Investors: Where to invest?..

where to invest in a property

It is well known; It all comes down to location, location, location. To be more specific, the proximity of the property to key transport links, tube, train or Elizabeth line. A property that would provide the tenant with mobility.
It is common knowledge that 75% of tenants want to live 5-10 minutes walking distance from the transport links and most prefer to be 30-40 minute commute to work.

How to identify the best areas to invest?

Any area that has signs regeneration is taking place, lots of cranes, developments would be a clue. This is followed by investors coming to the area and taking up retail and commercial spaces.

Outer area such as Croydon, Colindale, Royal Docks and Canning Town are expected to generate good returns with a low entry cost, anticipated to increase due to regeneration plans.

Consider what type of investment you are looking to make

  • New build
  • Property in a regeneration area
  • Property in an already established area

Which one is right for you depends on your personal circumstances and preferences. There is no right or wrong answer….

West London Property Networking

Please contact Pelin Martin to book a 30-minute free property consultation on

+0208 994 7327

pm@bluecrystallondon.co.uk

Virtual property viewings: you can have your weekends back…

virtual viewings

Everybody knows the routine to rent or buy a property; view as many properties as possible, exhausting your time and taking away from precious recreational time.
We also have the option of going through countless photos and floorplans online. This becomes our social life, watching the agent talking about the property with great enthusiasm, while you are utterly disappointed inside.
Now there is a solution, Virtual Walkthrough, the new software has been created by a Central London based software company.

The Virtual Walkthrough is created with a 360 degree camera and 3D pictures. You can literally go up the stairs  and wonder around any room. The experience is very similar to Google street view, instead you are in the property and can walk around.

This is the closest thing to a viewing without actually viewing and save your valuable time.

 

West London Property Networking

Please contact Pelin Martin to book a 30-minute free property consultation on

+0208 994 7327

pm@bluecrystallondon.co.uk

How to rent your home while working abroad- Property Management Agency

Find a Property Manager
Being an expat and a landlord can be tricky. Although you might be on the other side of the world, you still are responsible for your tenants and managing the property. A qualified and effective property manager could be your closest ally in this endeavour.
According to www.StartLivingAbroad.com, working with a property manager in your home country can make your life much easier. The property manager will help you find tenants, check in on your property, coordinate property repairs, billing, contracts and keep you informed of news and events going on with your tenants. Most of all, they’ll give you the peace of mind to live and work comfortably while abroad.

 

Find a Property Manager
Being an expat and a landlord can be tricky. Although you might be on the other side of the world, you still are responsible for your tenants and managing the property. A qualified and effective property manager could be your closest ally in this endeavour.

Landlord Insurance for beginners
Working with a property manager in your home country can make your life much easier. The property manager will help you find tenants, check in on your property, coordinate property repairs, billing, contracts and keep you informed of news and events going on with your tenants. Most of all, they’ll give you the peace of mind to live and work comfortably while abroad.

9 Signs of a good tenant
Property managers typically charge around 10 to 15 percent of what you get for monthly rent to the manager. Also, many larger management companies work for communities that have multiple homes, and won’t take on an individual who is renting out his or home. That limits the pool of potential managers for you to hire.
Here are a few resources that can help you find a property manager:
• The National Association of Residential Property Managers (www.narpm.org)
• All Property Management (www.allpropertymanagement.com)
• Manage My Property (www.managemyproperty.com)

Unexpected costs of being a landlord
How to Be Your Own Property Manager
If you really want to maximize your income, you can rent your house or apartment on your own, but there are some things you need to consider, such as repairs. As the landlord, it’s incumbent on you to get repairs done in a timely and effective manner. Find a reliable repair person, and develop a relationship with him or her. If you’re offering steady work, you should be able to negotiate a good rate.
You also should have a family member or close friend serve as a contact person for the tenant when issues arise such as a tenant not paying rent on time, or making noise that results in complaints from a neighbor.
You’ll also need to handle paperwork, such as applications and a rental agreement. Some resources for free agreements:
• The Law Depot (www.lawdepot.com)
• Rocket Lawyer (www.rocketlawyer.com)
• EZ Landlord Forms: (www.EZlandlordforms.com)

Are you planning to evict your tenant?
Knowing what’s going on in the home you own is natural, but checking in isn’t as easy as it may seem. Your apartment or house will be the tenant’s home, and tenants have a right to privacy. In general, a landlord is not allowed to enter a tenant’s home to “check in” on things, and needs cause to do so. Setting up security cameras is out, as that can be considered stalking, and could even lead to criminal charges.
The best bet is to have people you know and trust drive by the home and check for signs. Also, if a repair is needed, the person making the repair can give you an update about the apartment. But be careful here, just because the tenant isn’t caring for the home the way you would doesn’t mean he or she is in violation of the landlord-tenant agreement.

West London Property Networking

Please contact Pelin Martin to book a 30-minute free property consultation on

+0208 994 7327

pm@bluecrystallondon.co.uk

Expat guide: Tax implications: renting out your UK home- Residential Property Management London

Many expats rent out their UK properties instead of selling them when they move abroad. This can provide income, make sure they have a base to return to and make it easier to obtain further mortgages later on.
It can be tempting to cut out the middle man, find tenants and manage the maintenance and rent collection yourself – thus saving agency fees.
The drawback is that dealing with tenants and maintenance issues directly can be stressful and time consuming. It’s an even bigger hassle if you happen to live in a different time zone.
In addition, when tenants move out, inventories must be carried out, repairs done and the return of the deposit negotiated.

Many expats rent out their UK properties instead of selling them when they move abroad. This can provide income, make sure they have a base to return to and make it easier to obtain further mortgages later on.
It can be tempting to cut out the middle man, find tenants and manage the maintenance and rent collection yourself – thus saving agency fees.

Are you buying a property to develop it and let it out?
The drawback is that dealing with tenants and maintenance issues directly can be stressful and time consuming. It’s an even bigger hassle if you happen to live in a different time zone.
In addition, when tenants move out, inventories must be carried out, repairs done and the return of the deposit negotiated.
“Having to manage contractors from a distance is tricky, and your visits to the property itself to check on the tenants and the property will be limited.”

What are the unexpected costs of being a landlord?
“In most cases DIY landlords will have to use an agent or a website to find a tenant, which will still cost them. The only reason I am able to work on this basis is having good friends and family living near my property who help out with checking the property and organising maintenance.”
You need to pay tax on your rental income if you rent out a property in the UK.
You may also need to pay tax if you make a gain when you sell residential property in the UK.
If you live abroad for 6 months or more per year, you’re classed as a ‘non-resident landlord’ by HM Revenue and Customs (HMRC) – even if you’re a UK resident for tax purposes.

What are the best ways to deal with rent arrears?
How you pay tax
You can get your rent either:
• in full and pay tax through Self-Assessment – if HMRC allows you to do this
• with tax already deducted by your letting agent or tenant
• Get your rent in full
• If you want to pay tax on your rental income through Self-Assessment, fill in form NRL1i and send it back to HMRC.
• If your application is approved, HMRC will tell your letting agent or tenant not to deduct tax from your rent and you’ll need to declare your income in your Self-Assessment tax return.
• HMRC will not approve your application if your taxes aren’t up to date, eg you’re late with your tax returns or payments.
Get your rent with tax deducted
Your letting agent or tenant will:
• deduct basic rate tax from your rent (after allowing for any expenses they’ve paid)
• give you a certificate at the end of the tax year saying how much tax they’ve deducted
If you don’t have a letting agent and your tenant pays you more than £100 a week in rent, they’ll deduct the tax from their rent payments to you.

Why buy to let?

West London Property Networking

Please contact Pelin Martin to book a 30-minute free property consultation on

+0208 994 7327

pm@bluecrystallondon.co.uk

Expat landlords, factors to consider when moving abroad-Manage my property

When moving abroad, many expats prefer to keep ownership of their primary home in order to generate an income by renting out their UK home. If you are moving abroad, or maybe you’re already a non-UK resident, and are considering renting out your home, there are a number of factors you need to take into consideration, both now and in the future.

 

When moving abroad, many expats prefer to keep ownership of their primary home in order to generate an income by renting out their UK home. If you are moving abroad, or maybe you’re already a non-UK resident, and are considering renting out your home, there are a number of factors you need to take into consideration, both now and in the future.

How to manage your long distance property rental

 

Managing your property and tenants

When renting out your home, you have a choice about whether you manage the property yourself from abroad, rely on friends/family to manage the property or find a property management agency who can manage your property for you.

If you choose to manage your property yourself, while you can save considerable costs, it can be considerably stressful. Things which you’ll need to consider include finding/replacing your tenants, being able to manage any repairs, being mindful of your tax residence status by returning home to manage your property.

Landlord Insurance for beginners

By choosing a friend or family member to help you rent out your home, you are placing the responsibility and stress across a relationship which can cause tension. They may not be capable of effectively managing your house, and this could lead to you having to manage the property anyway.

The final option is to find a letting agent who is skilled in managing the property. Typically the agency will charge a fee of between 10% and 15% of your rental income over the year in exchange for offering an intermediary service which ensures that the property is well maintained, there are tenants and also that rent is collected in a timely fashion.

How can you keep your tenants longer

·         Inform your mortgage company that you are moving abroad

·         Choose a reputable agent to manage your property

·         Choose a currency transfer specialist for the rental income

·         Be aware of the tax issues

West London Property Networking

Please contact Pelin Martin to book a 30-minute free property consultation on

+0208 994 7327

pm@bluecrystallondon.co.uk

Tips on keeping tenants happy- Rental Property Management

How to Keep Tenants Happy!
It is known fact that it takes significant time and money to attract and retain good tenants. It just makes good business sense to strive for happy, long term tenants in your rental properties.

How to Keep Tenants Happy!

It is known fact that it takes significant time and money to attract and retain good tenants. It just makes good business sense to strive for happy, long term tenants in your rental properties.

How can you attract the best tenants?

Below is a list of actions to maintain a great relationship with tenants:

Educating tenants when they first move in. They can’t follow the rules if they don’t know them.

Tenant screening check list

Be ready for them during the walk-through. When you do the rental home walk through with your new tenant, be sure you are handing over the keys to a property that they can be proud of. The condition of your rental determines the quality of your tenant.

Landlord Insurance for beginners

Stay on top of repairs. Nothing makes a tenant unhappier than when repairs aren’t taken care of in a timely manner.

Contacting your tenants the month after they move in. Ask them if everything is ok and make sure they know you’re available to them.

Send them a welcome letter. Let them know that you are glad to have them as tenants, and once again remind them how they can contact you in if there’s a problem.

How to handle bad tenants?

“Train” your tenants to pay on time. Be consistent with your early rent reminder communication as well as the timing of a letter if tenants are late.
Being a considerate landlord usually results in having happy tenants. Set the stage for a good experience at the very beginning to assure your tenants that they have made the right decision.

West London Property Networking

Please contact Pelin Martin to book a 30-minute free property consultation on

+0208 994 7327

pm@bluecrystallondon.co.uk