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The UK rental market is thriving and has a lot going on. The good news is that it seems to be calming. This promises a better future for tenants and landlords. However, a good agent will help you find what you are looking for, whether you are investing or looking for a nice home to live in.

Lowering buy-to-let mortgage rates for landlords is good news for tenants
Lower mortgage rates are helping to reduce costs for landlords, which are often passed on to tenants, reducing the financial pressure for both. Average rents increased by 8.3% last year; in the previous two years, this figure was in double digits.* It’s important to remember that average figures mentioned in the news include more expensive regions. You can find affordable homes to invest in and to rent with the right agent.

The impact of lower-deposit mortgages
Lower government-backed deposit schemes are giving first-time buyers a leg up on the property ladder. This is reducing pressure on the rental market by increasing the supply of homes as renters become homeowners. Landlords needn’t worry, as the supply of tenants far outweighs the supply of housing. This move by the government may also help to increase the value of property portfolios.

What do reforms mean for the market?
The government has been planning to reform the Renters Bill for some time. Improving rights for landlords and tenants with the abolishment of Section 21, some landlords have feared the proposed reforms. However, with the strengthening of Section 8, landlords have nothing to fear. And the government has announced that the court system needs to be reformed first, delaying its implementation until late this year or next year.

The general election is on the horizon
New elections bring new promises that are not always delivered. The Renters Reform Bill could be an example. That said, politicians will be trying to appeal to landlords and tenants, and if this eventually leads to simpler legislation for both parties, this is a good thing. New legislation to improve EPC ratings from E to C by 2028 has been scrapped. However, many landlords have already invested in EPC improvements, which is good news for tenants.

Listen to your agent, not the news
Your agent will be able to find a property that suits your needs and budget. If you are on the move now or waiting for the right opportunity to appear in your inbox, the more you communicate with your agent, the better. With a fully managed service, you have very little to do except enjoy the benefits because property maintenance, rent collection, and the latest compliance checks will be taken care of for landlords and tenants.

 

Looking for the perfect home to rent can be a challenging task, as there are a wide range of factors that you need to take into consideration. Here are seven top tips for making the process much more streamlined and stress-free. The first step in finding the perfect home to rent is to determine your budget. You should aim to allocate around 30% of your monthly income to paying your rent, as any more than this could cause you financial strain. Knowing your budget will then allow you to narrow down your search and only consider properties that you can realistically afford. This saves you time and prevents you from falling in love with a home that is way out of your price range. When it comes to finding a new home, rushing the process can lead to poor decisions and frustration. Giving yourself plenty of time allows you to thoroughly research different locations, compare rental prices, and view multiple properties. By starting early and taking the time to carefully evaluate your options, you can ensure that you find a rental property that aligns with your lifestyle, preferences, and financial situation.

Consider your location
One of the most crucial factors to consider when searching for a property is its location. Living close to work, school, or amenities can save you time, money, and stress, while living in a safe neighbourhood can give you added peace of mind. Before committing to a tenancy, you should research the area, visit the neighbourhood at different times of the day, and maybe even speak to people who already live there to get a feel for the community.

Define your must-have features
It's essential to take the time to define your must-have features before starting your search, as this will help you find a home that suits your needs and preferences. You can do this by making a list of desirable features, considering your lifestyle, budget, and long-term goals in the process. By clearly outlining what you are looking for in a rental property, you can streamline your search process and focus on homes that match your criteria. This can save you time and energy and help you find a place that feels like the perfect fit for you.

Speak to your estate agent
Your estate agent is the bridge between you and your next home as they possess valuable information about the properties on the market, as well as insight into the local property market. Effective communication with your estate agent can help them understand your needs and preferences, allowing them to streamline the search and present you with options that align with what you are looking for. Don’t be afraid to ask your agent questions or go to them for advice, as they are there to help you with whatever you may need.

Make the most of your viewing
Before you even step foot into the property you are interested in, it's important to do some preparation beforehand. You should be ready to ask some key questions about a range of topics including rent payments, the length of the tenancy, the area, and whether or not pets are allowed in the property. Take note of any signs of wear and tear, such as peeling paint or leaky faucets, and check the fixtures and fittings to make sure they are in good working condition.

Take the final steps
Once you have found a property you love and have decided you would like to live there, you need to complete the process with the help of your estate agent. It’s crucial that you carefully review the tenancy agreement to make sure you fully understand all the terms and conditions before signing. Once this is done, it’s time to arrange for electricity, water, gas, internet, and any other essential services to be activated in your name.

 

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When you are getting ready to welcome new tenants into your property, it is essential that everything is in order so that you can make a smooth transition. Let’s take a look at how to prepare your property for a new tenancy, what insurance you will need, and how a trusted estate agent can help you through the process.

Cleaning and repairs
The first step in preparing your property for a new tenancy is to ensure that it is clean and well-maintained. Before your new tenants move in, be sure to clean the property thoroughly, including all surfaces, appliances, and fixtures.

Additionally, you should take care of any necessary repairs, such as fixing leaky taps, replacing broken tiles, or repainting scuffed walls. Making sure that your property is clean and in good repair will not only make a positive impression on your new tenants but also help to prevent future issues.

Update safety features
Another important aspect of preparing your property for a new tenancy is ensuring that all safety features are up-to-date and in good working order. This includes checking smoke detectors, carbon monoxide alarms, and fire extinguishers to make sure they are functioning correctly.

To protect your tenants' safety, all gas appliances must pass an annual gas safety inspection, which should always be conducted by a certified Gas Safe registered engineer. Once completed, you will receive a Landlord Gas Safety Record detailing all the checks that were completed.

Check your insurance
Before you hand over the keys to a new tenant, it is vital to review your insurance policies to ensure you are adequately covered. Although it is the responsibility of the tenants to sort out their own content's insurance, landlords are responsible for insurance the building.

Being adequately covered is important so that, in the event of property damage caused by a tenant, it can help cover the costs of repairs or replacements. Also, if your property becomes uninhabitable as a result of serious damage, rental income loss coverage can help reduce the financial impact. It is also a good idea to take out liability coverage in case somebody injures themselves on your property.

Prepare an inventory
It is important to prepare a detailed inventory listing all of the items included in the property and their condition at the start of the tenancy. The list should include everything from furniture and appliances to fixtures and decorations.

Take the time to look for any signs of wear and tear, damage, or existing issues, and take photographs of each item to provide visual documentation of its condition. This can help prevent disputes over damages at the end of the tenancy and ensure that your tenants have a clear understanding of their responsibilities.

Communicate with the new tenants
When preparing your property for a new tenancy, it is important to keep your tenants informed every step of the way. This helps to build trust and ensures that your tenants feel valued and respected. Additionally, clear communication can help prevent misunderstandings and conflicts down the line.

You should provide your tenants with clear instructions on what is expected of them, including information regarding move-in dates and key collection.

It is also important to be responsive to your tenants' needs and concerns throughout the process of preparing your property for a new tenancy. Whether they have questions about the rental agreement, maintenance issues, or other matters, be sure to respond promptly and address their concerns in a timely manner.

Use a trusted estate agent
A trusted estate agent has the expertise and knowledge to navigate the complexities of the rental market. They understand the local area, market trends, and the needs of both landlords and tenants. When you work with an experienced estate agent, you can tap into their wealth of knowledge and experience to ensure a smooth and successful tenancy process.

They will have the resources and expertise to effectively market your property to potential tenants and conduct thorough background checks on them to ensure they are reliable and financially secure. They can also help ensure your property is in top condition and meets all legal requirements. Additionally, a trusted estate agent can help you create a secure and fair tenancy agreement that protects your interests as a landlord.

 

Looking for your next tenants? Get in touch today