Property Advice

Wednesday 31 May 2017

Adding Value to Your Investments In Hampstead and Beyond

With the raft of new regulations and changes in the taxation rules for Buy-to-Let, it's a fair assumption that the margins of Investors are being hit from almost every angle. However, there are still ways to maximise the return of your investment(s) depending on what type of property you own with a combination of creativity and commercial awareness. Below are my top tips on how to unlock the hidden potential of your property and increase your revenue streams. 




  1. Rooms- If you own a freehold house with say 4/5 bedrooms then it may well be worthwhile renting it on a room by room basis. This will maximise the income potential and will appeal to single persons/young professionals/students who cant afford to rent a self contained flat in your local area. This can be helpful in keeping your occupancy rates high, especially in a slowing market where demand from families or groups may be low.  Operating the building in this way is more management and administration intensive as the trade off for your commitment. In case of any issues that may arise, do check with your mortgage lender that its permitted and that you have sufficient insurance.  Tenants that rent this type of accommodation like to have access to a well equipped kitchen and living room with space to dine that will enhance their living experience. Other sweeteners would be to include some utilities like Council Tax and water rates or even a weekly cleaner for the common parts.
  2. Size Matters - The classic loft extension is the epitome of "Cash in the Attic", depending on the size you could add a further 2 bedrooms and another bathroom. In Hampstead for example, a room in a house share will average at around £1000 per calendar month, therefore the addition of 2 bedrooms and a further bathroom  can add up to £24,000 per year to the rent roll. Nowadays, a decent loft conversion of this kind will cost around £50,000, almost 50% return on the initial investment makes it attractive. With the relaxed planning regs of most local councils consent can be granted under Permitted Development. There is also the possibility to do this on a top floor flat with sole access to the attic, though check that it's in the demise of your lease. 
  3. Renovate and create- Making improvements to key areas of your property such as the kitchen and the bathroom will add the most value if you don't have the resources or scope to extend. Apart from the location, these are the two main points that tenants will judge a property on. For example, a decent kitchen and bathroom could cost £10,000 to replace, though it's also likely to add £250-£300 per month to the rent roll, you've clawed back the cost over a say a 3 year period. The other benefit that is often overlooked, is that you are more likely to attract a better quality tenant who is likely to stay for a longer period giving you the benefit of the continuity. In cases where your tenant does move on - an aesthetically pleasing property wont hang around for long and the rentability increases five fold, thus minimising your voids. There is strong competition for  good tenants in today's market, keeping up appearances will keep you on top of your game. 
  4. Joint Ventures- Some aspects of investing may seem daunting and costly. Networking with colleagues and associates by pooling your resources will not only help you to embark on certain projects, but to mitigate the financial risks. The sharing of knowledge and ideas with other experienced investors can create lucrative opportunities for all. 
If you have a single property or portfolio, I'd be happy to have a chat about the possibilities of increasing the income potential of your investment(s). 


How Much Is Your Property Worth? Click Here To Find Out For FREE

If you are looking for an agent with experience that can help you find the right tenant for your property, then contact me to find out how we can get the best out of your investment property. Email me on chris@ashmoreresidential.com or give me a call on 020 7435 0420. Pop in for a chat – we are based at Ashmore Residential, Suite 7, 25-27 Heath Street, London, NW3 6TR. There is plenty of parking and the kettle is always on.

Don't forget to visit the links below to view back dated deals and Hampstead Property News.











Friday 26 May 2017

152% Return for Hampstead Buy To Let landlords in 15 years!

Buy to let is essentially different from investing in stocks and shares or putting money in the Building Society. Whilst these other investments (Building Society Passbooks, Stocks and Shares, etc) are passive  i.e. once the  money has been invested it you leave it alone, with buy to let, things are more hands on, in fact it’s  a business. One thing the landlords I speak to say is the fact that they like buy to let because it is both an investment as well as a business. It is this factor that attracts many of my Hampstead landlords – they are making their own decisions rather than entrusting them to others (such as City Whiz Kids in London playing roulette with their Pension Pot).

So if you are investing in the Hampstead property market, you can earn from your investment in two ways. When a property increases in value over time, it is known as 'capital growth'. Capital growth, also known as capital appreciation, this has been strong in recent times in Hampstead, but the value of property does go up as well as down just like shares do but the initial purchase price rarely decreases. Rental income is what the tenant pays you - hopefully this will grow over time. If you divide the annual rent into the value (or purchase price) of the property, this is your yield, or annual return.


I was talking to a landlord who bought a flat in Wedderburn Road NW3, back in 2002. He paid £300,000 for a rundown 2 bedroom flat in need of complete refurbishment and a lease extension for an additional £60,000, plus £9000 for Stamp Duty tax. It sold again in January just gone for £930,000, a capital gain of 152% in just under 15 years – a gross annual return of 10.14%. See the graph below that illustrates the growth in equity over the lifespan of the investment.

However, the real returns are for those Hampstead landlords who borrowed money to purchase their buy to let property. They have made significantly higher returns than those who paid 100% cash. If the landlord had borrowed 75% of the £369,000 (purchase price plus renovation and lease extension costs) of the Wedderburn Road flat on an interest only 75% mortgage, he would have only needed to invest £92,250 (as his 25% deposit... borrowing the remaining £276,750 - worth today, £413,154) £930,000 less £276,750 interest only mortgage... a rise of 152% or £561,000 and I haven’t even mentioned the rent he would have received in those 15 years! See the pie chart below that illustrates the proportion of equity against the value of the original investment.



This demonstrates how the Hampstead buy to let market has not only provided very strong returns for average investors since 2002 but how it has permitted a group of motivated buy to let Hampstead landlords to become particularly wealthy. In fact, if this landlord had continued to remortgage the property as it went up in value, he could, by my reckoning have had additional two or three properties (albeit with larger mortgages but greater future potential).

As my article mentioned a week ago, more and more Hampstead people may be giving up on owning their own home and are instead accepting long term renting. Whilst the recent changes in SDLT and taxation changes to mortgage relief, having scared off some smaller, less established landlords, there is still opportunity for those who’ve played the long game. The slight falls in house prices have given those with the sort of equity mentioned the buying power to negotiate on price as a bargaining tool for the Stamp Duty hike, sometimes making 2 or 3 purchases at once in a particular block or development. With interest rate at a historic 400 year low, lenders have some attractive deals on offer in a bid to bring Investors back to the market.

How Much Is Your Property Worth? Click Here To Find Out For FREE

If you are looking for an agent with experience that can help you find the right tenant for your property, then contact me to find out how we can get the best out of your investment property. Email me on chris@ashmoreresidential.com or give me a call on 020 7435 0420. Pop in for a chat – we are based at Ashmore Residential, Suite 7, 25-27 Heath Street, London, NW3 6TR. There is plenty of parking and the kettle is always on.

Don't forget to visit the links below to view back dated deals and Hampstead Property News.










Wednesday 24 May 2017

Investors: What you need to know about Buy-to-Let


I was talking with a prospective landlord the other day (who is an avid reader of my blog) and he was seriously considering investing in Buy-to-Let and was concerned about the tax liability changes that have recently been introduced as well as the do's and don'ts when finally taking the plunge. 

Friday 19 May 2017

Hampstead Property Market – What is Really Happening To House Prices?

I had an interesting conversation with a local Hampstead accountant the other day. He is quite an observant chap (I know this because I have known him for a few years  ... but I suppose you have to be if you’re an accountant!). He knew property values had decreased in the area over the past 6 months, but wasn’t sure by how much. He also thought the number of properties for sale in Hampstead (and more importantly ones with sold slips on them) had slightly decreased over the last couple of years.


The rate of house price inflation in Hampstead continues to slow with growth of 1.4% in the 12 months to February 2017 compared to annual growth of 14.5% in the preceding year 2015-2016, according to the latest Land Registry data. However, there is considerable local variation in our part of London, with annual house price growth (up to Feb 17) ranging from 2.15 % in Ken and Chelsea to -1.67 % in Hammersmith and Fulham over the last 12 months.

Hampstead has seen property values rise by 15.9% in the last two years, on the other side of the coin though, Hampstead has seen a slight reduction in the number of properties sold throughout 2016 as base line demand for housing tempers. The 9.8% drop in property transactions in Hampstead in 2016 (650 properties) compared to (721 properties) in 2015,or  indicates a tempering of house market in Hampstead as affordability and tightening yields start to kick in.


When you compare London with the rest of the UK, you could be looking at two different countries. In London, its mid/late teens house price to earnings ratios are impacting demand (i.e. the average property value is often 15 or 17 times the average wage in London .. in fact in Hampstead, the ratio is in the early 30’s to 1).  However, prices have remained strong because the number of people wanting to sell has dropped considerably, meaning that falling sales volumes combined with a general slowdown in activity in the run up to the General Election are resulting in lower mortgage approvals for home purchase.

Transactions are a great indicator for house prices. The acceleration in house price growth in London in the last two years was preceded by three years of rising transactions. A similar pattern is being registered in the rest of UK, as pent up demand returns to the market supported by low mortgage rates. This is good news as other areas catch up with London, especially in the Northern cities,  the UK property market will be more in balance as a whole across the Country.

It might be interesting to note though, the number of Hampstead property sales in 2016 are still 42.8 % lower than the level seen in 2007 (when property values were rising at an impressive 20.4% per annum). Despite the slowdown in house price over recent years, the market is far more robust than we think and from every correction follows a steady recovery. In fact,  I believe the market will become focused on the middle to higher value areas (such as Hampstead) where households have equity and find it easier to access mortgage finance. 


How Much Is Your Property Worth? Click Here To Find Out For FREE

If you are looking for an agent with experience that can help you find the right tenant for your property, then contact me to find out how we can get the best out of your investment property. Email me on chris@ashmoreresidential.com or give me a call on 020 7435 0420. Pop in for a chat – we are based at Ashmore Residential, Suite 7, 25-27 Heath Street, London, NW3 6TR. There is plenty of parking and the kettle is always on.

Don't forget to visit the links below to view back dated deals and Hampstead Property News.

Websitehttp://www.ashmoreresidential.com/







Wednesday 17 May 2017

Opportunity Knocks- Should I Rent My Property To Sharers ?

With rents in the capital being so high, a clear pattern has been emerging with prospective tenants getting together to rent properties with 2 or more bedrooms. Many are either not be in a position to rent alone and others are minded to reduce their costs as much as possible to save for a deposit to buy their first home. 

This trend is mainly with young professionals and the concept of sharing has boomed in recent years. The rampant demand from tenants renting either in pairs for say, a 2 bedroom flat or as small group for a  3/4 bedroom house has presented landlords with a lucrative opportunity. 

The benefits to landlords are many - see my top tips as below 

    1. You can let your property to a pair or small group of tenants who are known to each other and have an agreement in place with joint and several liability- therefore, they are less likely to default as the other tenants will bear the responsibility.
    2. Maximise your income potential- most tenants that rent with a friend/friends will do so in order to get round the affordability issue so as long as your property is in a good location and well maintained, you can always achieve top rents. 
    3. Students-  If your property is close to a  College or University Campus, students will tend snap these up, especially if available in the late summer before the start of the new term. There will almost always be a Parental Guarantor in place to give you added security and if from overseas, they tend to pay the rent in advance for the term of the tenancy which is great for your cash flow. 
    4.  Keep furniture down to a minimum so your property is uncluttered and to save hassles with removing and storing items as tenants often bring some things of their own. 
    5. Bedrooms- Ideally these should be of equal size as tenants like to split the rent equally, so bear this in mind if you are developing a property for rental. 

How Much Is Your Property Worth? Click Here To Find Out For FREE

If you are looking for an agent with experience that can help you find the right tenant for your property, then contact me to find out how we can get the best out of your investment property. Email me on chris@ashmoreresidential.com or give me a call on 020 7435 0420. Pop in for a chat – we are based at Ashmore Residential, Suite 7, 25-27 Heath Street, London, NW3 6TR. There is plenty of parking and the kettle is always on.

Don't forget to visit the links below to view back dated deals and Hampstead Property News.

Websitehttp://www.ashmoreresidential.com/





Friday 12 May 2017

Hampstead Property Market: A Game of Two Halves?

Even with the General Election on the horizon, property values in Hampstead are still 1.41% higher than they were 3 months ago. The diversion and ambiguity of an election typically makes house sellers who need to sell, price their property more realistically (although this only lasts a couple of months). Looking specifically at it from a Hampstead landlord’s point of view, the Hampstead properties favoured by investors are in short supply in many parts of the suburb because of a number of factors. One of the factors has been that we have seen the number of second time buyers coming to purchase their next home decrease over the last 12 months in Hampstead.  Another factor has been the fact that banks have been pushing ‘let to buy’ (yes ‘let to buy’ is different to ’buy to let’) to homeowners (more of ‘let to buy’ in an up and coming article). Next, because the banks who are chasing low risk landlords with high deposits with very low mortgage rates- and the low risk landlords with high deposits tend to be attracted to the safer modern two and three bedroom apartments and town houses in Hampstead.

As I mentioned a while ago, the change in the Pension rules means buy to let landlords can use some, or all, of their pension pot to buy a property.  It shouldn’t be forgotten there are tax implications taking more than a quarter of your pension pot out (see the article from a couple of weeks ago) , so whilst many pension pots may not be able fund a suitably big enough tax free lump sum to buy the property outright, for most it will provide enough for the 25% deposit (required by most BTL mortgage providers). As a reminder to landlords, the interest paid on the mortgage against your tax liability is going to be cut back to 20% from 2017 to 2020.

In the last 12 months, I have noticed a particular uplift in interest from ‘50 something’ Hampstead people wanting to become landlords for the first time. In Hampstead, the highest returns for the lowest investment are at the lower end of the market, that is studio, one and some two bedroom flats . Unfortunately, flats with one bedroom are coming to the market in smaller numbers than the larger four bedroom properties in top end sector of the Hampstead property market. When looking at the actual numbers, in the later part of the Summer of 2016 in Hampstead, in one month alone 67 one bed apartments were on the market. However, in January this year, a notoriously excellent bumper month for properties coming on to the market, there were only 51 one bed apartments on the market to choose from. Today, that figure stands at only 27..whilst the number of four and five beds has increased significantly ...  interesting don’t you think? 

See the graph below with the latest figures from the Land Registry 


At that lower end of the property market in Hampstead, (ie where first time buyers and landlord investors compete with each other to buy those smaller properties), I believe throughout 2017, there will be a slow and steady tipping of the scales between supply and demand. In fact, from what I am seeing and hearing, early anecdotal evidence has suggested over the last few months (although we will need to look at figures later in the Summer once we have the data from The Land Registry), we are beginning to see a polarised Hampstead property market. We will have high demand but low supply at the bottom end of the local market, yet high supply but lower demand at the top end... and that can only mean one thing ... prices will go up quicker on the smaller properties than the larger ones thus narrowing the gap for people looking to move up market.


How Much Is Your Property Worth? Click Here To Find Out For FREE

If you are looking for an agent with experience that can help you find the right tenant for your property, then contact me to find out how we can get the best out of your investment property. Email me on chris@ashmoreresidential.com or give me a call on 020 7435 0420. Pop in for a chat – we are based at Ashmore Residential, Suite 7, 25-27 Heath Street, London, NW3 6TR. There is plenty of parking and the kettle is always on.

Don't forget to visit the links below to view back dated deals and Hampstead Property News.

Websitehttp://www.ashmoreresidential.com/






Wednesday 10 May 2017

What do I do if my tenant goes to prison?


As a landlord, you will have many matters to deal with over time, although a rare occurrence, dealing with a tenant that has been sent to prison could be one of them. In almost all cases, this would have happened unbeknown to you and therefore out of your control. Crucially, it is the actions that you take in response that will go someway to protect your property and income. Below are some frequently asked questions and what you need to know about gaining possession and rent arrears.

1) Can I get automatic possession of my property ? 
No , is the answer in short. Even though the tenant is imprisoned it does not end the tenancy. In most cases where the tenants possessions remain,  you will have to apply for a Court Order. Should the tenancy be within the fixed term, you cant serve a Section 21 Notice.

2) What if there are Rent Arrears? 
If you are owed rent, with arrears of 2 months or more , you can apply for a possession  order using the rent arrears ground. The Eviction Notice must be served on the tenant whilst in prison, its best to notify the authorities as they are likely to do this on your behalf. 

3) Can I speed up the process? 
It pays to be pragmatic in this scenario, ask your tenant for Voluntary Surrender of the tenancy in return for righting off the rent arrears.This should be in the form of a letter included with the Notice for the tenant to sign confirming his agreement. If the tenant doesn't do this and the rent is owed, you will still get the Eviction Order. 

4) How can i get my money back ? 
A County Court Judgement will be issued within the Eviction Notice, however, it may not have much value, as the probability of recovering the debt from someone who is in prison is low. On this basis, the priority is to get the Eviction Order as quickly as possible.

5) What are the signs to look out for ?

Your tenant may have gone to prison for any number of reasons, though the rise in Cannabis farms and illegal brothels subjected to Police raids is almost always in rented accommodations.

The most common signs that may arouse suspicion are:

  • if a single person is looking to rent a property that is much bigger than suits their needs and based on the number of persons named on the tenancy agreement. 
  • The tenant is offering to pay all the rent in advance 
  • Complaints from neighbours or the freeholder about noise and the number of people coming and going throughout the day. 
  • Tenants making excuses to deny you access to the property or the fact that you have never heard from them.
Conclusion

It's vital that tenants are thoroughly vetted as the business of letting is about putting strangers in your property, therefore, it's how they sound on paper. The main criteria are 

  • Employers reference 
  • Last quarter bank statements
  • Proof of address- ask for a recent utility bill to check against other documents 
  • Credit checks - CC J's or bankruptcy 
  • Photo i.d Drivers Licence or Passport
  • Current/Previous Landlord reference  

These precautions will give you the best protection, if any prospective tenant cant produce this information then alarm bells should start ringing.  Regardless of the tenants status, be they employed or in full-time education, you need to make an informed decision about who you accept as a tenant, therefore make no compromises on referencing. 


How Much Is Your Property Worth? Click Here To Find Out For FREE

If you are looking for an agent with experience that can help you find the right tenant for your property, then contact me to find out how we can get the best out of your investment property. Email me on chris@ashmoreresidential.com or give me a call on 020 7435 0420. Pop in for a chat – we are based at Ashmore Residential, Suite 7, 25-27 Heath Street, London, NW3 6TR. There is plenty of parking and the kettle is always on.

Don't forget to visit the links below to view back dated deals and Hampstead Property News.
















Friday 5 May 2017

What will the General Election result do to the Hampstead Property Market?

After the sudden announcement of the Conservatives for a snap General Election. Modern political wisdom has urged caution on Prime Ministers calling early elections with the last one being in 1974, under the leadership of Ted Heath. Some 43 years later, the world is a different place, Prime Minister, Theresa May is keen to get the mandate from the British Electorate, largely driven by the main political issue that is Brexit. Such potential issues and possible uncertainties haven’t lifted the cloud from the Hampstead property market. When an amalgamation of tougher lending conditions, Stamp Duty hikes and a correction in average values, political uncertainty ahead of a General Election slows demand as we saw back in 2015 when David Cameron was elected.

Against the back drop of several changes to the property market with Stamp Duty revisions, Right to Rent Checks and changes in Taxation Rules that came in only last month, some Hampstead   buy to let landlords were waiting to see how these new policies would be implemented before they committed themselves to buying more property for their portfolio.

So, where next for the Hampstead property market?  Well, according to the latest figures released by the Office of National Statistics (ONS), inflation is at 2.3 %, it’s been steadily increasing since 2015. The Bank of England has no reason to raise interest rates for now, they are at a  historic low of just 0.25%. As mortgage rates are at their lowest levels, landlords with large deposits will now be wooed by the mortgage companies with their low rates.

You see, over the past couple of years, Hampstead landlords have benefitted from a booming local job market. Unemployment in Hampstead and Kilburn has dropped to 1.8 % of its population as a year ago, 1810 people were claiming unemployment benefit compared to today’s 1,720- Source Office of National Statistics (ONS)





With more jobs and better pay, as the level of rents is directly linked to tenant’s wages, there has been an increase in the rental prices tenants paid in the past 2 years.  This has now started to bottom out as there is a surplus of rental property available since last year with many tenants moving their focus away from London. 

Some landlords might be nervous about the Tory’s plans for the housing market over the next five years in terms of tenant demand for their rental properties.One plan is for Housing Association tenants to have the right to buy their property. These kind of tenants were never in the private rented sector and will actually increase the supply of properties in the housing stock in decades to come. The Government ‘Help to Buy Scheme’ has only helped to buy one Hampstead property since April 2013. Considering 612 properties have changed hands in the last year alone in Hampstead, a fall of 10.5%, I don’t think it has made a huge difference to our local property market.

Source- Land Registry 

The biggest matter, when it comes to tenant demand of rental property going forward, comes from the shift in the mindset and attitudes towards renting itself. Twenty years ago you were seen as a second class citizen if you rented a property. In Hampstead, as in the rest of the UK (apart from Central London areas of Marylebone and Mayfair), renting continues to offer good value for money for tenants. If you are an existing landlord in Hampstead   or thinking of becoming one (or as we like to call you  ... a FTL  ... a ‘first time landlord’), then I must suggest you seek out specialist advice and  opinion. Like many agents in Hampstead , we will happily give you our opinion on the current state of the  market and the advantages/disadvantages to investing in the Hampstead   property market if you pop into our offices.


How Much Is Your Property Worth? Click Here To Find Out For FREE

If you are looking for an agent with experience that can help you find the right tenant for your property, then contact me to find out how we can get the best out of your investment property. Email me on chris@ashmoreresidential.com or give me a call on 020 7435 0420. Pop in for a chat – we are based at Ashmore Residential, Suite 7, 25-27 Heath Street, London, NW3 6TR. There is plenty of parking and the kettle is always on.

Don't forget to visit the links below to view back dated deals and Hampstead Property News.





Thursday 4 May 2017

How To Maximise Your Rental Income

The Private Rental Sector (PRS) has grown considerably since the turn of the Millennium with more people choosing to rent than ever before. The changing social trends and the need for a mobile workforce have brought about the need for housing to be offered in a variety of tenures,making Buy-To- Let a full fledged industry.



Whether you're a seasoned landlord with 20 plus years experience or a first time investor, investing in property is a long term venture, below are my 5 rules for success.

1) Location, location, location

It's the old adage of location which is the main reason people will choose to rent your property. Just like at school- do your homework and get to know your subject inside out. Check out the area to see what's on offer in terms of amenities, its demographic, supply and demand and what the average rental values are for the type of property you are looking to invest in. This will give you a clear indication of what the competition is up to so that you can set up your stall.

2) Look after your tenant(s)

In essence, your tenant is your customer and if they're not happy they vote with their feet. Striking a balance is crucial to your long term profitability. Should a tenant wish to continue staying in the property and they've looked after the place, they should be encouraged to stay. Putting the rent up each year is not always the best strategy. Local property markets always work in cycles, though in times of suppressed demand keeping the rent at the same level for a reliable tenant with whom you've enjoyed a good working relationship, is worth its weight in gold. It could well be that if the tenant vacates due to a proposed rent increase, you could incur a lengthy void period with the loss of income, mortgage and service charge demands to meet. This could make an otherwise profitable business model in to a loss maker.

3) Time is of the essence

Should your tenant give notice to vacate, use this window of time to plan ahead for maintenance and repairs. Throughout  the year, there are seasonal shifts in demand, so don't take it for granted that the property will rent out quickly. It's always wise to check what supply and demand is like at the time so that you are competitive with the rest of the local market. Most people will not be flexible to visit during the day, therefore it's worth sparing a bit of your time on evenings and weekends to be accommodating to prospective tenants who may well be the people you rent to. This will also create a good first impression to viewers. During the notice period, it's worth visiting to make note of any improvements or repairs that are needed before you hand the keys over to your new tenant. Have your trades get their quotes in at the earliest convenience, and if they are any good, they'll be busy, so book them in advance. Although time is precious, ensure that your prospective tenant has been thoroughly vetted (including their Right to Rent status) and that all references have been verified. Once satisfied, my advice to all my landlords is meet your tenant(s). This is an ice breaker and will go some way in establishing your relationship from the outset.

4) Keeping up appearances

When a prospective tenant is being shown round a place,what they see is indicative of what their living experience in the property is likely to be. With the PRS  growing at the rate it has,competition among landlords has never been greater. If you've had a long term tenant, its par for the course that the place will need a fresh coat of paint and flooring to be replaced in cases where it can't be cleaned or is worn.  Redecoration every 3-4 years is good practice, dependent on the condition and turnover of occupants. Apply neutral colours to give the broadest appeal, a newly decorated place will create the right atmosphere. More serious issues such as damp or mould should be addressed fully, patch up jobs and sticking plasters are a false economy and will create bigger problems in the long term. Kitchens and bathrooms are crucial areas, even if they are a little dated,  reseal all sinks and bath/shower tray surrounds and re-grout tiles if need be. Check that all kitchen unit doors open/close properly, adjust or replace hinges as needed. Get the place thoroughly cleaned to include windows inside and out, de-scale all sinks and taps, steam clean carpets and upholstery. The more attractive a place is, the more  likely your tenant(s) will look after it as if were their own. This will enhance your tenant's living experience and is likely to keep them in the property for longer periods, having a strengthening effect in your yields.

5) Functionality
Weather you let rooms in a HMO or a luxury penthouse, tenants want things to work. Apart from the mandatory compliance, a more detailed analysis is needed. Check that there are no leaking taps, broken door handles, the toilet flushes properly and appliances are all in good working order. Something as simple as a broken light fitting or a blown light bulb, can plant a seed of doubt in a tenants mind. It's worth creating a folder with manuals for the appliances and keep those warranties in a safe place - you never know when you'll need them.

It's important to assure tenants that any maintenance matters that may arise will be dealt with swiftly and that you advise them of who to contact in any given situation. Taking a pragmatic and pro active approach will ensure you provide a high level of service to your tenants, saving you time and money.     

So until the next time - happy letting!


How Much Is Your Property Worth? Click Here To Find Out For FREE

If you are looking for an agent with experience that can help you find the right tenant for your property, then contact me to find out how we can get the best out of your investment property. Email me on chris@ashmoreresidential.com or give me a call on 020 7435 0420. Pop in for a chat – we are based at Ashmore Residential, Suite 7, 25-27 Heath Street, London, NW3 6TR. There is plenty of parking and the kettle is always on.

Don't forget to visit the links below to view back dated deals and Hampstead Property News.












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