Month: October 2023

In this Halloween Special, we look at five scary things landlords in Teignbridge need to be mindful of to avoid nightmares.

 

• The ghostly guarantee of quick tenants

Some letting agents will convince landlords that finding tenants is a quick and painless process. However, rushing it without proper checks and considerations can lead to choosing the wrong tenant. Patience and due diligence will save you from a frightening future filled with unexpected issues.

• The curse of the bad tenant

Many landlords dread being trapped in a lease with a problematic tenant. This doesn’t have to become your reality. Thoroughly understand your rights and responsibilities and follow proper procedures. The best way to avoid this scary scenario is to work with a reputable letting agent who will guide you from the beginning.

• Beware the zombie-like online valuations

Online valuations can resemble zombies devoid of reality and intelligence. They might provide a rough idea, but only a detailed, in-person professional valuation can capture your property’s unique aspects. Don’t let generic algorithms zombify your rental value.

• Devilish dodgy DIY repairs

Thinking you can fix everything yourself might seem like the most intelligent move, but consider this: while some DIY repairs are possible, hiring professional tradespeople ensures high standards are met, keeping you and your tenants safe from the curse of poorly done fixes.

• The phantom of the “perfect tenant”

Chasing the phantom of the “perfect tenant” can lead landlords down a path of never-ending nightmares. Rather than pursuing an elusive ideal, focus on realistic expectations, clear communication and a strong relationship with your tenant to foster a harmonious rental experience.

 

Don’t be spooked by rental myths and misconceptions.

A good letting agent who treats your rental investment like it’s their own can be the difference between having blissful peace of mind or having a feeling of dread whenever the phone rings.

 

Thanks for reading, and Happy Halloween.

 

Next time you’re about to make an online purchase, pause for a second and ask yourself one simple question: Could I buy this locally?

 

With retail experts predicting that 15,000 shops could shut for good by the end of 2025¹, it’s not an exaggeration to say that the UK’s high streets are in a perilous position.

 

So, the next time you need to buy something, be it an everyday item or a one-off big-ticket purchase, consider whether you can buy it from a local shop or market.

 

Here’s why.

 

Help your area thrive

 

To keep the high street alive, we need to use it. On top of the immediate financial benefits, shopping locally helps create a general buzz – thus generating more footfall. On the other hand, if shoppers stay away, more stores shut, creating a wasteland that deters visitors.

 

Support the local economy

 

A fair proportion of the money you spend with local businesses will go back into your community instead of going into the coffers of a global giant. A recent survey showed that for every £10 spent locally, £3.85 is recirculated within the local community².

 

Benefits community groups

 

Many small businesses support local sports clubs, fundraising efforts and charities. Without their contribution, some of these small organisations – that make a huge difference – wouldn’t be able to carry on.

 

Generate local jobs

 

A healthy local economy means a broader choice of job opportunities for people in the area. Many workers welcome the chance to work close to home and save time and money by avoiding a lengthy commute.

 

It’s a greener option

 

Locally made or grown produce will have a lower carbon footprint than similar products flown or shipped in from abroad.

 

More interactive shopping experience

 

Online shopping has its benefits, but nothing compares to seeing a product with your own eyes. It’s also a plus to be able to speak to a real person – not a chatbot – if you have any questions.

 

Sense of community

 

Bumping into people you know when you’re out and about and chatting to local business owners is a great way to embed yourself in the community.

 

Here at Chamberlains, we’re proud to be part of the Teignbridge business community. Tell us where you love to shop on the high street. Comment below.  

 

1 Local Data Company

2 Shop Local UK

 

Remember those post-lockdown days when selling a property was as easy as putting it on a property portal and waiting for the phone to ring off the hook?

Those days are behind us.

The selling market has become increasingly challenging, demanding more than just a ‘For Sale’ sign outside and that property portal listing.

Today, selling a home in Teignbridge requires skill, expertise, hard work and the ability to adapt to an ever-changing landscape and financial climate.

The good news is if you are thinking of selling within the next couple of months, we’re here to help.

 

Below are five ways exceptional estate agents can help you sell your home in this challenging market.

 

• Not ‘one-size’ fits all

A top-notch estate agent doesn’t just list your property; they tailor a personalised marketing strategy to showcase your home in the best light. From eye-catching photography to targeted social media campaigns, they know how to reach the right buyers.

• Expert negotiation nous

Negotiating the best price requires finesse and experience. A skilled agent can navigate the complex world of offers and counteroffers, ensuring you get the best possible deal without scaring away potential buyers.

• In-depth area knowledge

Understanding the local market trends, pricing and community insights is vital. A knowledgeable agent uses this information to value your home correctly, position it intelligently and ultimately find the right buyer for you.

• With you every step of the way

An experienced agent provides ongoing support, answers your questions and guides you through the process, making it as seamless as possible.

• Efficient and effective

A talented agent knows how to navigate and maintain progress through the sale process. From accurate valuations, proper staging, handling the legalities and keeping all parties informed, they ensure everything is in place to sell your home quickly and efficiently.

The difference a skilled estate agent, like those at Chamberlains, can make is clear, especially when the property market has slowed down.

 

Thinking of moving?

Don’t navigate these challenging waters alone.

Contact us today, and let our friendly, knowledgeable and experienced team guide you every step of the way.

 

Thanks for reading.

 

 

For Teignbridge landlords, having the right insurance coverage is not just a box to tick. It’s an essential safeguard for your investments.

But simply having insurance is not enough; understanding the policy’s specific requirements and declaring everything accurately is crucial.

In the following cautionary tale, we’ll explore a real-life incident involving a landlord who learned this lesson the hard way.

The names and details have been changed, but the lessons remain valuable for all landlords.

 

The story

A diligent landlord, let’s call him Martin, was confident he had secured the right landlord’s policy with a reputable insurance company.

He was upfront and honest with them about renting out his property.

He leased his three-bedroom house to a tenant, let’s call her Sarah.

Martin believed Sarah was a working professional, but she was actually a stay-at-home mother of two, using independent means to pay the rent.

Which she did ­– on time, every time.

While Sarah was on an extended family overseas trip, a water pipe in Martin’s property burst.

This caused a considerable amount of damage.

Despite informing the insurance company about renting out the property, Martin was entangled in a complicated situation.

The investigation revealed that not all the details about the tenant were declared correctly. It was an honest mistake, but it highlights how important it is to correctly fill in any insurance-related forms.

The consequence? A clean-up bill of nearly £25,000 that Martin was liable to pay.

This incident is not merely a mishap; it’s a stark warning.

While the claim was unrelated to the undisclosed details, it significantly reduced the payout.

There’s no happy ending, but we can learn much from this tale.

Understanding your policy, knowing your tenants and having clear provisions in your tenancy agreement is not just paperwork – it’s protection.

Ensure you have the correct level of insurance for your rented properties and that all details are transparently declared.

Don’t let a small oversight become a massive liability.

If you are in any doubt about your rental insurance whatsoever, speak with us.

 

We can point you in the right direction about comprehensive rental insurance and answer any questions you have.

 

 

If you’re feeling tired, grumpy and an overwhelming urge to hibernate as the autumn days get shorter and cooler, you’re not alone.

Many people experience a dip in mood and energy at this time of year.

But before you dive for cover under the duvet, here are some tips to help you deal with – and maybe even enjoy – the seasonal changes we face at this time of year.

 

Embrace the elements

“There’s no such thing as bad weather, only unsuitable clothing.” So said Alfred Wainwright, the famed writer and fell-walker. Take a leaf out of the Wainwright’s book by wrapping up in warm clothing and waterproof shoes and heading outdoors to enjoy the natural world. Exercise is a great way to boost the feel-good hormones endorphins, so walk briskly, run or cycle.

Daylight exposure

With the sun rising later and setting earlier, our exposure to daylight can decrease in the colder months. This can have a negative impact because our internal body clock, which determines when we sleep and wake, is regulated by exposure to daylight. Ensure you spend at least 30 minutes outside when it’s light to boost your alertness and mood.

Use a therapy light

These lightboxes replicate natural daylight and are more powerful than a standard lamp. Always follow the manufacturer’s instructions (or speak to your GP) about when to use it, how close it should be to your face and exposure times.

Eat well

If you feel the urge for comfort food, reach for healthy and hearty stews (a great way to use cheap cuts of meat) and soups. Packing lots of nutrient-dense vegetables into your home-cooked creations will also benefit your immune system and help ward off coughs and colds.

Dial up the Danish vibes

Take inspiration from the Danes and their concept of ‘hygge’, which is all about enjoying simple pleasures in a cosy environment. Add fluffy blankets, cosy cushions, scented candles and ambient lighting to your living space. Then kick back and enjoy your favourite film or music with an indulgent hot chocolate.

Ask for help

If you’re really struggling you could have Seasonal Affective Disorder (SAD), a form of depression. Visit the mental health charity MIND’s website or speak to your GP.

 

How do you keep your spirits up in the colder months?

 

In this quick read, we delve into the importance of accurate valuations – and how to price your property with precision.

Don’t be tricked into high listing prices

The saying “stick it on high and wait for offers” is a common myth that doesn’t align with current market trends. A listing will gain the most attention within the first 48 hours of going live. If priced too high, prospective buyers will ignore it, and it may be viewed as an unworthy purchase. Be wise with your pricing strategy; you want to be ‘in’ the market, not just ‘on’ the market.

Estate agent leaflets: Fact or fiction?

You may receive countless leaflets claiming there are numerous buyers for your property, but how often is this true? In slower markets, such claims may be baseless. The key phrase to remember is, ‘Evidence breeds confidence’. This can be in the form of comparable properties in your area that have sold for a similar price and within a reasonable timeframe. If the claims lack proof, save the planet and pop the leaflet in the recycling!

Online valuations: A rough guide

Online valuations, especially on property portals, might tell you your home is worth more than it actually is. These are, at best, educated guesses ­– hence them being dubbed ‘guesstimates’ by agents in the know. Nothing can replace the knowledge and expertise of an experienced estate agent who can give you an accurate, personalised valuation.

Beware of next-door syndrome

Just because Bob and Janet’s house next door went on for £400,000 and yours is much better doesn’t mean yours will fetch £450,000. Analyse the complete picture. If their house has reduced its price several times and is still on the market after 11 months, a higher price for yours may not be realistic.

Trust in honest, experienced estate agents

At Chamberlains, we believe in honest, transparent valuations.

We’ll guide you through the entire process, present you with comparable evidence and ensure you understand every step.

Don’t let myths take you down the wrong (often painful) path.

 

Contact us for an accurate and fair assessment of your property. With years of experience in the Teignbridge housing market, we’re here to help you confidently navigate your property journey.

 

PS: There’s another myth that all estate agents wear really, really, really shiny shoes – we don’t.

 

It’s every landlord’s worst nightmare: you discover the people you thought were trusted tenants are actually crooks using your property for illegal activity.

As a result, you face hefty repair bills, loss of income and a battle with your insurer. You may also find yourself at the centre of a police investigation.

Now, this is a worst-case scenario; most tenants are law-abiding, so there’s no need to panic.

But it’s still worth being on your guard for the signs that something isn’t quite right at your rental.

If you juggle managing a tenancy with a busy schedule, it’s easy to miss things or think that because you haven’t heard from your tenant, everything is running smoothly.

And if your property is in a quiet area where crime isn’t a significant problem, you might assume it’s not at risk.

But never say never, as a respectable frontage in a leafy street may provide the perfect cover for illegal activity, such as drug cultivation, production or dealing, people trafficking, gambling or subletting.

If you notice any of the signs below, don’t ignore them. Dig a little deeper to ensure everything that is going on at your rental is above board.

 

• Your tenant always has an excuse as to why you can’t access the property.
• A tenant has installed their own security system or CCTV.
• Neighbours complain about people coming and going at all hours and disruptive behaviour.
• An unusual odour such as a fruity, pungent smell (could indicate cannabis) or something akin to cat wee or rotten eggs (could indicate a meth lab).
• The electrical wiring has been tampered with. (To cultivate large quantities of cannabis indoors, criminals re-route the wiring to bypass the electricity meter.)
• Large patches of dead grass or stained/soiled concrete outside where chemicals have been dumped.
• The property is so sparsely furnished it’s hard to believe someone lives there. If this is the case, it could be an HQ for illicit activities.
• Blacked-out windows – what’s going on that they don’t want you to see?
• An excessive amount of rubbish or overflowing bins – a possible sign of overcrowding due to subletting.

 

How to protect your investment

 

• Never cut corners on tenant referencing or agree to a ‘cash in hand’ arrangement where you forgo a contract and accept a significant payment upfront to cover the rent.
• Introduce yourself to the neighbours and explain how they can get in touch if they have concerns.
• Have a comprehensive landlord insurance policy.
• Build a strong rapport with your tenants. Let them know that you’re proactive and do things by the book.
• Carry out regular property inspections.
• Use an experienced letting agent to manage the property for you.

 

Contact us here at Chamberlains today to learn more about our property management services.

 

Every October, the UK celebrates Black History Month, a time to reflect on the rich tapestry of black culture, heritage and history that has helped shape modern Britain.

It’s more than 31 days; it’s a celebration of triumph, creativity and relentless spirit that has inspired generations.

What is Black History Month?

Black History Month is an annual observance of black people’s history, achievements and influence within the UK. It aims to educate, appreciate and celebrate the immense contributions Black Britons have made in various fields.

Why is it organised?

Black History Month highlights the often overlooked or forgotten achievements of black individuals in Britain. By recognising and honouring these contributions, we can help build a national sense of inclusivity, unity and understanding. It’s a chance for everyone to engage, learn and be inspired.

Five Black Britons making a positive impact

Sir Lenny Henry: An acclaimed comedian and actor, Sir Lenny’s contribution to British entertainment is unparalleled. He’s also a passionate advocate for diversity in the media.

Baroness Doreen Lawrence: As the mother of Stephen Lawrence, who was murdered in a racist attack, she has become a tireless campaigner against racism and inequality.

Dame Kelly Holmes: An Olympic legend, Dame Kelly has been a trailblazer in athletics and has worked extensively to support mental health causes.

Malorie Blackman: An exceptional author, Blackman’s works, such as ‘Noughts & Crosses’, have brought diversity and representation into literature.

Sir Trevor McDonald: As one of the most recognised and respected newsreaders, Sir Trevor has been a leading figure in journalism, breaking barriers and setting standards.

Black History Month is a vibrant and powerful reminder of the strength, resilience and brilliance that black individuals have brought to the UK.

It’s a time to look back with pride and look forward with hope, recognising that our diverse heritage makes the United Kingdom that much stronger, wiser and kinder.

For more information, visit the official Black History Month website.

From all at Chamberlains, let’s celebrate our shared history and the bright future we can create together.

Buying a home is a huge decision – possibly one of the biggest you’ll make in your lifetime (no pressure then).

And to ensure you make a wise choice that suits your needs now and into the future, it pays to give the process a bit of thought before you start arranging viewings.

Here are five property-hunting tips that could save you time and money. 

Do your homework

Once you’ve identified where you want to live, it’s essential to gain a realistic understanding of the local property market. Combine online research (where you can analyse the housing stock and prices) with visiting the area in person to get a feel for the surroundings. If family or friends live nearby, get their advice about amenities, schools and transport links. Alternatively, chat with a local estate agent to get an expert view.

Discussion time

If you plan to buy with a partner, friend or family member, sit down and discuss your housing needs and where you see yourselves in five or ten years. It’s surprising how many people assume they know what the other person wants (and how much they earn) only to find after weeks or months of searching that they’re not on the same page.

Know your budget

Speak to a mortgage adviser to get a clear idea of your budget (online mortgage calculators only give you a rough estimate). How much you can borrow will depend on your income, expenditure and outstanding debts, so compile all this information before your appointment.

Priorities and trade-offs

Unless your budget is unlimited, you may have to be flexible over some of the features you want in a home. But where should you compromise? To drill down into your key priorities, list the ten things you most desire in a property and number them in order of importance. The top four on your list are non-negotiables. For example, proximity to a train station might be critical if you’re a commuter. If you have children, a garden might be vital. Items five to eight on your list are ‘nice to have but not dealbreakers’ while nine and ten are icing on the cake.

Get your admin sorted

If you fall in love with a property within your budget, you must act decisively. Once you make an offer, the situation could progress quickly, so have a solicitor and surveyor lined up along with your mortgage in principle. This will show the seller that you mean business.

Looking for a new home? Contact us here at Chamberlains to kickstart your property search.

 

 

 

After a challenging 12 months for the economy, how is the private rental sector faring, and what lies ahead for buy-to-let landlords?

In this market analysis, we look at some facts and figures to give you an accurate update on the private rental sector. 

Demand 

Demand for rentals is running hot. It’s up 3% on 2022 levels and a whopping 42% higher than in 2019¹. Reasons for this include first-time buyers struggling to get on the property ladder (an issue made worse by higher interest rates) and a shortage of purpose-built student accommodation.

Supply

The long-term imbalance between housing supply and demand shows little sign of improving, with many developers opting to go slow on new building projects due to the higher cost of materials and rate pressures.

However, predictions that landlords would exit the market in their masses (made this time last year when rates surged overnight) have not eventuated. While some landlords have sold up, many others are taking a long-term view and holding on to their investments.

And some landlords are expanding their portfolios. Of those rental properties sold in the past 12 months, about 30% to 50% were snapped up by other landlords and remain on the rental market².

The cost of renting

There’s no escaping the knock-on effect of higher interest rates on inflation on rents. Experts predict rental inflation will be 8%³ by the end of the year, although it’s currently a few percentage points higher.

Tenant priorities

Cost-of-living pressures are at the forefront of many tenants’ minds. When asked to nominate the issues that they felt were extremely or very important, tenants identified energy prices (80%) and the cost of rent (57%).⁴

Other key priorities include:

• Location (58%)
• Length of rental period (57%)
• Number of bedrooms (50%)
• Transport links (42%)
• Pets allowed in property (41%)
• Garden access (35%).

Implications for landlords

We’ll let you draw your own conclusions, but here are a few points to consider:

• Given tenant concerns about the cost of gas and electricity, energy-efficient features such as double-glazing or solar panels should prove popular.
• Many of the other tenant priorities, such as access to transport and outdoor space, are ‘evergreen’ issues.
• For landlords looking to secure long-term tenancies, it’s worth noting that 41% of tenants view being able to have a pet as an important issue.

If you’d like to learn about our property management services, contact our lettings team at Chamberlains today.

1 Rightmove

2 Hamptons

3 Zoopla

4 UK Renters’ Report 2023, Finbri