It is the start of a brand new year and a time when we all hope for happiness, good health and prosperity over the next 12 months. One way to ensure 2016 is a truly prosperous year is to invest your money wisely. With savings rates continuing to be on the low side, a higher percentage of people are putting their cash into bricks and mortar.
all the stress out of renting. Rather than giving up your weekends and evenings advertising, showing people around, inspecting and carrying out repairs an agent will take care of all that for you and will have a network of plumbers, electricians and other contractors ready to deal with any problems that may occur.
Changes were announced last year in the government’s Autumn review with regards the payment of stamp duty. Higher rates of Stamp Duty Land Tax will be charged on additional residential properties, such as buy-to-let properties and second homes, bought for over £40,000. The higher rate will be 3% in addition to the current stamp duty rates. Therefore, now is the ideal time to purchase an investment property, but you will have to be quick as the changes will come into effect on the 1st April 2016.
Here at Hendersons we offer 2 packages:
When it comes to ‘Buy-To-Let’ there are two main options – purchasing a property for a holiday let or a long term let. Many opt to holiday let as the amount of visitors to Whitby and the surrounding areas has increased greatly in recent years. Events such as Whitby Regatta, Folk Week, The Railway in Wartime Weekend, Staithes Festival of Arts and ever-popular Goth weekends have ensured the area is busy with holidaymakers 12 months of the year. The flexibility that holiday letting brings is also appealing as a week here and there can be blocked out for owners, or their friends and family, to use the accommodation themselves. Here are Hendersons, we are more than happy to offer advice on which properties currently on the market would, in our opinion, let out well and fetch a good return. There are often a variety of investments being sold as a ‘going concern’ with future bookings and, in some cases, furniture included meaning the accommodation is ‘ready to go!’ But when considering investment don’t just immediately think “holiday let” have you considered having a tenant sign up to a 6 or 12-month term (known as an ‘Assured Hold Tenancy’ or AST), which can be on-going if everybody is happy? There is a huge demand for long-term rentals that is continually growing. With many desperately searching for a suitable place to rent and very little on offer, now is the time to consider this option. You may be wondering: Why do I need an agent? Well, the answer to that would be the agent could take
INTRODUCTORY ONLY – We prepare a brochure, advertise the property, organise and conduct viewings, run credit checks on potential tenants and obtain references, find the perfect person to rent from you and deal with all the admin involved. FULL MANAGEMENT – Basically, you put your feet up! We do everything included in the ‘Introductory Only’ package and then take care of the property afterwards. If your tenant has any problems they will contact us rather than you. Also, inspections will be carried out 3 months after the tenant has moved in and then at 6-month intervals. Letting on a long-term basis is a very good idea because: • Someone else is taking care of the utility bills and council tax • A steady amount of money will be coming in all year round as opposed to just in the summer months • We vet, credit check and obtain references from all potential tenants meaning we can find the right person for your property • The demand is huge meaning we can rent out all types of properties • If you decide to opt for Hendersons to fully manage your investment, a thorough report of the condition of your property is carried out prior to the tenant moving in. Also, regular inspections are carried out after they have moved in, eliminating all worries about how well your property is being kept • When one tenant leaves – we can quickly find another to take their place meaning your rental property is not left empty for long Now is the perfect time to invest and Whitby is the perfect place to invest. Call us for some friendly and no obligation advice, without delay to be in with a chance of avoiding those imminently rising stamp duty charges.