How to be a Successful Landlord

When you become a landlord, you will not receive as many accomplishments compared to when you are a SUCCESSFUL landlord. Here are 5 top tips on how to be a successful landlord:

#1

Minus the bad tenants

- If you want your payments on time and your tenants to be respectful, make sure you get the suitable tenants from the very beginning. Ensure that they can afford the property by making sure their wage is x3 the amount of the rent, carry out credit checks and get guarantors. It will also be a good idea to check with their previous landlords on their history.

 #2

Keep your good tenants happy

- The best way to maintain your good tenants is to keep their morale high. Look after them, keep in touch and do your side of taking care of the property. It is much more cheaper to keep a tenant than to find a new one. 

#3 
Reward good behavior
- If your tenants are always paying on time or even in advance, after a period of time you could reward them with something simple like a gift card, or allowing them to choose the colour paint of a room.If you reward their behavior, they will most likely continue to be good tenants. 

#4
Get professional help
- Just because you got compliments on the wall you painted in your bathroom 10 years ago, that doesn't make you an expert. It is the best idea to get a professional to do all the maintenance side of things otherwise your handy work may take a turn for the worse and cost you triple the price it could have. 

#5

Treat it like a business

- Know when your working hours, don't work too little and don't over work as it will overwhelm you. You need to get the balance right and treat your rentals as though they are your own business, because they are. 

Get Your Interior Ready For Summer

Guide To A Summery Interior 

Get your home interior ready for the summer season with these great tips...

Plants

Adding plants to your home is a great way to brighten the place up! We recommend placing bigger plants in the corner of rooms to ensure they're not getting in the way. Smaller plants look great on side-tables, window-sills and taking centre stage on a round dining table. However, if you do decide to decorate with greenery - make sure you keep it green! In the summer, plants need watering regularly and if they go brown it defeats the decorative objective.

Flowers 

We believe that flowers are just as important as plants, if not so, perhaps more. Flowers are bright, colourful and promote a happy environment as soon as you walk through the door. 

Flowers also allow you to stay within your colour scheme - is your kitchen yellow? why not present some daisy's? 

Is your lounge white? Why not decorate with red roses? 

Flowers can add a splash of colour and also let off a great summery smell. 

Cushions

Adding colourful cushions to a lounge, kitchen or bedroom, goes a long way. Dashes of bright colours instantly make the room feel more homey and definitely makes it feel brighter during the summer season. We recommend colours including yellow's, orange's, green's, blue's and pink's which all give off a happy and summery vibe.

Light

When it comes to making your interior summery - light is one of the most important factors. If you're rooms are typically dark, you could consider removing the blinds or curtains or replace them with a lighter colour. If you're rooms are painted in dark colours then you could re-decorate altogether - although it can be costly, it's worth it if your room's are brighter and give you a happier home.

Decorating bookcases/shelves

Decorating bookcases and/or shelves is so simple, yet barley thought of. Adding anything from bright books to ornaments, from colourful storage boxes to folders/files - it's a brilliant way to add pops of colour throughout the home. 

Rugs

Due to the increasing number of people opting for a wooden floor, a colourful rug is a great way to boost the summer vibes. Rugs come in many different shapes, sizes, colours and patterns therefore it would be difficult not to find the right one for your desired room! Rugs also add great warmth and comfort to a room therefore there definitely a great one to consider this summer.

What to Consider Before Becoming a Landlord

You may have heard that investing in property is one of the best routes to a high income. And you are not wrong. There are many benefits to being a landlord for example, you will be earning money in your sleep! However, being a landlord isn't a breeze in the park, it is a real job and needs dedication. I have put together some questions to ask yourself and some things to consider before you decide to invest into property and become a landlord!

Ultimately, is buy to let for you?

You must first realise that being a landlord is not a straight forward hobby but instead it is a business. If you have a jam packed life, do you have enough time to invest into this.

Did you know that prices of houses go down as well as up. If you are looking to buy a house and later sell it for a higher price, be aware that it may not rise in price for no reason!

Do you have difficulty in socialising with those with contradicting views to yourself? If you do, this may be a problem as you will need to co-operate with people with different views/religions/ideas. 

You will need to think about which group of tenants you are aiming for. Do you want to accommodate students, families, couples, professionals or people on benefits. Each group will need to be targeted differently and also will have different needs and requirements. Once you decide that, you will need to find a property which is matches them.

Be prepared... all the time. Unless you are going through an agent, you will have to be there for your tenants 24/7. If their boiler exploded and was leaking through the floors, you will have to get someone on the job ASAP. Be prepared for your tenants asking for help in the middle of night.

That also takes me to another decision you will have to make. Are you going to self manage or go through a good letting agent to help you. It may be better to self manage if you have plenty of time but if you want your business to run smoothly, asking a letting agent maybe the better decision.

You will need to research your market! It is a good idea that for first time buyers, you grab a property in your local area so you have a head start in the neighborhood knowledge. But you will still need to do more research!

Qualities that tenants will look for are good transport links, good schools, friendly neighbours, local jobs, shopping facilities and low crime rate.

If so far you still think you can be a landlord, you need to device a plan! Are you financially able? Open up a spreadsheet and try to financially plan your way of a landlord. Do you have the upfront costs? Do you have enough money for any unexpected costs? Can you support yourself if your tenant pays late?

Next is to learn this ins and outs of the law in property. You don't want to be getting into any legal problems so learn all the facts and figures and your do's and don'ts before getting yourself into any problems!

Gather yourself a list of contacts. You will need to know other people in the trade, potential tenants, electricians, plumbers, decorators! Anyone that will help is good. 

The next big thing is to get yourself that perfect property! Once you have done all your research, know everything there is to being a landlord... now it's time to invest. Find the best property, discover its yield and year purchase and buy it!

You now have your property... now perfect it! Paint the walls, possible furnish it, clean it, get a fire alarm and make it look nice for the tenants to get them attached quicker. Once it is presentable, complete an inventory.

When your tenants are moving in, time to provide them with everything they need. Keys, emergency contacts, white goods manual and sign the contract with them!

Now all is left is to be the angel landlord. Have fun earning! If you have any other queries or you are looking for a letting agent to help you along the way don't hesitate to contact us at Glocal Residential either through email: info@glocal-residential.co.uk or call us on 01216555188. We are an experienced letting agent located in Birmingham City Centre! 

How To Keep Your Tenants Happy

An important part of being is  a Landlord is to make sure your tenants are HAPPY! Putting all the technical parts of the job to the side, the tenant is living in your property and you need to ensure they are happy in that home!


EDUCATE THEM FIRST:
This step will benefiting both the tenant and yourself. Before your tenant is moving into the property, set the ground rules. Let them know everything they can and can't do. All the rules and regulations. This will help you as they won't be asking you questions so often and you won't have to deal with things you don't want to happen. They will also be more happy that they are aware exactly what is expected of them. 



BE ON TIME:
The number one thing that tenants said that they wanted from their landlords is that they are on time! When you are meeting with your tenants for whatever reason, make sure you take their time seriously and don't end up being late or really early. For instance, if you are meeting them at the home, they may be busy that day and plan to go out afterwards, or they may be still getting ready if you arrive too early. Remember that even though you own that property, they still live their so respect that.


CONTACTABLE: 
Another quality that tenants lust over is being able to reach you easily. If the tenant needs help with their home, they will need to contact you, but if you don't answer the phone they will feel out of luck. Make sure you are available to them at reasonable times. If you aren't available for them all the time, why not consider getting in touch with one of the leading estate agents in your area.



SOLVE THEIR PROBLEMS:


Another key part role of your job is to solve any property related problems the tenant may have. Fire alarm is working, you gotta change it. Leak in their bathroom, call a plumber. Power cut, get an electrician. You are their handy man and you need to solve their problems  in a matter of urgency, as if it was the home of your own. 





BUILD A PROFESSIONAL RELATIONSHIP:
The tenant is your client, so you must build a professional, but friendly relationship with them. A quality that tenants want from their landlord is for them to be approachable and friendly. If they have an issue, they want to be able to call you without feeling as though are a hassle. Ensure to be nice and catch up with them every 3 months. 

CONSIDER REWARDING GOOD TENANTS:
This doesn't have to be anything exceptional, but small gifts can go a long way. It could be something like a Birthday or Christmas card for them or you could offer them a supermarket gift card. Or even ask them if they wanted to choose a colour for the next re-paint. This will make the good tenants feel appreciated for their deeds and will also encourage them to continue to be thoughtful of your property.

Being a considerate and thoughtful landlord will most likely result in a good set of tenants. Ultimately, treat them as you'd wish to be treated and be a genuine person and they will respect you for it. 

If you are wondering about any specific questions, you can leave a comment and we will get back to you! Or you could drop us an email at info@glocal-residential.co.uk or give Glocal a call on 0121 655 5188! We are always happy to help :-) 

@GLOCALR

Things To Remember When Viewing A Property

Things To Remember When Viewing A Property

So many people walk into a property and fall in love with the interior that they forget the things they really need to consider. So, we've devised these 'top tips' for you to bare in mind whilst you view your potential future home.

DO YOU HAVE ENOUGH STORAGE SPACE?
When you view your property - think about your storage. Where are you going to store cleaning equipment; junk; toiletries or kitchen goods? It's important that you consider this before moving otherwise your rooms can become quickly jam-packed with things you really don't need - and it's surprising how quickly spare room can be filled.

DO YOU HAVE ENOUGH LIGHT?
Considering the light in your home is important - you don't want your home to appear dark and dingy in the wintery months. Taking into account whether your property is north or south facing is usually dismissed when viewing a property however, for some, it could change your whole opinion on the place. 
For those who are keen on gardening or keeping plants on the inside of their homes should definitely consider the position of the property.

IS THERE ANY DAMP?
Looking out for damp is key - it could cost you a small fortune to repair in the future. You could look out for things like water-marks on the ceilings or walls; damp smells; flaking plastering/wallpaper or stained flooring. 

DO YOU HAVE ENOUGH ROOM?
It sounds obvious, but make sure you have enough room for all your needs. Don't buy or rent the property just because you love the way it looks - you also need to think practically. If you don't have enough room for everything you need, in terms of both storage or the number of bedrooms/bathrooms etc, than you may need to re-consider whether the property is right for you.

IS THE AREA RIGHT FOR YOU?
Area is IMPORTANT. You need to consider a number of different factors and decide whether they're right for you - this could range from nearby schools to public transport.
Let's think...
Do you drive? If you do - is there parking available? If you don't - is there public transport near you?

Do you have children? If you do - are there primary schools nearby? Is the area child-friendly? Are their nightclubs/bars near? If you don't - are you thinking about it? Do you have enough room in your home for a child in the future?

Are you near an airport/train track? If you are, than make sure you consider the possible noise. Particularly if you have children - this could lead to some sleepless nights!

Do you have nearby shops? Consider whether you're close to a corner shop or supermarket - Are you in a position where you need to drive every-time you run out of milk? Does this suit you?

Are you situated by a large factory or set of offices? You need to think about whether the area you live in is going to have a lot of traffic at peak working hours due to other nearby employers.

WHAT ARE THE PHYSICAL FUNDAMENTALS OF THE PROPERTY LIKE? 
Consider things like drainage; plumbing; electrics and how steady the house is itself. Can you see cracks in the wall? Are there any leaks?

WHO ARE YOUR NEIGHBOURS? 
Neighbours are an important consideration - you want to avoid disagreements with them as much as possible! If you're a student, it's probably not the best idea to be neighbours with OAP's. Similarly, if you're a parent with small children, you wouldn't want to be next-door to students playing loud music late at night.



WHAT WILL BE INCLUDED IN THE PROPERTY? 
Consider what facilities are included with the purchase of the property - curtains? white goods? oven? washing machine? dishwasher? carpets? Now, think what's missing - what are you going to have to buy yourself when you move in? You must consider additional costs.

HAS THE PROPERTY HAD ANY RENOVATIONS?
It's good to ask the estate agent/owner whether the property has had any recent renovations - Will the property need one soon? Who arranged the building work and was everything safe?
You should also bare in mind that a recent renovation is likely to increase the price of the property - but in the long-run it can be a money-saver for you.

HOW LONG HAS THE PROPERTY BEEN ON THE MARKET?

Don't be too suspicious, but it might be a good idea to know how long the property's been on the market. If it's been on the market for a long time - you might want to consider why that is. There could be an underlying problem with the property that either the owner or estate agent hasn't told you.

WHAT ARE OTHER LOCAL PROPERTIES LIKE?
If your heart is set on the property you've viewed, why not check out other local properties. You might find that you've grabbed yourself a bargain in terms of size whereas you might find that you've been over-charged.
It's also worth checking out the local competition if you're investing in buy-to-let!

IS THE GARDEN RIGHT FOR YOU?
Does the garden meet your requirements? Consider it's size - is it too small? Do you need more space for your children/gardening/greenhouse/shed etc? Your garden could also be too big, for instance, an older person may struggle to maintain a big garden.





DOES IT NEED DECORATING?

It's important to consider your interior with care. It could be clear to you from the first glance that the property needs decorating or, that it's just been newly decorated. If the property hasn't been decorated than you need to consider the potential future costs of decorating yourself - which can be very pricey! 

CONSIDER YOUR CONNECTIONS!
During your viewing, you should consider if you're able to use all the technologies you'd bring with you if you moved into the property. Firstly, see whether your mobile phone gets signal in the area, if not, you should ask the previous residents or the person showing you round whether their mobile's receive signal and what network they're on. You should also ask about details regarding broadband connection and the speed of it in the area - you don't want to find on moving day that you can't use your mobile, internet or TV!

All You Need To Know About Stamp Duty

STAMP DUTY 

What is it?

Stamp Duty Land Tax (SDLT) is the amount you're required to pay if you buy a property or land which is over the current threshold in England, Northern Ireland or Wales. SDLT is not applicable to property in Scotland anymore; instead they pay Land and Buildings Transaction Tax. 

The current SDLT threshold is £125,000 for residential properties and £150,000 for non-residential properties or land. SDLT is permitted to both leasehold and freehold properties whether they're bought straight out or are on a mortgage. However, the more expensive your property costs - the higher your SDLT will be. 

Costs

If your property costs less than £125,000 than you escape paying SDLT however after this, the higher the price of your property; the more tax you start to pay. The current rates are as follows:  

How to pay

To pay Stamp Duty Tax you must submit the correct form and pay whatever amount you owe within 30 days of completion. However, in the 2017 tax year the amount of time to file and pay tax will be reduced to 14 days. 

If your new property cost less than £125,000 it won't be necessary for you to pay SDLT however you will still need to submit a return.

SDLT return and payment is usually dealt with by your solicitor during the transition of moving into your new home therefore it is unlikely everyone will need to deal with this. On the other hand, it's important to be aware of how much you need to pay (if you do) so your in control of your finances.

If you don't pay your SDLT on time - you will be charged £100 interest.

When you don't pay

• You obviously won't pay SDLT if your property is under £125,000 - however, this is becoming more and more uncommon as property prices are on the rise
• If your property only just enters the higher band - e.g.: if your property is £127,500 - you could bid a lower price to escape SDLT
• If you divorce your spouse and split the home value with them, you don't need to pay SDLT on this halve
• If you give your property to someone - this could be as a gift or from somebody's will - than they won't need to pay SDLT on the property's value
• You don't need to pay SDLT on a freehold land or property transaction that has a total chargeable consideration lower than £40,000.

Checklist: Moving Into Your New Rented Home

Looking to go ahead and move into a new or your first rented accommodation? There are some things you must remember to ask and find out! Here is your loyal checklist to remember to ask your landlord or agency!

How long is the tenancy?: 
In most cases, there is a fixed period of either 6 or 12 months. If you need more security, then you can ask for longer fixed period of up to 7 tears. Commonly, landlords are happy to allow a longer tenancy, however you are not guaranteed that all landlords will accept this requirement. 


Is there any restrictions?:
If you own a pet, have children, smoke cigarettes, it is important to inform them in advance. Some landlords will not accept a tenant if they have certain qualities such as a smoker or if they have pets as it can affect the property. So make sure to check whether you suit the requirements of the house. 


Bills bills bills: 
For some properties, the bills are covered by the rent. These can include electricity, gas, water and council tax. However, this does not mean all rent will include these bills, and you may have to pay them separately. Make sure you find out who is paying the bills, you or the landlord. (It is usually the tenants)  

Is your deposit protected?:
When you are applying for a tenancy, it is likely you will be asked for a deposit. You need to check that it is protected in a government approved scheme. Some will hold the money and some will insure it. 

Smoke alarms and carbon monoxide detectors:
These are incredibly important, they can save your life! You need to check that they are installed and if they are not, get your landlord to solve the quick and easy problem that will benefit you massively. 

Is the building fit to live in?:
You must check that the tenancy agreement excuses you from rent payment if the property becomes inhabitable due to a fire or a flood. If not, it is important you have that discussion with your landlord before the tenancy agreement is signed.  

Do the fixtures fit your preferences?:
You need to check that the fixtures and fittings are to a high enough standard. Make sure you are happy with them as it is unlikely the landlord will change them once that you have moved in.

Triple read your contract!:
Finally, before you go ahead, make sure that you triple read you contract thoroughly. You need to know the ins and outs and make sure there is nothing important missing. You also want to ensure that you understand it completely so that nothing messes you up. It will also make the landlords life easier if you bring up now rather than later. 

If you feel as though you need some more guidance on your new rented home, do not hesitate to call one of letting experts here at Glocal Residential and we will be happy to help.