Property: Buying & Letting

We discuss some brilliant tips to help you when purchasing and letting property and recommend some of the best local businesses to get the job done well.

As many of us already know, property prices are rising and are becoming increasingly more difficult for first-time buyers to get on the property ladder. We are also seeing a surge of tenants looking for a place to rent and a decrease in rental property. To clue yourself up on what has been happening and why, head to this month’s business profile from Keane & Parker Estate Agents.

With this in mind, we wanted to take you through the process of purchasing your first or next home and how to become a Landlord if purchasing a Buy to Let property. We offer some tips and some of the best businesses to give you the best chance in purchasing and letting property in the current climate.

Securing that mortgage

Whether you’re trying to get on the property ladder, already a homeowner but looking to upsize or you’re interested in an investment property and becoming a landlord. The world of mortgages can become very complex therefore it’s important to have someone you can speak to for some trusted advice.

With over 40 years of experience in the financial services industry, owner and principal advisor of Mortgages 4 Plymouth, Tricia Kennedy and her team, can help you achieve your goal. To the team at Mortgages 4 Plymouth, a client is not just another mortgage, they want to help and guide you in the best way they can. They take the time to listen to your needs and concerns to be able to provide you with the best possible service.

The pandemic hasn’t made it any easier for first-time buyers to secure a mortgage and get on the property ladder. Due to the high levels of demand for houses particularly in the South West, the government have scrapped a lot of helpful options for first-time buyers however, Lifetime ISAs, shared ownership and 5% mortgages are still available to help.

The financing of a mortgage is a case of finding and selecting the most suitable mortgage for you rather than simply accepting a lender’s offer. Excaliber Associates Ltd based in Plympton offers mortgages that are completely tailored to you. They want to understand your mortgage needs to ensure they are giving you the best mortgage package possible.

Something to be aware of: Banks, building societies and smaller niche lenders compete for your business, all offering a variety of interest rate deals, associated fees and other enhancements to attract borrowers. They are not necessarily interested in your individual requirements.

Becoming a landlord

Earning a little bit of extra income from your Buy to Let property is an attractive prospect. Often people jump on this opportunity with very little thought of the expenditures required to be a legal landlord. You have to have realistic expectations of the profit you make whilst renting because things like repairs, EPC reports, general maintenance, gas checks and in worst cases, tenants failing to pay, can all eat into your profits.

The demand for rental property is high with tenants paying more than they would like to secure a place to live. Becoming a landlord in today’s property market is swings and roundabouts because although you may be able to get tenants quickly, there are other expenditures which could trip you up along the way.

If you’re a landlord, Plymouth Estates can help you find and reference suitable professional tenants, deal with all the paperwork, manage your property, and collect the rent for you – efficiently, reliably and professionally. They have outstanding internet exposure on major property websites including On The Market, Zoopla, Prime Location and Facebook Marketplace.

The South West is a hot spot for holiday rentals which is pushing the residential market to a point where people are having to bid higher, compromise on things or change their location. Due to the high number of holiday rental properties in the South West, the winter months become very quiet which then affects the local economy. We recommend letting your property to residence whilst the current rental market is in such high demand.

Keane & Parker, based in Plymouth, has a brilliant residential lettings service typically being luxury and modern homes across the city, waterfront and the wider area with a number of premium clients such as Urban Splash at The Royal William Yard. As well as lettings, they are also highly experienced in the sale of residential property, to learn more about the local, independent estate agent, head to their business profile in this issue.

Maintenance & must-haves

General maintenance for residential property is an expenditure that needs to be done to be able to meet specific government and health and safety requirements. Most maintenance that is dealt with early or checked regularly can prevent future issues which may become a lot more expensive in time.

The most common things that will cause blocked drains are; pouring fat down the drain, flushing baby wipes, hair clogging the drain and food scraps down the sink. When your drain becomes blocked then Drain Care South West will help you out. As well as unblocking drains, they also provide a wide range of drain care services such as drain surveys, drain repairs, drain clearance and emergency drain services. Their local team are on hand to provide you with a reliable service from start to finish with honest pricing and no hidden costs.

EPCs are a legal requirement for anybody that is going to be selling their property or is renting for domestic and commercial use. Tech Surveys are a local, family-run company specialising in Energy Performance Certificates (EPCs) for commercial and domestic customers. They also offer a range of services for homeowners and landlords, including professional floor plans and Legionella Risk Assessments.

Most rental and commercial properties require some form of fire safety equipment as a legal requirement. If you are unsure how many or what fire extinguishers you need for your premises, just contact GP Service and they will be more than happy to advise and provide you with the fire safety equipment you need.

Having your boiler serviced regularly before the winter months roll in is a good idea to make a habit of. Often, we realise that the boiler needs fixing too late in the year when the temperature drops and the companies are too busy to help that same day. Moorland Heating offer expert boiler repairs, boiler servicing as well as new boiler installations and plumbing works in Plymouth.

Ensuring the smoke alarms and carbon monoxide alarms are all serviced, working and fitted with new batteries before letting out your property. You will also need to arrange a landlord’s annual gas safety certificate and an Electrical safety inspection & certificate. Plymouth Estates have a full checklist for the landlord which can be found in their advert within the Home & Property section of the magazine.

With the expert knowledge from these local businesses in the property industry, we hope your next move goes smoothly whether you’re buying your first home or becoming a landlord.