Category: Chamberlains Updates

Whichever way you look at it, modern life is stressful. And the 2020s? Well so far, this new decade has caused unparalleled levels of stress.

Whether it’s the pressure of daily life, the juggling of responsibilities, or the state of the world right now, stress can have physical, mental, and emotional repercussions for people of all ages. And it needs to be taken seriously.

April is Stress Awareness Month, an initiative that has been running since 1992, designed to highlight the causes and cures for stress. This year, the Stress Management Society is focusing on community, reducing isolation and loneliness, and increasing social support.

In this quick read, we look at some of the ways you can help to support others feeling stressed or anxious.

Get talking

Sometimes, feeling stressed can be embarrassing. People can feel judged or self-conscious when struggling to cope. Help reduce the stigma around stress by talking about such feelings. Whether at home or in the workplace, those suffering with stress may feel like their issues are valid and gives them space to open up.

Be kind

It sounds simple, and it is. By showing understanding and empathy for someone who is stressed, you can help to ease the burden. Whether it’s making a workmate a cup of coffee or offering to help with a pesky spreadsheet, you can really make a difference to someone’s day.

Share coping strategies

Letting someone feeling stressed know that you’ve felt the same way may help to reduce feelings of loneliness. Maybe your way of coping is by doing some simple breathing exercises or writing ‘to-do’ lists, everyone has their own ways of managing times of stress and sharing them could really help others.

Look after yourself

If you’re feeling anxious or stressed, take the time to acknowledge and understand your feelings. Don’t berate yourself or feel like you should be able to cope. Stress affects everyone in different ways and if you need to take some time to de-stress, that’s perfectly ok.

Talk to your kids

Whether you’ve got a stressed-out teenager about to sit exams, or your little one is worried about their friendships, it’s important to open the dialogue about these feelings and try to suggest ways they can feel better.

Children are like sponges, and things like the pandemic, or the current global situation can really impact them. Looking after your little one’s mental health is just as important as putting a plaster on a cut finger or kissing a bruised knee.

Thanks for reading.

This two-minute read looks at why landlords end tenancies and the issues and implications around taking such a step.

From toxic tenants to financial friction – there are many reasons why a landlord might want to end a tenancy.

These reasons can include:

• The tenant has breached their contract by missing rent payments, subletting, or trashing the property.
• Relations between the tenant and landlord have turned toxic.
• The property is in need of repair, and it would be easier and less disruptive if the property were empty.
• The landlord wants to live in the property.
• Financial reasons mean the landlord wishes to sell up.

Whatever the motive for wanting a tenant out, one rule applies: never act impulsively.

It’s easy to get hot under the collar if you discover your tenant is treating your property like a dump or a drug den.

And it’s understandable if your circumstances suddenly change and you want to take back possession of your property (it belongs to you, after all).

But ignoring your contractual obligations and letting your heart overrule your head could prove costly.

What you can do

Before taking any action, make sure you understand your legal position and, if in doubt, get professional advice.

The steps you take will be influenced by the type of tenancy, the length of term, and the notice period.

Your strategy will also depend on if the tenant has breached their contract (in which case you’ll need evidence) or if you have a different reason for wanting the property back.

Whatever you do, don’t blag it. If the case winds up in court, a judge won’t look kindly on a landlord who has cut corners and ignored procedure.

Have someone in your corner

Having a letting agent manage your property means you’ll not only have a great source of advice at your disposal, but they’ll also do the legwork.

What a relief to have someone else deal with head-banging, anti-social tenants or chase late rent payments

When it’s your property, it’s difficult not to take things personally – and lose your cool.

Having a professional deal with situations in a measured and calm way means less hassle and often proves more effective.

With discussion and negotiation, it’s often possible to avoid messy court disputes and move the situation along quickly.

 Get in touch with us here at Chamberlains to learn more about our property management services.

Star Trek fans, look away now.

“It’s a home, Jim, but not as we know it.” The original phrase (we’ve replaced life with a home) didn’t even feature in the popular sci-fi show, apparently, but we’re digressing.

If you’re interested in what life will be like in the homes of 2050, keep reading.

A report commissioned by the respected industry organisation the National House Building Council (NHBC) sees experts look into the future and make predictions around how homes will change.

The report, fittingly called Futurology: The New Home in 2050, makes for fascinating reading.

Below are ten forecasts from across the 40-page report.

• Multigenerational living will become increasingly popular. As property prices increase and people live longer, more families will come together to live under one roof.
• ‘Green roofs’ featuring grass areas will become the norm to encourage wildlife activity.
• Electric car charging points will be a feature of every new home and development.
• Smart boxes will replace letterboxes so that deliveries can be safely and securely left.
• The homes of 2050 could monitor our health and remind us to go for a walk, take medication, or even let us know if the bathwater is too hot.
• With demands on homes to be multifunctional, expect to see many more properties with movable walls.
• Micro living, for people living on their own, will increase. These smaller homes will be part of developments that offer communal areas, shared services, and cycle storage.
• New homes in 2050 will be highly energy-efficient – featuring several ways of capturing, storing, and distributing energy.
• Due to climate change, homes will need to be more responsive to weather events. In addition, better cooling systems will ensure homes don’t overheat in the potentially warmer summers.
• Light switches and electrical sockets could become obsolete as movement detectors and voice controls become omnipresent.

If you’re thinking of moving a little earlier than 2050, maybe even this year, feel free to contact us with any questions you have.

We’ll use our expertise and experience to help you on the journey to a new home in the future.

 

 

In this two-minute read, we have a quick look at what you need to consider when becoming a landlord.

Before becoming a landlord, you need to consider how you want to buy your rental property. There’s lots of tricky tax stuff to consider and changes to tax relief over the last few years mean that becoming a landlord might not be as profitable as you first think.

So, what should you do? Should you buy a rental property in your personal name or via a limited company?

Setting up a limited company

Since 2016, more private companies than ever before have been set up to hold buy-to-let properties (primarily because of tax changes) and it’s relatively easy to do. Whether you’re starting a company on your own or with others, it’s a matter of choosing a name, deciding who does what, having a company address, and registering online with Companies House.

Keeping the accounts and records for a limited company can be a lot more complicated than personal tax, so it’s always advisable to hire an accountant. In addition, proper accounts are a legal requirement when running a limited company, so by hiring a professional you can have peace of mind that things will be done the right way.

Taxing stuff

Tax. Ugh. A word that makes everyone feel slightly sick. And when you’re a landlord, it’s an area you need to get your head round.

Over the last few years, the government has brought in several tax changes that impact private landlords with property in their own names and their level of tax relief. In simple terms, this means less profit and more tax.

For example, in England, rental profit is subject to income tax. Previously, if you had an £800 monthly mortgage bill and earned £1,000 in rent, you would only pay tax on the £200 profit. However, since April 2020 tax changes have meant that mortgage costs can no longer be treated as an expense, meaning after-tax profit has considerably reduced.

Limited companies now hold more tax advantages for landlords. For example, a limited company can still treat mortgage costs as an expense along with other related costs of managing a rental property. In addition, limited companies are subject to corporation tax which is currently set at 19% (although this is set to increase), instead of income tax, which changes the more that you earn.

Other tax areas to investigate if thinking about setting up a limited company include:

• No capital gains tax
• Inheritance tax issues (if you plan to pass your property on)

Always speak to an accountant or financial advisor when it comes to tax matters.

If you’re thinking about buying a rental property, please speak to us at Chamberlains.

 

 

 

This two-minute read includes some handy tax advice for landlords.

Our tax system is often criticised for being complicated and unwieldy, but by following two simple rules you can take the stress and hassle out of filing a return.

Rule Number 1: Do your homework

Raise your hand if you find the subject of tax dull? You’re not alone, many people cite tax as a conversation killer (right up there with religion and politics).

And because they find it boring, they don’t bother to learn much about it or keep abreast of rule changes.

The problem is when you’re a landlord, ignorance isn’t bliss – it costs you money. If you don’t understand the system, you can’t minimise your tax bill.

So do your homework and make sure that:

• You understand exactly what you can claim as tax deductible expenses. Many landlords grasp the big picture stuff but overlook the smaller items that, when added together, can significantly reduce their bill.
• You’ve investigated whether it’s worth setting up as a limited company. This option won’t be advantageous for everyone (it tends to be more beneficial if you own a lot of properties).
• You’ve looked into the possible benefits of putting your property portfolio into joint ownership. This is worthwhile if, for example, you’re a high-rate taxpayer and your co-owner is on a low income.

Rule Number 2: Get organised

Once you understand the tax rules, be disciplined with your record-keeping.

This means keeping receipts for repairs, maintenance work, safety checks, and insurance. The same goes for service providers such as cleaners, gardeners, and letting agents, and things like phone calls, stamps, and travel to and from the property.

We would advise that you tally up your expenses every month, instead of throwing all your paperwork in a drawer and having a panic later. If you’re disorganised, you’re much more likely to lose important documents or forget to claim something.

Don’t be an ostrich

Don’t be like one of the 1,790,368 people who missed their 2021 filing deadline and had to pay an HMRC fine.

As a landlord, you can’t dodge your tax responsibilities, so don’t bury your head in the sand. Educate yourself and be proactive.

We always advise our landlords to contact an accountant who has experience in dealing with property tax matters.

Contact us to find out how we help local landlords make the most of their rental investments.

 

 

 

This three-minute read looks at the benefits of cultivating houseplants and how to get started.

Houseplants add colour and freshness to work and living spaces – and deliver a host of health benefits.

As this week is Houseplant Week UK, let’s look at the do’s and don’ts of cultivating indoor plants.

Reasons to green your scene

• If you take good care of your houseplants, they’ll look great all year round. Even in the depths of winter – when the trees are depressingly bare outside – you’ll be surrounded by greenery indoors.
• Houseplants improve air quality because they absorb carbon dioxide and toxins and produce oxygen.
• As humans, we have an in-built connection with the natural world. Being surrounded by plants can boost our mood and lower anxiety.

Getting started

Before you rush out and buy a host of plants that you’ve seen on Instagram, do some research so that you select species that will thrive in your home or office.

Some plants need more sun than others, so assess the light quality in your chosen space (light intensity meter apps are available to help you do this).

Other issues to consider include heating (avoid placing plants near radiators) and ventilation (plants like well-ventilated spaces).

Pets

If you have a cat or dog, choose non-toxic species. Charities such as Blue Cross, Cats Protection, and The Dogs Trust all have helpful lists of poisonous plants on their websites.

Easy to grow

If you’re not green-fingered, go for what some in the gardening world call ‘unkillables’. Look for snake plants, spider plants, monsteras, sansevieria, aspidistra, or Devil’s Ivy (pothos).

If you discover a passion for indoor gardening, you can graduate to more high-maintenance plants like orchids, weeping figs, and Venus flytraps.

Watering

Your plant should come with clear watering instructions. Bear in mind that over-watering is a common problem. Signs you’ve overdone it with the H2O include slow growth, soft, yellowing leaves and mouldy soil.

If you’re unsure if your plant needs a drink, dip your finger in the first few centimetres of the soil. If it feels dry, then go ahead and water.

Drainage

Use plant pots that have a hole in the base so that excess water can drain away. Set the pot on a saucer to catch this water.

Dust

Dust can gather on leaves and block the light that plants need to thrive. Give dusty leaves a gentle dab with a wet cloth.

From all of us here at Chamberlains, thanks for reading.

 

In this two-minute read, we share how homeowners thinking of selling can avoid feeling down in the dumps on the year’s most depressing day.

Next Monday is, according to social scientists, the most depressing day on the calendar.

It even has a name. Such is the doom and gloom attached to it – Blue Monday.

It’s the perfect storm of wintry weather, festive spending credit card debts coming in, New Year’s resolutions falling by the wayside, and Christmas being a memory that’s fading fast.

We all feel down from time to time, and it’s important to share with people we trust how we’re feeling.

All our relationships here at Chamberlains are built on trust, and we like to think that’s why we know what gets home sellers feeling blue.

The good news is we have the answers to the five main things that get people involved in property transactions feeling down.

1 – Home won’t sell – A home that’s been on the market for a long time is a headache for the seller. It’s usually because the price is unrealistic or it is being poorly marketed.

2 – Apathetic agents – Choosing an estate agent to sell your home is a big call. And when you get it wrong, it can be the source of a lot of stress and anxiety. Look for local agents who know the local property market, are experienced, and have good Google reviews and testimonials.

3 – Slow solicitors – There’s no getting away from it, an inefficient conveyancing solicitor can hold up your sale and cause no end of frustration. Always go with recommendations from people you trust who have successfully used the solicitor themselves.

4 – Vanishing buyers – There’s very little in the property selling business as annoying as buyers who make an offer you accept only to vanish for whatever reason. The best way around this is to work with an agency that properly qualifies every offer to see if the person making it is in a position to actually proceed.

5 – Overvaluations – This goes back to point two and highlights the importance of choosing the right agency. A common tactic used by unscrupulous agents is to deliberately overvalue a property to get the chance to sell it. More often than not, a price reduction follows as the property won’t sell and attracts little interest. Ask for clear, comparable evidence to back up an agency’s valuation of your property.

If you have anything property-related weighing on your mind this Blue Monday or any day come to that, give us a call. We’re here to make selling a home a happier experience.

 

We share how landlords can avoid feeling down on the year’s most depressing day in this two-minute read.

If you’re feeling a little flat, low, or down in the dumps next Monday, you won’t be alone.

The 17th of January is Blue Monday – according to some psychologists (and clever marketers), it’s the most depressing day on the calendar.

It’s a perfect storm of wintery weather taking its toll, the Christmas break becoming a distant memory, resolutions falling by the wayside, and credit card bills coming in.

All of this adds up to a formula for feeling, well, a little rubbish.

And our experience serving landlords in South Devon has taught us the four main things that get them feeling down.

The good news is we have the antidote to these that will bring the smiles back.

Here goes:

• Void periods – When your property is empty, it costs you money and can make you miserable. Good marketing, looking after existing tenants, and setting reasonable rents for well-maintained homes reduces the risks of voids.
• Troublesome tenants – This can cause landlords a lot of stress. But you can drastically lower the chances of a tenancy turning bad by doing things right from the start. Rigorous referencing and checks that weed out the good from the bad tenants are essential for a positive experience.
• Rules, laws, and regulations – The rental property industry in the UK has more than 300 different and constantly changing rules that affect landlords. Falling foul of these rules is costly and stressful and causes nagging anxiety for some landlords trying to ‘blag it’. Use an experienced letting agent to manage your property and keep you on the right side of the law.
• Property damage – All landlords should expect fair wear and tear to happen during a tenancy. But many get down in the dumps when their property ends up looking like the local tip. But it doesn’t have to be this way. The right tenants who are well treated reduce this reason to be anxious. As does having a good letting agent who carries out a thorough incoming and outgoing inventory as well as regular property inspections on your behalf.

For a happier, more successful rental property experience, call us today.