Blogs and advice on Residential Property Management London
Void periods is the period in time where your property is unoccupied usually because you are between tenants. Empty properties can cause problems if you have a mortgage to pay.
Maintain Your Property
Ensure your property is tidy, clean and in a liveable condition. Bathrooms and kitchens are key selling points of your property – Update them or revamp them if they need updating. Upto date properties attract the best tenants at a higher rate. Presentation of your property matters.
Start marketing early
Work with leagitimate agents and if you are trying to market your property yourself then advertise at reputable websites and places. This will reduce void periods, it’s important to advertise your property as early as you can. As soon as your tenant has given their notice then you must start to advertise your property immediately.
Finding a good contractor is important when you add a room, renovate a basement or carry out repairs. A home improvement project gone wrong will cost you. Good advertising isn’t proof a contractor does quality work. Check with friends, neighbours, or colleagues who’ve had improvement work done, and check out a contractor’s reputation on online ratings sites you trust. Get written estimates from several firms and keep in mind the lowest bidder may not be the best choice.
How to find a contractor:
Depending on how big or complex a project is, you might hire a:
general contractor to manage all aspects of your project, including hiring and supervising subcontractors, obtaining building permits, and scheduling inspections
specialty contractor, who installs particular products like cabinets and bathroom fixtures
architect, who designs homes, additions, and major renovations — especially ones involving structural changes
designer or design/build contractor, who provides all services
Hard work pays off – we’ve done it again!
We are delighted to announce that Blue Crystal has been awarded Best Residential Property Management Company (London & South East) in the Corporate Livewire Prestige 2020 UK Enterprise Awards. The awards recognise small and medium-sized businesses that have proven to be the best in their market. Each entry is carefully assessed over a range of criteria, from service excellence to marketing and branding. We are thrilled to accept the winning award in our area and wish to convey our heartfelt thanks to the awards judges, and also to our colleagues and customers for their continued
A limited company is legally recognised as being a separate entity from its owner, which means that when it comes to the limited company’s assets, it is the company itself that owns them.
Using a limited company to invest in a property has many benefits
The tax-related benefits are much better when using a limited company to invest in property rather than buying it under a personal name.
There is no mortgage interest relief restriction for limited companies
The amount of tax relief accessible to individual property owners is being cut back, any interest paid on a mortgage to purchase property through a limited company is fully tax deductible. It can often work out more tax efficient to purchase an investment property through a limited company.
Since April 2020, landlords have not been able to deduct mortgage interest from their rental profits, which will affect their income tax bills significantly. It is worth considering setting up a limited company and follow this route.
Vacant management is vital for properties, If you own a property in London but only use it occasionally and you would like to ensure it is safe and secure. There can be unplanned emergencies i.e leak or flooding, alarms going off. There will be bills arriving at your property that are to be paid,
If you are based overseas and own a property in London, it can be stressful, costly and inconvenient to try and resolve problems or look after a property via long distance and even if you try to, you still need someone near the property to oversee contractors. The home insurance also has to be considered as under some policies, if the property is not inhabited or visited regularly, then insurance can be invalid.
We offer an attentive vacant property management service where you can rest assured that your property is in safe hands and that vital maintenance and administration are taken care of wherever you may be.
We are providing you with a few tips to help you protect your income and take advantage of opportunities that may arise from a recession.
Think about buying
The stamp duty holiday is tempting, finding a distressed seller sounds very appealing though you need to think in terms of long term thinking as property is a long term strategy. Tax saving is an initial discount though properties always require maintenance, keeping an eye on new regulations. Buying a property to make money can be a long term strategy. Buying a property in 2020 while the market is hot is risky but at the same time can be the best deal you have ever made.
A rental property that is not well maintained can create a significant decrease in your property value. A clean, attractive and well-maintained property will attract potential tenants or keep existing tenants happy. The best way to ensure high-quality tenants, who rent long term and look after your property is to maintain it well.
Please see below tips for rental property maintenance.
If a problem arises, make sure it’s dealt with effectively and efficiently. Communicate clearly and if you agree on a certain course of action or deadline, make sure you stick to it. If you are struggling to agree matters with your tenant, call on a trusted third party to provide an independent point of view and act as mediator.
A positive landlord and tenant relationship is invaluable and can be a huge asset to your business. Having a reputation as a good landlord will boost the rental potential of your property and getting on well with your tenant should ensure that the tenancy is fairly hassle-free. Happy tenants stay longer too, cutting down on the cost and inconvenience of re-letting or having a void property sitting on your books. Lastly, from a health and safety point of view, a positive relationship is much more likely to result in a high quality living environment.