Welcome to our May 2017 Newsletter
Hello there! Welcome to Summer. We’ve had a busy few months with the Sales taking off and also a welcome return to new Landlords joining our business. There’s been a serious slow down with new rental properties entering the market, especially since long time rentals are switching to the sales market once they become empty! This is actually creating lower stock, higher demand and increasing rents. So, if you know anyone looking sell or rent their property, please think of Martin & Co!
01455 636349 or email Hinckley@martinco.com
A new survey commissioned by TheHouseShop.com, has revealed that while the majority of Brits are honest tenants, over 1 in 4 people wouldn’t tell their landlord if they did significant damage to their rental property. According to the survey, while 15% of people would secretly hire a professional to repair the damage, more than 1 in 10 (11%) have enough faith in their DIY skills to attempt to repair the damage themselves – with the landlord none the wiser. It is important to remember that landlords should always conduct thorough checks and references on any potential tenants before they move into the property. That way you can hopefully avoid the nightmare tenant horror stories that so many landlords can recall in an instant.
Tenant fees are never far away within our industry headlines. The ban is under consultation, but it’s not looking good for honest agents charging fairly and providing excellent customer service. Of course, tenants can already enjoy FREE application for properties advertised on well known websites such as Gumtree. Landlords can also save themselves fees by advertising on these sites, however the horror stories we hear do not fill us with enthusiasm. Agents like us may have been avoided, but with certain tenants moving in, not paying the rent, damaging the property and even stealing appliances, the initial agency costs continue to prove to be a good investment. Being completely biased we would recommend all tenants and landlords to employ the services of an ARLA agent, (such as ourselves), who will not cut corners for either party. Call us on 01455 636349 we’re here to help!
A latest report has revealed that the number of homes let by a company landlord saw the largest annual jump during Q1 2017 – reaching a 20% proportion of the market, the highest proportion since records began in 2010. Changes to tax relief on rental properties, announced in the 2015 Spring Budget may be behind the rise. These changes to income tax relief on mortgage interest payments are being phased in over a four year period (until 2020) and took effect from in April. They make it more tax efficient in some cases for landlords to own their buy to let portfolios through a company rather than hold as a personal asset.
Testimonials have always helped our business to grow. Here’s another one that has been featured on the website Freeindex!
“Martin and Co sold a property for me, and I continue to recommend them to clients and friends for good reason, you generally get what you pay for these days however if you are looking for a well above average service at a great price, don’t hesitate just call Steve Chadwick and you won’t be disappointed.”
Surveyors are an essential ingredient to the home buying process (even if some of their opinions within the RICS Home Buyer Survey can be very subjective). One of the items mentioned that usually scares buyers is the word “asbestos”! So, what is it exactly? Asbestos is the name of a group of fibrous minerals (silicates) contained within certain rock, which has been mined in many parts of the world for centuries. It’s not a scientific name, but is derived from the Greek word for ―unquenchable – a reference to its fire resistant qualities. In the home it’s normally found within rain water systems, imitation roof slate tiles, garages, even bath panels. The most common is the use within the ceiling coating “artex”. This can contain asbestos if they were applied up to the end of the 1980s, although it was mostly phased out by 1985. Its removal inevitably involves breaking the material in to small pieces, and this will release fibres. It is wise therefore, to involve a person or contractor who has experience with such work. In reality this may mean a licensed contractor and generally, a cheaper option is to plaster skim over the textured finish, giving a smoother appearance.
Investment property of the month!
Here’s a nice three bedroom mid terraced house in Barwell on sale with us at £120,000, giving a yield of 5.75% based on a rental income of £575 per month. It has a modern kitchen, fully double glazed, a good boiler and off road parking. It’s located on Bank Terrace which is in the village centre of Barwell and close to the amenities.
If you are interested, just let us know! 01455 636349
Yep, if you like the house, then place a decent offer. So many potential buyers miss out because they seem to think it’s a game. “I want to extend, so I’ll offer £25k below asking price” – hmmm, I’m sure the seller will understand…”I’m a cash buyer, once I’ve sold my house…” thanks, so you can’t actually proceed then? or..”I’m making a cash offer, and its part cash part mortgage” ermm so it’s a mortgage then?
We love selling houses and for a fee of only £600 plus VAT. Call us on 01455 636349 for a FREE valuation!
The way sales properties are marketed these days has changed considerably. The newspaper is dead. One small photo and a two line summary isn’t able to compete with an online listing. Mobile phones have made a massive impact, even reducing elaborate sales brochures to the back of the marketing queue! What do buyers look at? Photographs, room sizes and floorplans – that’s all. The details are now pretty much irrelevant, but we’ll continue to create a marketing brochure to add to the scheme of it all. Boards are still important because buyers will check out the area before booking a viewing. If they drive around a particular estate which has a good school on it, they’ll drive straight by your house if it hasn’t a board outside. We hope you have a good May, and we’ll see you in June!