for the better and can you afford to reach your goals within a quicker time-frame? If you’re a property investor, could you leverage any equity for improved returns with a bigger portfolio?

4. Stay true to yourself

Have your priorities changed or are you happy with where you are? If your priorities have changed, do your current investments fit in with that? Whether your goal is short- or long-term, taking the time to look at what you really want and where you are is important. 

Are you an experienced investor who used to enjoy the risk and reward of the stock market, but now lack the time or energy to keep on top of it as much as you used to? Or have your immediate returns versus long term growth changed? Taking the time to review your own priorities is important to making sure your portfolio delivers for you.

5. Remember variety is the spice of life

Many a wealthy manager will tell you that holding a diverse investment portfolio is the ideal situation. Others may tell you that property is completely the way to go, historically demonstrating a doubling effect every 15-20 years and producing both growth and yield. What you invest in, when and how are your choice, but there is truth in the saying “don’t put all your eggs in one basket.” 

No investment is 100% safe, so if you can afford to, it’s worth investigating whether you can invest in a few different products. If you’re a property investor and you’re dead set on property, ask yourself how can you diversify your property portfolio so that you’re not reliant on just one type of property performing well. Could you diversify by location, unit type, or via a mix of commercial and residential? There are lots of options to consider.

Spring cleaning property can save money

Published On: May 1, 2015 at 9:40 am

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Categories: Landlord News

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With Summer fast approaching, landlords could be excused for thinking about beach-bodies and sun-tan lotion as opposed to broken boilers and large-energy bills. However, now is a great time for them to give their property a full Spring clean, in readiness for the Winter months.

Spring is arguably the best time of year to give all home appliances a full MOT, to help plan for avoidable costs and misdemeanours in six months time. Additionally, if things are discovered to be awry, homeowners can take their time to consider the best solution, with contractors subsequently having enough time to complete necessary work before the cold months arrive.

Furthermore, for larger work, such as replacing a boiler, this will be more cost-effective during warmer months and will negate the chance of having to go without heating in colder times. What’s more, demand for skilled traders is typically less in the summer months

Landlords must remember that a delay in providing heating repair can result in tenants legally withholding their deposit.

With this in mind, landlords should consider the following Spring cleaning tips to ensure that their property is in the best possible shape: 

  • Bleed all radiators

To make sure that all radiators are working efficiently, landlords should bleed them during the Spring months. If radiators have cold spots, there is air within the system, therefore they need to be bled to solve the issue.

Bleeding radiators can be achieved by turning the system off, then turning the radiator key until the air stops and water runs smoothly. On switching the system back on, the issue should have been resolved.

  • Exclude the draught

Landlords should ensure that all windows and doors within their property are sufficiently sealed to stop air getting out. Draught excluders are a great way of achieving this and can dramatically cut down on heating bills as a result.

  • Hear the alarm

Despite being common practice, landlords should make sure that smoke and carbon monoxide alarms are only fitted but are regularly tested.

Spring cleaning property can save money

Spring cleaning property can save money

  • Look after your boiler

During the warmer months landlords should check the efficiency of all boilers in their portfolio. Boilers should be at the correct pressure and should be topped up as necessary.

Hot water tanks should also be sufficiently wrapped so that all hot water is insulated. Materials to do this are readily available in most DIY stores and could be invaluable in saving landlords both heat and money.

  • Insulate

Cracked or broken pipes are a big problem in many UK homes during colder periods of the year. To help prevent this, landlords can make sure that their pipes are securely insulated by using pipe lagging, which again can be purchased from most DIY shops.

Landlords should also look at insulating both the loft and cavity walls of a property, if they are suitable and have not already been done.