A popular alternative to a pension and an attractive method of accumulating wealth is buy-to-let investment property. Buy-to-let investments are unquestionably wise investments, but they also involve a long-term commitment, labour, and careful money management.

It is definitely worthwhile to weigh up the benefits and drawbacks of becoming a landlord if you’re wondering whether to go ahead and purchase your first buy-to-let property. We have outlined some of the main pros and cons below. 

PRO  – Rental Income

This is the main motivation for people to purchase a buy-to-let property. The thought of having a consistent income that not only covers the mortgage on their buy-to-let property but also provides some extra cash each month is very alluring.

CON – Rental Void

However, if your tenant misses a rent payment, you will be responsible for paying the mortgage until they catch up, and if your property is unoccupied for a period of time (a rental void), you will be liable for paying all costs during that time as well.

PRO – You’re your own boss

You may fully control both your income and your own time if you are fortunate enough to be able to live off the income from your rental properties. Many landlords are motivated to expand their property portfolio because it gives them the flexibility to work the hours they choose, make all the decisions, and feel totally in charge of their lives.

CON – Responsibilities

As a landlord, you have both legal and moral responsibilities towards your tenants, and no-one can choose or predict when urgent maintenance issues such as a leak may occur. Many people find the responsibility of managing their buy-to-let properties while working a full-time job to be too much. A letting agent can manage your properties for you, helping to reduce the stress, but this can cut into your profit.

PRO – Allowable expenses

When calculating your taxable rental profit, you may subtract expenditures from your rental income. Maintenance charges, utility bills, agency fees, and insurance premiums all fall under the category of “wholly and exclusively for the purposes of renting out the property” expenses.

CON – Costs

You must legally notify HMRC as soon as you begin to make a profit from your buy-to-let property. You may need to file a tax return so that HMRC can determine how much income tax you need to pay. Higher stamp duty rates apply to buy-to-let property purchases. Additionally, you must pay Capital Gains Tax on the amount by which the property has increased in value during the time that you have owned it. Remember to account for expenses like the deposit, survey and conveyancing fees, refurbishment expenditures, and administrative expenses for inventories, deposit protection, gas safety certificates, and EPCs.

Being a landlord certainly requires more time, effort, expense, and planning than most people think it does, but for those willing to put in the work, it can be a highly profitable endeavour.

If you are considering becoming a landlord in Hampstead and would like to know more about how Vita Properties has helped hundreds of landlords in NW London to maximise their profits and minimise the stress of owning a buy-to-let property, then please do give us a call on 020 7759 2199  or send an email to enquiries@vitaproperties.uk and we will be happy to discuss how we can help you.

It is a big decision to decide to sell your home.

It entails relocating your family from a home they probably adore to a brand-new, strange one. Even if you only move locally, you will still be moving away from friends, neighbours, and familiar surroundings. There is always a compelling reason for making this life-changing decision, but studies have shown that it still takes an average of two years from the time you first consider selling to the time you finally decide to sell your home. Below are the top five reasons that people decide to sell their homes. 

Relocating

People need to relocate for a variety of reasons. They may have been offered a better job in a different part of the country; they may need to move to a catchment area for a better/more suitable school for their children; they may need to move closer to elderly parents; or they may need to move to reduce the length of their commute to work.

Upsizing

As families grow, they may simply outgrow the size of their home. They may have more children, or if their children share a room, they may decide that they need to have their own space as they get older.

Downsizing

The opposite occurs as children start to leave home. Paying to heat and maintain a home larger than they need may spur empty nesters to move to a property that is a better size for their needs.

Lifestyle

The most common lifestyle change is a move from the city to the countryside. It is most commonly associated with couples starting families and moving from a busy city to an area where their children can have a bigger garden to run around in and where the money from the sale of their compact city property can purchase them a much larger property. However, it is not only young families that make this move. Older couples at the end of their careers may choose to move away from the busyness of city life in order to have a more peaceful retirement, and others may even choose to do the reverse, moving to the city once their children are grown and flown.

Equity Release

This can be done by selling and then buying a cheaper home. This is a big motivation for selling for downsizers, who get the benefit of a more manageable home and a lump sum of cash to spend enjoying life. It can also be a motivator for people who love to renovate properties and then move onto the next project, investing the equity they have released into their next property.

If you are considering moving in Hampstead, please do give us a call on 020 7759 2199 or send an email to enquiries@vitaproperties.uk and we will be happy to help you decide on the best option for your family.

Letting agents and landlords always talk about the importance of finding good tenants, but do you know how you can make sure that you are one?

Pay your rent on time
This one is obvious. If you are late paying your rent, then your landlord may have to delay paying their mortgage. This is not going to endear them to their mortgage lender or you to them. Think about how you would feel if your boss started paying you late. Wouldn’t you feel less inclined to work hard for them?

Not paying your rent for two months can also give your landlord grounds to evict you, so it really is important that you keep on top of your rent payments.

Communication
While paying your rent on time is the most important thing that a tenant can do, we all know that sometimes something even more important can arise that means you have no choice but to pay your rent late. I am not talking about the release of a new games console or a weekend away, but if a legitimate reason arises, such as a medical emergency or a redundancy, then let your landlord or letting agent know.

If you are able to give them notice that your rent payment will be late, then it gives them a chance to figure out a plan. Remember, landlords and letting agents are humans too. Keeping the lines of communication open and updating them about when they will receive their rent will make them much more likely to be understanding.

Tell your landlord
Many tenants are nervous about reporting problems to their landlord as they do not wish to be labelled as difficult, but landlords and letting agents really appreciate honesty and openness from their tenants. Small problems can quickly grow if not promptly attended to, so if there is a problem, tell your landlord or the letting agent!

If you need help with something in the property, then talk to your landlord or letting agent. They want you to be happy in the property just as much as you want to enjoy living there.

Good communication has mutual benefits. Many disputes between tenants and their landlords arise from an initial miscommunication, so being open and honest is vital.

Be flexible
Make sure that you don’t delay safety inspections, routine maintenance, or repairs by being difficult to reach or inflexible about the times that people can enter your home. If you feel uncomfortable about people being in your home while you are out, then provide a list of suitable days and times that work can be carried out, rather than just proposing one day and time.

Look after your home
It may not be your property, but it is your home. Ensure that you keep it clean and tidy and stay on top of general maintenance tasks such as mowing the lawn, bleeding the radiators, replacing light bulbs, testing the fire alarms, and ensuring the property is well ventilated.

Tenancy agreement
A survey by Direct Line Landlord Insurance revealed that 1 in 7 tenants break the terms of their tenancy agreement. Usually, this is because they either haven’t read it or they haven’t understood parts of it. Make sure that you take the time to thoroughly read your tenancy agreement before signing it. If there are any parts that you don’t understand, then ask your landlord or letting agent to explain them to you. Then simply make sure that you abide by the agreement that you have signed.

If you do want to do something that isn’t permitted, then discuss it with your landlord or letting agent. If you have a good enough reason, they may give their consent.

If you are looking for a property to rent in Hampstead then give Vita Properties a call on  020 7759 2199 or send us an email to enquiries@vitaproperties.uk to find out about our available properties and how we can help good tenants find their perfect home.

A recent survey revealed the top six things that can put potential buyers off of your <<LOCATION>> property, and they are not all as obvious as you might think.

Clutter

Clutter can make rooms feel smaller and is very off putting to buyers, especially if they have to step over or go around it. Take some time to declutter your property. If you cannot bear to let go of items, then consider renting a storage unit to put some of your things in until you move.

Dirt

You cannot clean too much when you are preparing your home for a viewing. Potential buyers are trying to imagine whether they can see themselves living in your property. Yes, dirty properties can be cleaned, but most people find it hard to conjure up an image of what something can look like. So make sure that the image that you provide for them is a clean and welcoming one.

Clingy Sellers
Of course, you are anxious to know how a viewing is going and want to make sure that the potential buyers are shown all of the most charming parts of your property. However, sellers who loiter during a viewing are more likely to put buyers off than encourage them to make an offer. This is because potential buyers need to have the opportunity to visualise themselves living in your property, and that is much harder if the current homeowner is standing right in front of them, constantly reminding them of the life that they are living in the property.

Smells
Unpleasant odours are a big no-no for potential buyers. Make sure that you take the time to find the source of any unpleasant odours and deal with them. While you may be tempted to burn your favourite scented candle, be aware that no scent, however strong, can mask an unpleasant odour. Instead, you end up with a mix of the two scents, which can be very unpleasant. Fresh air is the most attractive scent to buyers, so make sure that your property has been well-aired before any viewings.

The Goldilocks Effect
If a potential buyer feels too hot or too cold, it will affect their perception of your home. You don’t want them to think of your property as ‘the cold house’ or ‘the hot house’. You want them to be as comfortable as possible during the viewing. 21°C is an ideal temperature, so consider adjusting your thermostat accordingly a couple of hours before each viewing.

Your estate agent
Rude and unhelpful agents don’t only annoy potential buyers; they may put them off purchasing your property completely. Take some time when selecting your agent to talk to them about the local area and their experience selling similar properties like yours. If you don’t find them to be knowledgeable and approachable, then your potential buyers won’t either, and it is important that when you leave them alone with your potential buyers during viewings, that they have the social skills to be able to turn a potential buyer into an offer.

If you would like more advice on what you can do to present your property in NW London in its best light during viewings or are considering selling your property in NW London and would like a free, no-obligation valuation, then please don’t hesitate to give us a call on 020 7759 2199 or send an email to enquiries@vitaproperties.uk.

Are you a landlord in NW London and unhappy with your letting agent?

Many landlords choose to put up with poor service from their letting agent rather than deal with the hassle of switching agents in the middle of a tenancy. Most will wait for their current tenancy to end and then make a move. Others won’t even do that, fearing that all letting agents are the same and that changing will be more hassle than it’s worth. This apathy is what bad letting agents rely upon, but it doesn’t need to be that way.

Not all letting agents are the same! We believe that a letting agent should provide you with excellent service, expert knowledge, professionalism, and helpful advice from when they first start finding you a tenant to when that happy tenant leaves.

We believe that happy tenants make happy landlords. The happier your tenant is with their home, the more likely they are to stay longer, thus avoiding any rental voids, and the more likely they are to take good care of your property.

If you are unhappy with your letting agent’s service, then it is highly likely that your tenant is too.

So what can you do? The first thing is, obviously, to talk to your letting agent. Discuss your concerns and ask them how they will be dealing with them and what they will be doing in the future in order to avoid these concerns arising again. This conversation may be enough to alleviate your worries. Just remember that actions speak louder than words. If you feel you are simply being placated each time you raise an issue, then it may be a sign that it is time to change agents.

Before that, though, you will need to check the contract that you have signed with them. Is there a notice period that you need to give or a fee that you have to pay in order to cancel the agreement mid-tenancy?

Once you have found this out, everything else is easy. Choose the new letting agent that you would like to take over managing your property. Don’t forget to check reviews and get recommendations from people you trust.

Once you have informed your current agent that you intend to change agents, your new letting agent can take over. They can collect all the paperwork and arrange for the name of the managing agent to be changed on the tenancy deposit scheme.

If you are changing your agent in the middle of a tenancy, you should give your tenants a call to assure them that it won’t affect their occupancy at all. Then your new agent can pop round to meet your tenant, do a quick property inspection, ensure that all paperwork is up-to-date and give them the new bank details that they will need to start sending their rent to.

That’s it; everything changed. It’s much easier than most people think it will be. Then you can relax knowing that your property is being looked after, and you no longer need to worry about it.

If you are a landlord and are not 100% happy with the way that your letting agent in NW London is managing it, then give us a call on 020 7759 2199 and we will be delighted to discuss how Vita Properties can help you make renting out your property stress-free.

Whether you are looking to sell your property or simply wish to make your home look more inviting to visitors, the very first thing you should consider is often the one most people overlook. They are so busy thinking about their interior decor and the tidiness of their homes that they often forget that the very first thing that people see is the front of their property. If your home’s kerb appeal could do with being spruced up but you’re not sure where to start, don’t worry; we have a few tips that will help you turn the front of your property from drab to fab in no time.

Front garden

If you have a front garden, then ensure that the grass is neatly mown. Clear your path of weeds and use a pressure washer to make it look its best. If you have borders, make sure that they are weeded and plant some nice flowers to help make your home look visually attractive.

Front Door

If the paint is starting to peel off of your front door or the hardware, like the handle or knocker, are looking a bit old and unloved, visitors may get the impression that the rest of your home is uncared for too. Treat your door to a fresh coat of paint and a shiny new door handle/knocker and your door will go from creating a sense of foreboding to being a welcoming entrance.

House number

Make sure that your house number is clearly visible. This will help both visitors and delivery drivers! If your house number is looking a bit old and tatty, consider replacing it with a shiny new one that reflects the care you take of your property.

Windows

Clean windows not only maximise the amount of natural light that you get inside your home, but they also affect the feel of your home from the outside. Clean windows make a home look cared for, and a loved home will always have more kerb appeal than a neglected one.

Exterior Lights

Many potential viewers will do a drive-by viewing before deciding whether to view the inside of your property. Due to working hours, most of these will be done in the evening, and most guests to your home will also visit in the evening, so ensuring that your exterior lights are all working is essential to make sure that your home is bathed in welcoming light and not shrouded in darkness.

Gates, fences and hedges

Check that your garden gate and fence are in good condition. Oil the hinges and check that the latch is in good working order. Replace broken fence panels and neatly trim any hedges.

Garage

While your visitors/viewers will not be entering your property through your garage doors, they do affect the first impression that they will have of your home, so make sure that they are in good condition and consider sprucing them up with a fresh coat of paint if necessary. Potential buyers will want to take a look in your garage, so make sure that it is clean and tidy.

If you would like more advice on how to improve your NW London property’s kerb appeal, please don’t hesitate to give us a call on 020 7759 2199 or send us an email to enquiries@vitaproperties.uk  and we will be delighted to help you.

There are many reasons why people downsize in NW London. Selling your home and buying a smaller one is known as downsizing. If you are considering it but are still unsure if it is the best choice for you, we have listed the top five reasons why people downsize below.

Maintenance

The upkeep of larger homes is much more labour-intensive than that of smaller homes. This includes both the weekly cleaning and basic maintenance in addition to repairs. Perhaps you are discovering that you are less mobile than you once were, or maybe your priorities have changed, and you now place a higher priority on spending time with family and friends than on carrying out home maintenance. By choosing to downsize, you can spend less time maintaining your home and more time doing the activities you enjoy.

Space 

Families need more space as they grow, so you’ve probably moved around a lot over the years to make room for your growing family. However, after your children have grown up and left the nest, you could start to feel as though you are rattling around in a large empty house with numerous unoccupied bedrooms. It might be time to think about downsizing if you have more rooms than you know what to do with.

Health

Your health may be suffering as a result of having to maintain such a large home. It’s also possible that you have developed mobility problems and are having trouble navigating your house, even with modifications. In addition to being simpler to maintain, downsizing into a home without stairs can help with or be a good plan for any future possible mobility issues.

How do you feel while you are at home?

Your home should make you feel content, secure, and at ease. If your house doesn’t make you feel these ways, it’s time to start thinking about moving. This is especially true if staying at home makes you feel depressed, isolated, or afraid. Even if relocating won’t necessarily fix all of your problems, a new beginning in a new area might present you with the chance to meet new people and feel safer.

Bills

Costs increase with the size of the property. You may be considering downsizing to lower the size of your bills and make your monthly outgoings more manageable due to the dramatic increases in energy costs and the rising cost of living. Alternately, you might find that your outgoings have begun to exceed your incomings if you’ve recently retired or if you or your partner have started to cut back on working hours. Your bills may become easier to manage if you downsize.

Choosing to downsize can be an emotional decision. If you would like to have an honest and sympathetic discussion about whether downsizing is right for you please give us a call on 020 7759 2199  or send us an enquiries@vitaproperties.uk and we will be happy to help you reach the right decision for you.