Month: April 2023

If you own an HMO, you will be renting your property out to one of two groups of people; students or young professionals.

Many landlords focus on one or other type of tenants, but at Wingrove Lettings we can provide a service for both and do have some landlords who have properties in both camps/market places.

Student homes often see high demand, high returns and can cost less to furnish, they always need to be furnished and can attract higher maintenance costs but do have a natural break after each 12 month tenancy.

The professional market place often has lower maintenance costs, lower risk of complaints, longevity of tenancy and higher earning potential of young professionals can make them more appealing tenants for some landlords. Choosing professional tenants can also be a mindfield and its critical to get it right and carry out thorough references.

To help you find the tenants you want, we’ve compiled 5 ways you can make your property more appealing to young professionals.

Property Features that Attract Young Professionals 

Landlords have to initially make a decision as to whether they want to furnish a property or not. Anything inbetween can be confusing and lead to negotiation at each let as to which furniture is staying or going.

Expensive apartments for well paid professionals who desire a convenient short term let eg 6-12 months will often expect some level of furnishing. The majority of professional lets come unfurnished so if in doubt please ask to meet one of Abode’s consultants. When furnishing a rental property for young professionals, we recommend:

• Fully furnished – with clean, modern and new furnishings. Having your rental property ready to live in will make it more appealing to young professionals.
• Basic items of furniture, sofas and coffee table, small table and chairs, beds, wardrobe and chest of draws.
• Clean open spaces, avoiding any personal belongings or ‘knick-knacks’.
• Ample power sockets in each room for charging mobile phones, computers and other electrical appliances.
• Provide essential utility appliances such as dishwasher, tumble dryer, washing machine and dishwasher.

In addition to the furnishings within the property, there are certain other property features that will appeal to young professionals such as:

• Large kitchen area to allow more than 1 resident to cook at once.
• Plenty of storage space.
• More than 1 bathroom.
• Power shower.
• Sound insulation.
• A-rated rated appliances.
• Double glazed windows.
• TV, Wi-Fi and phones set up and ready to go.
• Smart energy meter.
• Hard flooring, eg not old carpets

Marketing a Rental Property to Young Professionals 

Being heavy internet users, young professionals will generally ‘do their homework’ thoroughly before arranging to view a property. For this reason, it’s important that your property is listed properly in the right places – follow our checklist to ensure the basics are right:

• Write a catchy, descriptive title.
• Include details of any furnishings included with the property.
• Make sure the rental price is accurate and visible.
• Provide information about the local area.
• Make any special terms of the tenancy agreement clear.
• Take photographs of the entire property when at its best (Abode have invested heavily in professional camera equipment.) to ensure the best possible images on websites.

Wingrove Lettings Tip – The millennial generation that most young professionals fall into is known as a sustainably-conscious generation. Incorporating environmentally friendly aspects into your property such as energy rated appliances and LED lights can help your property stand out.

Location Is Key for Busy Tenants 

This is something to consider when investing in your first buy to let property or expanding your portfolio. Young professionals need a location that allows them to get to work easily, whilst being able to access the town’s nightlife and culture on the weekends. Here are a few desirable attributes of your properties’ location:

• Proximity to transport links – Getting around is essential for young professionals, whether it’s their daily commute to work or their trip into town; immediacy to bus and train routes will make your property more desirable.
• Parking facilities – a reserved parking space or driveway is more desirable than a permit area (and will warrant a higher price).
• Noise – Young professionals value quiet areas where they can put their head down after work. Low noise in the area around your property will also make it more appealing to families and couples.
• Broadband – Something that is often overlooked, but with most occupants of the property using the internet regularly it should be fast to avoid complaints.
• Safety – Whilst at work, young professionals properties are left vacant. The overall safety and crime rates in the neighbourhood should be assessed before purchase.

Buy to let property in the UK can serve as an excellent investment for landlords who choose to live abroad, giving them a steady income stream to fund their lifestyle in another country.

But being a long-distance landlord is not without its challenges – communication can be difficult, tenants can’t be met or screened-in person and landlords may have to entrust somebody else to carry out viewings for them should a tenancy end whilst they are abroad.

For this reason, most international landlords choose to use a letting agency, who can deal with every aspect of managing their property whilst they are abroad. If you are an international landlord to be, read our top tips for making the letting process as stress-free as possible.

Understand Your Legal Obligations

If you rent a property out in the UK, you will need to pay tax on the rental income, being an international landlord does not exempt you from this. If you live abroad for 6 months or more per year, you are automatically classed as a ‘non-resident landlord’ by HM Revenue and Customs (HMRC). Note that if you are only outside the UK temporarily (less than 6 months), you are not classed as a Non-Residential Landlord.

The tax you owe on rental income can either be paid through a Self-Assessment tax return form or by deducting a basic rate tax from the rent, this will need to be done by the tenant or by a letting agent who will provide you with a certificate at the end of each tax year. It is critical to remember that either option does not negate your responsibility of filling in a tax return. If your income is under the UK tax threshold, HMRC may not need a tax return but they will inform you of this. The Inland Revenue are extremely helpful in this regard but do visit the GOV UK website for more information.

Consider Using Skype for Tenant Screening 

One of the biggest challenges faced by landlords living abroad is that they cannot meet tenants face to face before approving their rental application. Whilst this is less of a problem when using a letting agent, determining whether a tenant is suitable for your property can be difficult and slow when relying on written communication.

For this reason, landlords may choose to use Skype or other video messaging platform to ‘meet’ their tenants face to face before approving or declining their application.

Look for Long Term Tenants 

The administrative demands of several shorter tenancies are far more significant in comparison to fewer, longer tenancies. Landlords with long-term tenants are also more likely to develop stronger relationships with their tenants, taking away any concerns about how the property is being treated.

From the tenant’s perspective, longer tenancies are also a benefit, offering them more security and a guaranteed place to rent for the duration of the agreement.

Ask Someone to Keep an Eye on the Property

Landlords may choose to ask a family member, friend or neighbour to keep an eye on the property whilst they are abroad – this way they can be informed straight away should any misbehaviour occur at the property.

Using a property management company relives family and friends of this labour, as the agent will be responsible for dealing with tenants and carrying out property inspections.

Additionally, if the property is empty, it can become an easy target for thieves. Having a friend or family member check in on the property, clear out any post, park their car on the drive and otherwise make the property look in use can be a sound deterrent for thieves.

Build Up Relationships with Tradesman 

As well as better prices, building up relationships with a local tradesman is a great way to make managing a property overseas simpler.

With the right contractor, you can give the tenant their number, meaning that any property maintenance can be rectified quickly without your input, this can also make tenants happier and feel more independent. 

Use a Property Management Company 

The best way to simplify the potential headaches of managing a property from abroad is to let someone else do it for you, many landlords who have tried to manage their property solo from abroad find the time spent is not worth it.

A property management company like ourselves can take care of everything from collecting rent to ensuring you’re paying the right amount of tax. What’s more, we aim to keep tenancy voids to a minimum of 8 days, with our expert knowledge of the area helping us attract the right tenants to your property.

For more information about our property management service for landlords, , call one of the team today on 0191 273 0419 or send an email to admin@wingrovelettings.co.uk and we’ll get back to you.

There are many features of a rental property that will make it appeal to different audiences, from its location to its features. Ensuring your property is suited to your target market can improve rental yields, increase tenancy periods and improve tenant satisfaction.

When renting your property to a younger market, it has been identified that making the property eco-friendly could make it more appealing, increasing the number of potential tenants interested in your property and thus allowing you to increase rental rates as appropriate.

But it’s not just landlords aiming to get younger tenants through the door that should be taking note, making your home energy efficient can increase rental yields, increase the value of the property contribute to a higher EPC rating, reduce energy bills and future proof your property for any future changes to legislation – a win-win!

Switch to Energy Efficient Appliances 

If your appliances are reaching the end of their lives and need an upgrade, make sure you choose electrical goods that are energy efficient. Due to EU regulations, the following appliance must be marked with an energy label indicating how efficient they are:

• Washing machines
• Dishwashers
• TV’s
• Ovens (electric)
• Boilers
• Freezers and fridges
• Lightbulbs

The energy label rates appliances from G to A, G being the lowest in terms of energy efficiency and A being the highest. Appliances with a higher energy rating will provide the biggest savings longer term.

Install Double Glazed Windows 

A double-glazed window can be up to 20 times more efficient than a single glazed one! In addition to reducing heat loss and thus energy bills within the property, double glazed windows offer a number of benefits vs. single glazed including:

• Noise insulation – Ideal if the property is in a busy urban area.
• More secure – As well as being more secure against forced entry, the thickness of double-glazed windows makes them less prone to accidental internal breakages.
• Cooler house in summer – In addition to keeping the property warm throughout winter, in the hotter months, double glazing insulates your home against the sun.
• Reduce interior damage – Rays from the sun can discolour and damage carpets, furniture and carpets, double glazing reduces these damaging UV rays.

Replace Old Lightbulbs with Energy Efficient Ones

Did you know that lighting account for around 10-20% of a property’s energy bill? Switching to energy-saving bulbs is one of the easiest changes you can make to improve the energy efficiency of the property.

According to research from U Switch, installing five low energy light bulbs will save about £32 a year. Whilst this saving will likely be passed on to the tenant, lighting is one of the categories that is assessed when calculating the EPC rating of the property.

Insulate the Loft 

Around 25% of heat from a home leaves through the roof. Whilst it requires a fairly significant investment, the good news is that loft insulation is effective for at least 40 years so the installation costs will be paid off many times over before it needs to be done again. 

Additionally, once the loft is insulated, it can be converted into the room which can significantly increase the rental yields of your property.

Install a Smart Meter 

Under a UK Government scheme, smart meters are being rolled out across properties in the UK. These devices are free and automatically track the amount of energy you’ve used, enabling tenants to keep better track of their energy usage and use less.

Smart meters are available through most energy suppliers, they should contact you when you can get one. As well as being an added value for tenants, installing a smart meter can give you access to better energy tariffs.