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PRS Tenants Could Be Hit With Rent Increases Despite Falling Inflation

PRS Tenants Could Be Hit With Rent Increases Despite Falling Inflation

PRS Tenants Could Be Hit With Rent Increases
Despite Falling Inflation

The increase in demand for rental properties in the UK’s private rental sector (PRS) from would-be tenants could drive local rental prices through the roof in some parts of the country according to a new report published by the Association of Residential Letting Agents (ARLA).

According to data published in the latest ARLA monthly Private Rented Sector report 31% of letting agent members recorded an increase in the cost of monthly rent for rental properties in UK regions between January and February this year.

41% of letting agents in the South East of England reported landlords increasing rental prices for their properties. However, in Wales only 13% of letting agents reported landlords increasing rental asking prices.

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Unprepared Buy-To-Let Landlords Spend More Money Because They Fail To Plan Ahead

Unprepared Buy-To-Let Landlords Spend More Money Because They Fail To Plan Ahead

Unprepared Landlords Spend More Money Because They Fail To Plan Ahead

UK private rented sector landlords and property investors need to factor in repair costs into calculations and annual budgets in order to have a better understanding of the profit they are actually making from their investment property.

Rental properties will suffer wear and tear on fixtures and fittings over time, however many property investors who hold property and become landlords fail to adequately allow for rental property repairs or budgeting for essential maintenance costs when calculating the potential yield that they can get from an investment property.

Property investors and landlords should make use of the best landlord insurance deals they can find and plan for expensive repairs in advance, where possible, holding back enough funds to pay for unexpected repairs in a rental property.

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Avoid Tenant's from Hell

Avoid Tenant’s from Hell

As thousands of people struggle to sell their properties in the current financial climate, many are turning to renting them out in order to move on with their lives. However this comes with its own problems and responsibilities that many people are not really prepared for.

Being a landlord means you have legal responsibilities towards the housing of others. In order to stay on the right side of the law, provide a place where people want to live and avoid tenants from hell, it is recommended that landlords should seek to use recognised and trusted professional services to help them operate their rental property business and educate themselves before it’s too late.

The most common concerns faced by new landlords regarding offering a new tenancy are:

  • Background of tenants
  • The rent / rent arrears
  • Property maintenance
  • Insurance
  • Legal compliance

Tenant Referencing

Every landlord wants to avoid the tenant from hell, someone who doesn’t respect where they live, the neighbours or the landlord and who doesn’t pay the rent. Tenant referencing can help landlords avoid bad tenants and professional referencing should include:

  • Credit Check
  • Employers / Accountants Reference
  • Landlords / Managing Agent’s Reference
  • Financial Review
  • Bankruptcy Search
  • Anti Fraud Check

Rent Guarantee

With the current financial unrest still being felt by many people, employment uncertainties and austerity measures still emerging, it can be a worry for landlords and their tenants about being able to pay the rent on time.

The rent can be guaranteed providing that the conditions of the rent guarantee insurance are met, usually meaning that the applying tenant must be credit checked and properly referenced prior to the start of the tenancy.

Property Maintenance

Landlords may need to provide repairs or conduct regular maintenance on their rental property in order to maintain their income producing asset. They may know a bloke from the pub that can do the job but it is recommended to use recognised tradesmen to do any work on the property. Repairs will be done to the correct standard and tradesmen should be professionally registered with their respective federations to ensure quality. Any repairs involving gas can only be conducted by a GasSafe registered engineer.

Insurance

Landlords need to ensure they have adequate insurance for the protection of their rental property, many mortgage providers demand proof of insurance. There are a multitude of different insurance products on the market but it is recommended that landlords protect the landlord’s contents within a property as well as the fabric of the building. This means fixtures and fittings such as the kitchen and bathroom suite are insured. Find out more here

Legal Compliance

Self managing landlords need to ensure they are compliant with over 70 separate pieces of government legislation and a raft of local authority regulations. There are a number of useful governement resouces that can be found on the web, however, it is recommended that landlords seek professional property management agents to ensure that all the correct legal requirements are met.

 

Channel 4's Secret Agent Talks Tradesmen

Channel 4's Secret Agent Talks Tradesmen

Hiring a trusted tradesman can be a daunting prospect for many landlords, especially if it’s a big job on a rental property.

Specialised jobs such as electrical repairs, gas central heating boilers and plumbing jobs require an experienced, time served and qualified tradesman.

However, there are pros and cons to hiring a tradesman.

The advantage is a good quality end result; as a good tradesman will always do a quality job that lasts and looks good.

Beware of cowboys as many landlords and private residential property owners have been on the wrong end of escalating repair works where problem after problem seems to crop up and the overall costs increase massively.

Skilled tradesmen are able to troubleshoot and use the wealth of their years of experience to rectify issues, often finding cost effective ways to overcome problems.

Building a good relationship with any tradesman can often be down to choosing the right one in the first place. Tradesmen who can provide references and recommendations from previous clients are worth their weight in gold, according to Channel 4’s “Secret Agent” Phil Spencer, who says “Three is the magic number when it comes to getting quotes: provide a clear brief outlining the work that needs to be done, with an estimate of your budget. Recommendations are a must, word-of-mouth is often the first point of call, but a choice of three tradesmen is always a plus”.

Read Phil Spencer’s full article on tradesmen for MyPropertyPowerTeam.co.uk here

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