Landlords will be required by law to install working smoke and carbon monoxide alarms in their properties from October 2015.
The changes to the law will require landlords to install smoke alarms on every floor of their property, and test them at the start of every tenancy.
CARBON MONOXIDE ALARMS
Landlords will also need to install carbon monoxide alarms where a solid fuel heating system is installed.
Here at NGU Homelettings we have took the stance that carbon monoxide alarms should also be installed in high risk rooms as well. Therefore from the 1st October, any properties that become vacant will have a carbon monoxide alarm installed where there is a gas fire or a boiler in a bedroom.
Predicted Profit after ALL costs once sold: £10,660.00
Comparable – SOLD PRICES- same street
Chester le Street, DH2 £69,475 2 bedroom May 2011
Chester le Street DH2 £84,825 3 bedroom Oct 2006
You buy the property, we can organise the refurb. The property will go up in value because we have refurbished it then you sell the property on the open market through our award winning Estate Agency, NGU Homesalesonline.co.uk.
The slip point principle is the 1 degree of difference between a successful property investment and amateurs. Property investment should always be: Rock Solid Property Investment.
I wanted to share with you a recent property I found on RIGHTMOVE- Anthony Street, Easington. At £18,000 and the potential of rents of £300-£360 it looks a fantastic yielding property!
HOWEVER- as a property investor there is a key thing you need to consider:
Limited Owner Occupier Areas:
Extremely low valued properties will provide great headline high rental yields but more often than not, such headline figure cannot be achieved through voids and the type of tenants these areas attract.
Maximising your rent is not just about front loading e.g. what rent you can achieve from the start of the tenancy. It is also about making sure that you have reliable tenants who want to stay long term. Void periods, rent arrears and damages caused by tenants will eat away at your rental profits a lot more than holding out for the highest rent.
So with this in mind – 5Top Tips ForMaximising Your Rent- Explained
1. Show Case Your Property
Make sure your property is advertised in the best possible way it can be. Obvious ones are to open the curtains and make the rooms look lighter. If you are taking pictures of the bathroom areas – make sure the toilet seat is down! Stage your rooms- make them appealing to live in.
House In Multiple Occuaption Deal – Released 3pm: HEADLINE FIGURES
Current market value: £95,000
Predicted end market value: £140,000
Rental profit pcm after costs: £708.13 pcm
You buy the property, we can organise the refurb. The property will go up in value because we have refurbished it and made it into a 5 bedroom House of Multiple Occupation. You pocket £708.13 profit per month from the rent after all costs.
To enter into this deal you need £65,000 initial capital.
After refinance, the potential to only leave £13,800 in the property- the rest comes back to you.
If your current loft insulation is below 10 mm thick you can get this fitted for free if your tenant in on housing benefits.
Landlord selective licence areas
The Newcastle upon Tyne council in areas such as Arhurs Hill and Benwell are currently offering landlords a free grant of £150.00 to install hard wired smoke alarms.
Newcastle Private Rental Sector
If your property is void for more than 6 months you qualify for a FREE grant up to £2,000 to develop it (FREE MONEY NOT LOAN).
Sunderland Selective Licence Areas
The Sunderland council are currently offering a cluster loan up to £5,000.00 for a property which has been empty for more than 6 months subject to inspection (Free money or sometimes they ask you to match the amount).
The Durham council in set postcodes are offering up to £15,000 interest free loans on any property that has been empty for 6 months to home buyers and landlords to refurbish them.
These loans will be available across the country and not just in the North East. Make sure you contact your local council to see how you can benefit on your rental properties.
Chris Fitzakerley Investment property that will run itself letting you do the things that you enjoy