Considering Entering the Buy-to-Let Market

 

Benefit from our experience to help identify the perfect buy-to-let property


 

Hot properties

Location 
Look for a quiet road with an easy walk to public transport and open spaces, shops and restaurants.

Aspect
Good natural light will always attract tenants.

Balanced accommodation
Look for properties with a good layout and well-proportioned rooms. Avoid basement flats without good gardens and high-level flats without a lift.

Convenience
Built-in cupboards and good storage space are vital. Well-equipped kitchens and first-class bathrooms (with under floor heating) score highly too. Good heating is essential.

Approach
What is the street like? Would the surroundings appeal to your target market? If you have a flat, keeping communal areas tidy and attractive should be a priority.

 

Helpful hints

 

At Kompas Homes we’re happy to share our informed advice and knowledge.

Always put yourself in the shoes of potential tenants
By providing an attractive letting property, you’ll be able to attract better tenants and reduce empty periods.

Leave a little left-over 
Avoid the temptation to spend so much on buying your property that you can’t afford to bring out its maximum potential. If you need to make improvements, get them done. As well as letting benefits, they can add to the capital value of your property.

Look for double rooms
If a flat has two bedrooms, the second should be a double. A reasonably large single bedroom could still fit stacker beds or a 4' 6" bed. If you have only one bedroom, consider a sofa bed in the sitting room

Minimise all your property’s negative features
A badly shaped room will need all the design help it can get. A dark room should be lit in the best possible way – large mirrors can be a great help.

Supply attractive extras
Properties with a garden or terrace, working fire, power showers, built-in music system and sophisticated lighting are always more appealing.

Keep the property in first-class order
Redecorate and improve on a regular basis and between tenancies if necessary. Tired decoration and worn appliances won’t just reduce monthly rental, they also reduce appeal which leads to longer periods between lettings.

Decoration

Tenants are usually prepared to pay more to get more while a property in first-class order can usually be let more easily. Does your flat or house offer the following features to potential tenants?


 


Ready to go on the market?

Decoration

Tenants are usually prepared to pay more to get more while a property in first-class order can usually be let more easily. Does your flat or house offer the following features to potential tenants?

Fresh decorations – light colours, such as white or off-white, are always acceptable

High quality carpets of the same colour throughout. These should be light and neutral – biscuit/beige colours are popular, as are wooden floors.

Attractive, good-quality, well-lined curtains or blinds.

Well-maintained exterior and tidy, well-planted gardens.

 

Fixtures & fittings

All fixtures and appliances should be serviced before the start of the tenancy and in good working order. If you have instruction booklets, make them available or write out clear instructions for use. Your property should always offer:

A modern and well-equipped kitchen. Ideally there should be a washing machine and separate dryer (or combined machine to save space), dishwasher, large fridge/freezer and microwave.

A modern bathroom with an effective power shower, modern fittings and good lighting. Tiled floors are preferable to carpets.

Good wardrobe space in the bedrooms.

An efficient central heating system and plenty of hot water.

 

Furnished v Unfurnished

There's often no difference between the rental achieved for a property whether it is furnished or unfurnished.

'Unfurnished' is normally defined as being fully carpeted (or with wooden floors in the reception areas), fully curtained and with white goods provided in the kitchen.

'Furnished' is usually defined as being a property ready for someone to move into. The furniture needs to be good quality and the property should be uncluttered. We're more than happy to advise you on what should be left and what should be removed.

 

 


 

Show your property to its best advantage


 


Clean

Ensure windows are sparkling to let in more light.

Organise regular cleaning to keep property looking smart.

Make up beds with fresh linen.

Arrange professional cleaning before tenants move in.

 

Tidy

Make sure junk mail doesn’t pile up by the front door.

Arrange to have mail redirected.

Keep front garden cut back and tidy.

 

Light

Keep curtains fully drawn for maximum light.

Ensure light bulbs are working.

Organise attractive, ambient lighting.

 

Inviting

Set central heating to come on in winter. 

Open windows in summer. 

Ensure good ventilation all year round.


 

 

 

Useful Background Information.

 


Consents

If you have a freehold property with no mortgage on it, there should be no barriers to letting it out to tenants. If you have a leasehold property however, you must check your lease in connection with sub-letting and obtain the necessary consent if required. If you have a mortgage on your property, consent may also be needed from your lender.

 

Insurance

You’ll need to make sure both the property and its contents are fully insured. This is normally provided for in the Tenancy Agreement. You must inform your insurance company that the property is to be let, check that the conditions of the policy are complied with and that there are no restrictions on letting.

 

Utilities & council tax

As a general rule, tenants are responsible for paying all gas, electricity, telephone, water and council tax bills during their tenancy. However, you can make exceptions which should be covered in the Tenancy Agreement.

 

Inventories

We recommend that you create a detailed inventory for every tenancy. We can help you find a professional freelance inventory clerk who can do this swiftly and efficiently. This kind of agreement protects both you and your tenants. Under the terms of the Tenancy Agreement, the tenant must return the property and contents in the same state and condition as recorded in the inventory, fair wear and tear excepted. If you do want to make a claim for damages, the inventory will form the basis for any action.

 

Making your let simpler

Could you react quickly if the shower in your property broke down? Could you organise visits, compare quotes and ensure repairs were carried out promptly? It’s often minor inconveniences like this that can turn letting into a major headache.

·         That’s why, we offer a highly professional management service, designed to take care of any day-to-day problems. We’ll help you with:

·         The new rules and safety regulations governing residential lettings

·         Arranging all types of repairs, at very short notice if necessary

·         Access to an extensive range of competitively priced and reliable trades people

·         Liaising with tenants, offering a 24-hour emergency service and carrying out  inspections

·         Negotiating any end-of-tenancy claims Helping you enjoy favourable rates on contents and building insurance


 


Improving your property

Keeping your property in optimum condition will always pay dividends. Our specialist refurbishment possesses vast experience, knowledge and enthusiasm that is entirely at your disposal. If you have any questions about refurbishing your property, just come and talk to us.

From studio flats to six-bedroom houses, we have an excellent track record in helping you maximise your rental potential. Kompas Homes complete service covers everything from simple advice through to project management, all combined with access to trade prices on materials and trustworthy contractors.

 

Extending your lease

Recent changes in the law mean that it’s now easier for owners of rented flats to buy a lease extension of 90 years or to join with other leaseholders and buy the freehold. If you’re considering either of these options, turn to us first for expert advice and information.

Our specialist professional valuation department will be happy to help you on your way. Once we have your details, we will be happy to provide a detailed report setting out the likely cost of purchasing a lease extension or buying the freehold.

However, our service doesn’t stop there. When it comes to negotiating the price of your property with the freeholder, we can also act on your behalf and also help you find any other professional services as required. You can contact us at any time and we will offer informed advice to help ensure that everything goes smoothly until you have successfully extended your lease or bought the freehold. Want to know more? Call us on 0208 590 0002 or email us now at info@kompashomes.co.uk


 

2018-01-09T13:13:19+00:00