One usually thinks of a landlord as an experienced property investor, owning dozens of properties. However, sometimes people end up as a landlord by default, rather than by design.
Perhaps they have inherited property and want to rent it until local property prices increase. Or, maybe they have moved in with their partner or re-located for work, but haven’t sold their own property yet. Even the recent economic turmoil has created reluctant landlords, with some people forced to rent their homes to cover their mortgage payments while they try to find a buyer.
Whatever the reason behind their new found status as a landlord, they probably have a limited understanding of the current regulations and the procedures in the residential property rental market. Equally, they probably won’t have much time to dedicate to being a landlord. They will want simple solutions for their rental property, including help to advertise their flat and a tenant efficiently.
If you are about to become a landlord for the first time, here are a few important requirements to help you.
Be aware of the regulations and your responsibilities as a Landlord
There are certain regulations that apply to all residential rental property. Complying with these is the responsibility of the landlord – even if they use a letting agent. So as the landlord, it is up to you to adhere to the following requirements.
• If the property is mortgaged, you must tell the lender that it is going to be rented. If you don’t you could be in breach of contract and your lender could call-in the loan.
• If the property is a leasehold make sure you tell the freeholder about your rental plans and get their written permission.
• Get the right insurance. Normal buildings and contents cover does not provide adequate cover - you’ll be better off switching to landlord’s insurance
• The law requires a landlord to protect their tenants’ deposit in an official government-backed scheme, be it insurance-based or custodial.
• A landlord must provide a new tenant with an energy performance certificates (EPC) for the rental property.
• Make sure the property is safe by installing smoke alarms and have any gas appliances inspected each year by a CORGI-registered engineer. Any furniture included with the rental must comply with the current fire safety regulations.
How to find a tenant and let your property
Once you have all the paperwork in place and safety checks done, you’ll need to find a tenant. You could use a letting agent. They will know the local letting market and will be able to vet your potential tenant. Although you still need to make sure all the regulations are adhered to, you may find it easier to use an agent.
If you have the time and inclination, you could manage the property yourself. In which case, you will need to find a tenant and do all the paperwork yourself.
The good news is that these days you can use the internet to advertise your property. The specialist property website u-rooms.com uses all of the power of the internet to advertise rental property. This approach will help you to find a tenant easily. Plus, at £12.99 per listing it is cost effective, and well worth considering even if you are using an agent to manage your property.
Whether you decide to find a tenant and manage the property yourself or leave it to a letting agent, you should get references from the potential tenant’s employer and previous landlords. A credit and ID check should also help to put your mind at rest.
Being a landlord needn’t be a chore
Getting used to being a landlord may take a while. If you find yourself suddenly thrown in at the deep end as a landlord, you will need to be aware of your responsibilities. You could use local letting agents to help you manage the property. However, if you decide to go it alone, using an online website to advertise your property will make it simple to find a tenant.
Thursday, July 1, 2010
Right Time to Purchase
In common with the rest of Europe, the property market in Spain has been affected by the economic downturn. However, Spain remains the favourite destination in Europe for British buyers and property in Costa Blanca is still a popular choice and selling if the price is right.
The area will always be attractive to foreign visitors, due to its beautiful beaches, extensive tourist amenities and sunny climate. Its name means the White Coast and was coined by BEA in 1957, the year that flights began between London and Valencia. The region extends from Denia in the north to Torrevieja in the south and includes the major tourist destinations of Benidorm and Alicante. The Costa Blanca plays host to many hundreds of thousands of tourists every year and, of these, a significant proportion own a second property in the area, which they have bought for their own vacation/leisure use, as an investment or as rental income, or as a mixture of all three!
It is certainly a buyer's market at present, with many bargains available on property for sale in Costa Blanca. Official figures show that house prices have fallen in the region of three per cent but, in reality, reductions are far greater than this, with some developers offering discounts as much as forty per cent off, representing some of the best deals ever seen in the market. Villas in some developments which have been advertised for sale at 350,000 euros are now being snapped up for less than 250,000 euros. A wide choice of properties for sale is available in this part of Spain, ranging from beachside villas and town houses to more economical apartments. For even cheaper property, the less crowded outskirts of the surrounding cities should be considered.
When looking at property for sale in Costa Blanca, it is a good idea to visit the area in winter as well as summer, to see what it is like out of season. Some less populated areas can seem rather isolated in the cooler months. Check out the heating systems too! It is also advisable to "try before you buy"; in other words rent a few different villas and flats in different parts of the region before you commit yourself to buying. The Costa Blanca comprises a huge area of Spain and, as such, there are great differences between the various towns. Cheap flights are available during less popular times, with the most convenient airport based at Alicante. Do not limit yourself solely to estate agents in the immediate area, as national agents will also have plenty of properties for sale on their books. Check out the Web, as many agents as well as private sellers will advertise through this medium. Above all, take your time in finding the right property. There are plenty of good investments to be had on property in the Costa Blanca right now and you should not allow yourself to be pressurised.
The area will always be attractive to foreign visitors, due to its beautiful beaches, extensive tourist amenities and sunny climate. Its name means the White Coast and was coined by BEA in 1957, the year that flights began between London and Valencia. The region extends from Denia in the north to Torrevieja in the south and includes the major tourist destinations of Benidorm and Alicante. The Costa Blanca plays host to many hundreds of thousands of tourists every year and, of these, a significant proportion own a second property in the area, which they have bought for their own vacation/leisure use, as an investment or as rental income, or as a mixture of all three!
It is certainly a buyer's market at present, with many bargains available on property for sale in Costa Blanca. Official figures show that house prices have fallen in the region of three per cent but, in reality, reductions are far greater than this, with some developers offering discounts as much as forty per cent off, representing some of the best deals ever seen in the market. Villas in some developments which have been advertised for sale at 350,000 euros are now being snapped up for less than 250,000 euros. A wide choice of properties for sale is available in this part of Spain, ranging from beachside villas and town houses to more economical apartments. For even cheaper property, the less crowded outskirts of the surrounding cities should be considered.
When looking at property for sale in Costa Blanca, it is a good idea to visit the area in winter as well as summer, to see what it is like out of season. Some less populated areas can seem rather isolated in the cooler months. Check out the heating systems too! It is also advisable to "try before you buy"; in other words rent a few different villas and flats in different parts of the region before you commit yourself to buying. The Costa Blanca comprises a huge area of Spain and, as such, there are great differences between the various towns. Cheap flights are available during less popular times, with the most convenient airport based at Alicante. Do not limit yourself solely to estate agents in the immediate area, as national agents will also have plenty of properties for sale on their books. Check out the Web, as many agents as well as private sellers will advertise through this medium. Above all, take your time in finding the right property. There are plenty of good investments to be had on property in the Costa Blanca right now and you should not allow yourself to be pressurised.
Huntsville AL Homes
Homes For Sale Huntsville, AL: A Fun Time Utilizing These Simple Steps
Many people are overwhelmed by the entire home purchasing process, from selecting a lender, Realtor, the right location, and the right property. There is no need to make a mountain out of a mole hill when starting your home search. Use the following tips to make the buying experience a breeze.
The very first thing you should do before looking at the first home is to get with a mortgage lender and get a pre qualification done. The reasoning behind this is so you will know before you ever start your search how much house you can afford. All to often, people want to start looking at houses before they know for sure whether they qualify for the specific price range or not.
Once you are able to get with a lender and determine what your comfortable purchasing range is, you should move on to selecting a Realtor who will have your best interests in mind. All to often, people think they should go about their home search without the proper representation. The problem with this way of thinking is that most times the home they are buying has a Realtor involved who is looking out for the sellers best interests and not theirs. Unfortunately, people can get taken advantage of it they are not very familiar with the whole home shopping and purchasing process.
Next, once you have been pre approved and have decided on a Realtor, you should sit down with your agent and determine the criteria you want in home. The other, and probably most important consideration is choosing a location. You want to be in an area that is established with good schools, low crime, and some expected conveniences. To many people are price shopping for homes and don't think to consider that the market dictates home pricing and often a good deal may not be that because of the location.
Finally, you should make your home purchase decision based on common sense and not emotion. Emotional purchases often end up based as some things buyers wouldn't normally accept are overlooked because of their emotions. Be sure to base your final decision on logic based on your needs, budget, and the location of the property.
Many people are overwhelmed by the entire home purchasing process, from selecting a lender, Realtor, the right location, and the right property. There is no need to make a mountain out of a mole hill when starting your home search. Use the following tips to make the buying experience a breeze.
The very first thing you should do before looking at the first home is to get with a mortgage lender and get a pre qualification done. The reasoning behind this is so you will know before you ever start your search how much house you can afford. All to often, people want to start looking at houses before they know for sure whether they qualify for the specific price range or not.
Once you are able to get with a lender and determine what your comfortable purchasing range is, you should move on to selecting a Realtor who will have your best interests in mind. All to often, people think they should go about their home search without the proper representation. The problem with this way of thinking is that most times the home they are buying has a Realtor involved who is looking out for the sellers best interests and not theirs. Unfortunately, people can get taken advantage of it they are not very familiar with the whole home shopping and purchasing process.
Next, once you have been pre approved and have decided on a Realtor, you should sit down with your agent and determine the criteria you want in home. The other, and probably most important consideration is choosing a location. You want to be in an area that is established with good schools, low crime, and some expected conveniences. To many people are price shopping for homes and don't think to consider that the market dictates home pricing and often a good deal may not be that because of the location.
Finally, you should make your home purchase decision based on common sense and not emotion. Emotional purchases often end up based as some things buyers wouldn't normally accept are overlooked because of their emotions. Be sure to base your final decision on logic based on your needs, budget, and the location of the property.
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