Buying a property to develop and let it out. The 5 most important ways how a Property Management Agency can help you make your idea a success..

Experts in property management know which are the most profitable areas to look for your new property buy, depending on the type of let you have in mind. To explore your options realistically, it is important to start with a clear idea of what your budget is and how flexible you can be with it

 

Great transport links are always a plus, as it is staying away from busy and noisy traffic. But, depending on the letting market you are aiming for, an agent can point you to the areas that may have the right amenities, schools, entertainment, etc.,  for you to attract the clients that are willing to pay a higher rent in exchange for easy access to those services

 

By employing a Property Management Agency, you automatically raise yourself and your project to the level of many other hundreds of professional property hunters who are also looking for the same great opportunity in buy-to-develop properties you are wishing for.

Experts in property management know which are the most profitable areas to look for your new property buy, depending on the type of let you have in mind. To explore your options realistically, it is important to start with a clear idea of what your budget is and how flexible you can be with it

 

Great transport links are always a plus, as it is staying away from busy and noisy traffic. But, depending on the letting market you are aiming for, an agent can point you to the areas that may have the right amenities, schools, entertainment, etc.,  for you to attract the clients that are willing to pay a higher rent in exchange for easy access to those services

 

By employing a Property Management Agency, you automatically raise yourself and your project to the level of many other hundreds of professional property hunters who are also looking for the same great opportunity in buy-to-develop properties you are wishing for.

2. Staying within budget and designing a profitable project

A property management expert is your best bet in order to stay real and balanced when making decisions about the renovation project the property will require for it to start generating income.

Timings and cost for the project need to be at the forefront of your decision making. A property agent can help you choose the right property, and design a feasible development that will be ready in time and will be sustainable over the long-term through the income it will generate

 

Because it is its easy to be blinded by how much money the project will bring back, it is best to receive the necessary guidance to manage your budget in a realistic way while creating an attractive property-to-let that can compete with those of professional developers both because of its external assets and because of the features of its internal living spaces.

     3. Financial Planning

A good Property Management Agency can help you navigate your way around Financial options and no-go areas. Making good decisions when trying to access the funding you need requires knowledge of the products in that market as well as good skills in negotiating the solution that will be most beneficial for you

 

It may seem a straightforward process, but property agents with their knowledge and expertise can help you strike a tailor-made funding deal that will save you many thousands in unnecessary rates imposed by bad initial financial decisions

 

     4. Making the renovation a success

 

Property Management agents are in contact with all trades . It doesn’t matter what your project involves. The agency will make sure you get the best quality job done for the most reasonable amount, and in a timely way

 

Getting an overall planning, schedule and estimate for your renovation project is very important. Your agency can do this for you, keeping you away from those scary scenarios involving unpredictable builders we all dread getting trapped into. The support in this are can be invaluable

 

    5. Materials, finishes, fixtures and fittings

 

A Property Management Agency will know the features present in the other properties that will compete with yours in your final letting price bracket. Since you are renovating to let out, it is important to get it right when making all these smaller decisions. It is as important not to save by choosing cheap but non-durable solutions, as it is not to overspend in unnecessary overstatements more suitable for other types of expensive developments

 

Your agent will help you make your choices so that your project is durable and up to the standards necessary for the price bracket you are aiming for, while always bearing in mind the need to secure the long-term profitability and sustainability of your investment 

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

+0208 994 7327

pm@bluecrystallondon.co.uk

Tax implications- Residential property management London for expat landlords

Many expats rent out their UK home, while they are abroad for work reasons or having settled abroad for good. Keeping your UK property will give you a peace of mind they you are still on the property ladder when returning to the UK, to provide income, and it also makes it easier to obtain further mortgages later on.
It can be tempting to cut out the agencies, find tenants and manage the maintenance and rent collection yourself from abroad though it would be exhausting. Not being able to oversea the procedure. How can you make your property more attractive to tenants?
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. How can you make long distance property management work for you?
In addition, when tenants move out, inventories must be carried out, repairs done and the return of the deposit negotiated. What is the importance of check in inventory?

Many expats rent out their UK home, while they are abroad for work reasons or having settled abroad for good. Keeping your UK property will give you a peace of mind they you are still on the property ladder when returning to the UK, to provide income, and it also makes it easier to obtain further mortgages later on.
It can be tempting to cut out the agencies, find tenants and manage the maintenance and rent collection yourself from abroad though it would be exhausting. Not being able to oversea the procedure. How can you make your property more attractive to tenants?
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. How can you make long distance property management work for you?
In addition, when tenants move out, inventories must be carried out, repairs done and the return of the deposit negotiated. What is the importance of check in inventory?
“Having to manage contractors from a distance is tricky and time consuming, and your visits to the property itself to check on the tenants and the property will be very limited.”

You can ask friends to keep an eye on your property and use online agencies, this will become frustration over time though and likely restrain your relationship with friends and family. Find out if you need a property manager
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.
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.

So you have many options.

Check out our property management services

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

+0208 994 7327

pm@bluecrystallondon.co.uk

 

How can you keep your tenants happy with your rental property management?

How could you keep your tenants happy?

It takes time, effort and money to attract the best tenants for your rental home, it would make sense to start it off well and keep them at your property as long as the relationship is functioning in harmony.

How can you attract the best tenants?

We have prepared a list to check with to ensure you are doing the right things….

Be openly explain to your tenants the rules of your rental home at the beginning of the tenancy, if they don’t know them, they can not follow them.

Tenant screening check list

Make sure you walk and talk through your property with them, provide them with a property you can be proud of, how you maintain the property says a lot about you and the tenants you will attract.

Repairs must be taken care of immediately, it is one the main issues that a tenant has when the landlord does not deal with them or takes their time.

How could you keep your tenants happy?

It takes time, effort and money to attract the best tenants for your rental home, it would make sense to start it off well and keep them at your property as long as the relationship is functioning in harmony.

How can you attract the best tenants?

We have prepared a list to check with to ensure you are doing the right things….

Be openly explain to your tenants the rules of your rental home at the beginning of the tenancy, if they don’t know them, they can not follow them.

Tenant screening check list

Make sure you walk and talk through your property with them, provide them with a property you can be proud of, how you maintain the property says a lot about you and the tenants you will attract.

Repairs must be taken care of immediately, it is one the main issues that a tenant has when the landlord does not deal with them or takes their time.

Stay in touch with your tenants often especially in the first month, remember there maybe issues that can only be detected once someone occupy it that is not visible to the eye. They may need to communicate with you on a regular basis at the beginning, make yourself available.

Give them a welcome card and let them know you are there for their reasonable requests and discussions within reason. You will guide them through your property.

Train your tenants to make the rental payment on time. They must be made aware you are in check with your bank payments, send them letters on time if they have missed a payment date, tenants need to be aware you will not tolerate mistreatment to your property or a non-payment. You set the standards….

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

+0208 994 7327

pm@bluecrystallondon.co.uk

 

How to ensure your rental property is safe for residential property management London?

Mortgage
It is advised to have a small mortgage on your property to avoid fraudulent transactions such as a tenant taking out a mortgage on your property or selling your property without your knowledge. Once you have a mortgage you would be contacted if someone else tries to sell it or take out a mortgage and that keeps you safe.

There are a few factors to consider when moving abroad and renting your UK home

Gas safety
As a landlord, you must

make sure gas equipment they supply is safely installed and maintained by a Gas Safe registered engineer
have a registered engineer do an annual gas safety check on each appliance and flue
give you a copy of the gas safety check record before you move in, or within 28 days of the check
Electrical safety
You must make sure

the electrical system is safe, for example sockets and light fittings
all appliances they supply are safe, for example cookers and kettles

 Mortgage

It is advised to have a small mortgage on your property to avoid fraudulent transactions such as a tenant taking out a mortgage on your property or selling your property without your knowledge. Once you have a mortgage you would be contacted if someone else tries to sell it or take out a mortgage and that keeps you safe.

There are a few factors to consider when moving abroad and renting your UK home

Gas safety

As a landlord, you must

  • make sure gas equipment they supply is safely installed and maintained by a Gas Safe registered engineer
  • have a registered engineer do an annual gas safety check on each appliance and flue
  • give you a copy of the gas safety check record before you move in, or within 28 days of the check

Electrical safety

You must make sure

  • the electrical system is safe, for example sockets and light fittings
  • all appliances they supply are safe, for example cookers and kettles

Fire safety

You must

  • follow safety regulations
  • provide a smoke alarm on each storey and a carbon monoxide alarm in any room with a solid fuel burning appliance (for example a coal fire or wood burning stove)
  • check you have access to escape routes at all times
  • make sure the furniture and furnishings they supply are fire safe
  • provide fire alarms and extinguishers if the property is a large house in multiple occupation (HMO)

All repairs must be carried out in a timely manner to comply with health and safety regulations and to keep your tenant and your property safe.

How can you tackle home identity fraud?

Please contact Pelin Martin for a 30 minute free property consultation on

+0208 994 7327

pm@bluecrystallondon.co.uk