Author: Sophie Pollard

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Is Buy to Let in Brighton and Hove a Good Investment?

Is buy to let in Brighton and Hove a good investment? That’s a really good question, for so many different reasons.

Firstly, what makes a ‘good investment’?

What are the hallmarks of a ‘good investment’?

Secondly, is buy to let a ‘good investment for you’, personally speaking?

Just like the word ‘good’ is a concept for discussion, so is whether a good investment works for you. Thinking about it further, what does investment actually mean?

These are exactly the type of questions you should be asking yourself if you are thinking of becoming a buy to let investor in Brighton and Hove . They will help you shape your future if you do become a landlord of residential properties.

Here, we will look at what makes a good investment when it comes to property.

What does a good investment look like?

First ask yourself: What do you want a good investment to look like?

It might be that you have a little money in the bank, or you want to use some of your savings as a deposit for a buy-to-let mortgage. The rewards from a property investment will certainly outweigh leaving the money in a standard bank account. That’s great on the face of it, but what are you investing for? Do you want to get a return in terms of a good rental income, or are you thinking long term when the property you buy could be worth a lot more money giving you the option to sell and profit later on?

So, think about your reasons for investing and what you want to get out of it.

What does good actually mean?

What does ‘good’ mean when it comes to looking at a ‘good investment’ in property?

It might be that you’re looking at capital growth (your property rising in value) or it might be that ‘good’ means a good rental yield. This means that you get a solid return on your money through the rent you get back.

To calculate the yield, divide the annual rental amount by the property value and then times that by 100. This will give you the rental yield. A good yield varies depending on where the property is located, but you should be looking at around six percent or above. To decide whether your investment is good, make sure everything adds up. Your rental income must at least cover your costs.

Is the property right for a good investment?

To answer this question, you’ll need to consider whether the property is in the right area for it to do well when it comes to finding a good tenant.

  • Is it likely to soak up some of your funds because it needs a lot of repairs and maintenance to bring it up to scratch?
  • You may understand that it needs work, and you may have budgeted for it, but if you exceed your budget, will this still make it a good investment?

Try and keep your emotions out of it. Buying and renting property should be based on business decisions. Plan, and then plan some more.

Is it just a money investment?

There is more to buy to let than just investing money. Finances are imperative but it’s not the only factor you should be thinking about.

  • Can you afford the time to be a landlord?
  • Can you invest thinking space and dedicate hours to make sure you are on the right side of the law?
  • Do you have the time to invest in doing any maintenance or repairs?

Being a buy to rent landlord is so much more than merely buying a property and waiting for the rent to arrive in your bank account.

Assess your priorities, as not having the time doesn’t mean you can’t invest in property. It might mean that you ask a lettings agent to find you a tenant and then manage the property on your behalf.

Buying and renting out a house could be a fantastic opportunity for you, but you must do your homework. While you will of course be looking online and asking friends or relatives, it’s important you speak with the property experts. In Brighton and Hove that’s us and we would love to help you as you start your journey. Give us a call on 01273 286788 or email us at info@myhausbrighton.co.uk

 

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Can I switch my Brighton letting agent?

We all have a problem we ignore because we don’t want to face up to it right? Well the good news is switching your letting agents is not as difficult as you may think! Let’s look at how easy it is to switch letting agency in Brighton. 

I signed the agreement. I can't switch!

Yes you did sign the agreement, but it doesn’t mean you are bound for life. Check through your terms of business you signed upon instructing the agent. There will be a clause as to how long you are obliged to stay with the agency. After then, all you have to do is provide sufficient notice that you no longer require their service. 

I have tenants in the property!

It is such a pleasure to find good tenants, we never want to lose them! The good news is you don’t have to! If you wish to change agents during the tenancy you do not need to worry about your tenants, they can stay put, all you need to do is let them know about the changes and provide the new details they need.  

Switching agents is too much hassle.

Don’t worry, we will take care of everything so you can remain stress free! All that is required is written notice to your current agency and your new agency will handle the rest of the details. At MyHaus Brighton we pride ourselves in ensuring this process is easy for you and handled by us. 

All agents are the same...

So why would I change? There are plenty of letting agents in Brighton and Hove and they all provide the same services, on paper. What is important for you to consider when selecting an agency is who they are and how they work. At MyHaus Brighton we are members of the UKALA and this membership keeps us in front of all legislation that is ever changing and ensures we are abiding by the code of conduct that ensures you are getting the best service from your agent.  

So how do I switch ?

Give us a call! We are more than happy to help and one of our team members will walk you through the process. Should you have any questions at all we will be here to help. 

For all lettings enquiries, whether you are a landlord or tenant, contact us on 01273 286788 or send us an email on info@myhausbrighton.co.uk.

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Top Tips for Landlords

We all know being a Landlord can be daunting when your first property going to let. At MyHaus Brighton we certainly know that there are many documents and certificates you need to be on the right side of the law… and your tenants! Here are our top tips to get landlords started!

Number 1 - Think about it…

Think about what you want and what suits your property. Do you want a student let as you are in a university town or close by accommodation? Are you in the suburbs suiting a family or professionals? Is your property in the heart of the city suitable for the non – stop workers? Wherever your property is and who you want to market it to will help dictate your next steps.

Number 2 - DIY

What measures do you need to take to make your property marketable? Take a look at what needs fixing and repairing to be suitable for someone to live there. Who you are going to market the property to will impact on the facilities you will provide but it is important to consider what finishing touches you can add that will help you achieve your desired rent or maybe a little more!   

Number 3 - What checks and certificates do I need?

It can seem like a minefield when considering all the different things you need to be able to market your property, but the following documents are a must and if you choose an agent, they can always help you with this process.

Landlords’ insurance

Landlords’ license – if applicable for your council and property

Energy Performance Certificate EPC

Gas Safety Certificate

Electrical Condition Report EICR

PAT testing and Legionella risk assessments are also recommended.

Number 4 - Reference your tenants!

It is important for you to reference your tenants so you know who is living in your property as well as providing you with the peace of mind of affordability. Afterall it will be your responsibility if they do not pay and there are different options that you have such as Rent Guarantee which gives you an extra safety blanket!

Number 5 - Be real!

Your tenants are real people too. When they need help with something, attend to it in a good amount of time. If you cannot make sure you employ an agency to manage the property for you. Tenants that are well taken care of with take care of your property!

We hope these tips and tricks help you get started and have confidence in what steps to take. We are here to help you at MyHaus Brighton with any questions you have regarding letting out your property, Get in touch on 01273 286788 or send us an email at info@myhausbrighton.co.uk

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Is it Brighton or Hove, actually?

We all know our wonderful corner of the coast is a vibrant and popular destination come rain or shine. But, what is the difference between Brighton and Hove?

So... should you live in Brighton?

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Brighton itself has the hustle and bustle of any city centre across the UK, with a bit of a twist. Nestled within the city centre we have the wonderful Lanes. Containing an abundance of unique shops and restaurants you can get lost for hours exploring in the heart of the city. It is certainly not one to miss.

Surrounding the beloved Lanes is the rest of the city centre. Our brilliant seafront and pier alongside the hub of Kemptown which shines with Pride not just in the summer. We also have the beautiful Preston Park which provides some peace from the city centre and is not too far from the action. Brighton has a lot to offer if you want to be an active part of this creative city.

Or... should you live in Hove?

If a quieter life is what you desire, then perhaps Hove might be for you. With a much more residential aesthetic Hove suits a quieter experience. With a calmer look out to sea and lots of cafes, businesses, restaurants and pubs to choose from you can take a step back from the busy, tourist central, streets of Brighton whilst still being close for whatever your needs are.  

Hove has a real community feel especially in areas such as Poets Corner where  the community has really pulled together and transformed the parks and open spaces to be more child friendly. The repurposed derelict building into a community centre has really brought the area together and lets not forget the street festivals either! 

Overall, whatever your preference is you are spoilt for choice on the East Sussex coastline. We at MyHaus Brighton are here to help you find your space whether that be in Brighton or Hove, actually.

For all lettings enquiries, whether you are a landlord or tenant, contact us on 01273 286788 or send us an email on info@myhausbrighton.co.uk.

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