Whether you’re an established landlord or a first-time investor, you’ll probably be thinking about what to buy: a ready-to-go rental or a doer-upper. Which one should you pick?
Currently, lots of changes are being made around rental rules, and reports claim that many landlords are selling up. However, there are still plenty of investors making their move into the rental space. And with the UK facing a possible decline in house prices, now may be the right time for you.
But what do you buy?
A turnkey rental is one that is ready for tenants to move into once the sale is complete. A renovation project is a property that needs repairs or extensive decoration to get it ready for new tenants.
Both have their pros and cons, and in this quick read, we explore them in more detail.
Unless you’re one of those super-organised types who spend the year secretly buying stocking fillers and stashing them under your bed, Christmas is probably the last thing on your mind right now.
And why should it be? It’s summer, the schools are shut (for a few more days at least), and you still have months to dust off your reindeer antlers and Yuletide jumper.
But there is one reason why it may be worth thinking ahead to Christmas.
If you have plans to sell your home and hope to be in a new place by the end of the year, then act now. It can take time to get all the elements in place to finalise a property sale, but if you put your foot on the gas, you can still do it.
Here are four reasons to market your property now.
The number of downsizers active in the housing market has skyrocketed in recent months*, and is it any wonder?
With steep hikes in energy bills, interest rates and inflation, many people feeling the squeeze are rethinking how – and where – they want to live.
Every year, the Bank of Mum and Dad comes to the rescue by helping tens of thousands of first-time buyers get on the housing ladder.
Last year alone, 46% of first-time buyers received financial help from their parents to purchase a property, with £8.8 billion changing hands (source: Savills).
But for parents planning to assist their offspring, or children hoping to get a helping hand, there are a few issues to consider first.
Not since 2008, when Katy Perry stormed the music charts and Gavin and Stacey ruled the small screen, have interest rates been as high as they are today.
As a result, many mortgage holders are looking for ways to trim their outgoings to ease the financial burden.
Homeowners are putting DIY projects on the back burner and reducing their spending on
holidays and takeaways, while some buy-to-let landlords are toying with the idea of self-managing their rental portfolio (despite the fact agent fees are tax deductible).
But while the prospect of saving a bit each month on letting agent fees might seem attractive, in the long run, it could be a false economy.
Here are some reasons why self-managing your rental might not save you any money at all.
