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Are Your Rental Properties Ready For Christmas?

Are Your Rental Properties Ready For Christmas?

Landlords Urged To Ensure Rental Properties Remain Occupied over Christmas Holidays

This is the time of year when most amateur property investors and landlords start to wind down ready to enjoy the festive session, whilst the more professional property investors and portfolio landlords start planning their goal setting for 2015.

However, there is one thing that landlords need to make sure of over the festive holidays – Will their rental properties be occupied for the whole of Christmas and New Year?

If tenants are going to be away over the Christmas period then they need to make sure that the landlord or their letting agent is aware, because the majority of rental property problems happen during the winter months, with the highest concentration of issues recorded over the Christmas and New Year holidays, especially if the tenants decide turn off the central heating in order to save money while they are away.

Bigger problems can also occur if the tenant decides to notify the whole world on social media sites that they are going away on holiday or to visit family and their rental properties will be empty!

The last thing landlords need is a call from your tenants or their neighbours because they think your rented property has been burgled, so any broken doors or windows will need repairing quickly, the same goes for tackling burst pipes!

Exclusive Content for PIN Academy Members

Exclusive Content for PIN Academy Members

PIN Academy members can check out these really useful informative and content rich posts that are packed with useful hints and tips that can be passed on to your tenants and of course they are very useful for your own residential property too!

* How To Keep Your BTL Property Winterproof

* How To Avoid Burst Pipes This Winter!

To view these useful threads you will need to join the PIN Academy, which has thousands of active members with various levels of property investment and landlord knowledge that is openly shared on the various forums.

There are plenty of comments about the Stamp Duty announcement and the industry reaction to it, plus revelations about the true value of holiday lettings, the revenge eviction bill, leaflet campaigns and a host of other interesting topics including exclusive offers for PIN Academy members.

To join me on the PIN Academy Forum – Click Here!

Tenants Share To Cut Living Costs

Tenants Share To Cut Living Costs

Private Rental Sector Tenants
still struggling to make ends meet

With the amount of would-be tenants looking for shared accommodation is reported to be up by 31% since 2011, suggesting that UK tenants are looking at sharing property with other tenants in order to counter increasing living costs and ensure that the rent is paid, however, Rent Guarantee Insurance is a better idea.

Research by house-share website Spareroom.co.uk found that for single tenants, renting property by themselves is not really an affordable option, so many tenants are turning to flat or house sharing in a bid to save cash.

The website recently surveyed its users and discovered that 51% had returned to flat and house sharing after previously renting property in the UK PRS alone or with a partner.

Spareroom tell would-be tenants that huge financial savings can be made by renting a room in a shared rental property, rather than renting the whole property.

The average cost of renting a one-bedroom flat in the majority of the UK, is £12,669 (GBP) per year (including bills), while the cost of renting a room in a shared rental property is just £6,079 (GBP) with bills included, a saving of £6,590 (GBP) per year.

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Discoveries That Change Property Investors Lives

Discoveries That Change Property Investors Lives

I was fortunate to attend the PIN National Conference at the weekend and I found the attitude of new property investors is far hungrier than my own property ambitions were when I first started out.

These days property investors are becoming far more creative than they were a few years ago and new ideas and investment strategies are emerging almost daily that enable investors to control and profit from property using other people’s money, other peoples mortgages and even ways to profit without actually owning property.

I started my property investment journey in 2005 when I bought my first property at a price that was significantly well below the true market value (BMV) and used that to leverage my position and raised enough finance to enable the purchase of a few more investment properties.

I entered the property investment arena reluctantly on the advice of my wife and I wish I had listened to her a few years earlier as I would have not dragged my feet and we would have bought significantly more investment properties before the peak of the UK property market was reached in 2007, followed by the property crash in 2008 as the financial reasoning of many western nations was rocked by the collapse of the US real estate market and the aftermath affected property markets around the world.

My wife had realised far quicker than I had that there was profit to be made in property and she set about educating me on the benefits. It was one of those discoveries that changed my life and I remain eternally grateful to Rachel for opening my eyes to the possibilities that property investment can bring.

The property crash forced property investors to examine the strategies that had previously enabled them to profit from property and the contraction of financial availability meant that investors had to become even more creative in order to obtain investment properties. Among the new strategies was the emergence of Lease Options (LO) as a method to control property without owning it outright in the UK. The opportunities seized on by property investors already existed and was already being used by investors to control residential property in other countries. This investment method kept savvy investors ahead of the game and has now become widely adapted as a mainstream strategy.

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More Struggling UK Home Owners Are Becoming Live In Landlords

Increase In Live-In Landlord Numbers

More home owners are becoming live-in landlords by putting their spare rooms to use and bringing in additional rental income.
The number of UK home-owners that are choosing to rent out a spare room in their own homes has increased by 19% during the last six months according to 2 of the UK’s leading house sharing websites.

The house sharing website Easyroommate claim that in February this year, the number of live-in landlords, (home-owners trying to let out spare rooms), has increased to 34% of the total number of users currently searching for housemates.

The website also reports a 5% increase of live-in landlords between January and February this year

A similar picture is also painted by Spareroom.com who reported a peak in lodger registration numbers in early January, resulting in almost 6,000 UK residential property owners renting out spare rooms by the end of the month.

Average flat share rental asking prices across the UK have also remained consistently at £368 for the last three months, following a marked increase in rents towards the end of 2011

January was a record month for new lodger numbers, up 15% on the previous record month last August. New lodger numbers in January were also up 83% on December 2011 and 22% higher than January 2010.

EasyRoomMate Director Jonathan Moore said: “With the vast number of home owners looking to boost their incomes during the recession, a growing number are waking up to the income trapped in their spare rooms. This is also compounded by the vast majority of people reluctant to downsize due to the loss of equity in their homes.”

With many home owners with grown up families and large properties struggling to keep on top of their mortgage payments, utility bills and accumulating personal debts, renting out a spare room on a short or long term basis has proved an easy way to earn extra income and keep mortgage payments covered.

However live in landlords are urged not to cut corners when accepting new tenants living in their homes. Legal 4 Landlords advise all landlords to at least thoroughly tenant reference all prospective applicants, so that they know more about the person moving into their homes.

SpareRoom puts the average UK room rent at £398 per month, with London bucking the trend with rents ranging between £542 and £677 (GBP) per month.

Spareroom Director Matt Hutchinson, said: “It’s not surprising that the lodger population is expanding so rapidly as home owners look for ways to boost their incomes. With the Government’s Rent a Room scheme allowing people to earn the first £4,250 (GBP) per year without declaring any tax on the income, it is still one of the easiest ways for struggling home owners to earn some extra cash. For some people, the monthly income from a lodger will be the difference between losing their home and keeping it. In parts of the country such as London, where demand for rented accommodation is soaring, live-in landlords are helping to ease the pressure on the rental market by providing an additional supply of rooms to meet increasing tenant demand.”

There Will Never Be A Better Time To Invest In Property

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