Get out of the Walsall Property Rental Market!

Get out of the Walsall Property Rental Market!
Get out of the Walsall Property Rental Market!

I was recently reading a report by the Home website which suggested that landlords are selling en-masse their buy-to-let investments due to increasing burdens on them in the buy-to-let market.  Their findings suggest the number of new properties that came onto the market nationally (for sale) jumped by 11% across the UK as a result.

Those increasing burdens include new tax rules coming in over the next 3 to 4 years and the announcement that all self-managing landlords (i.e. landlords that don’t use a letting agent to look after their buy-to-let property) will soon need to register with a compulsory redress scheme to resolve tenant arguments and disputes; as Westminster wants to heighten standards in the Private Rented Sector.

Interestingly, a few weeks ago I was chatting with a self-managed landlord from Bloxwich, when I was out who didn’t realise the other recent legislations that have hit the Private Rented sector, including the ‘Right to Rent’ regulations which came in to operation last year.  Landlords have to certify their tenants have the legal right to live in the UK.  This includes checking and taking copies of their tenant’s passport or visa before the tenancy is signed.  Of course, if you use a letting agent to manage your property, they will usually sort this for you (as they will with the redress scheme when that is implemented).

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Buy To Let Deal Of The Day, 2 Bed Terraced House, Yorkshire Grove, Walsall, WS2. Yields 5.31%

A two bedroom terraced house on a popular newbuild estate approx 1 mile from Walsall town centre, WS2. The property has a very nice spec and is ready to go.

There are one double bedroom and one single bedroom.  A fully fitted modern kitchen, a fair sized rear garden and off-road parking. It would be better appreciated by a viewing. The location is within easy reach of all the major road networks, services and other amenities lending easy access to Walsall town centre.

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Smokin’! What’s The Deal With Smoke Alarms?

Back in 2015 The Smoke Alarm Regulations came into being. Now, apparently approx 30% of UK residents have never tested their smoke alarms so, what does all of this mean for landlords and tenants?

Let’s talk about landlords first:

  • Landlords must install a smoke alarm on every floor of their rental property.
  • Landlords must install a carbon monoxide alarm in any room with a solid fuel burning appliance (E.g. Coal fire, wood burning stove). Though not a requirement, it is advisable to also install one near a gas appliance.
  • Licensed HMOs are exempt from this regulation as they must comply with separate fire safety regulations.
  • Social housing landlords are exempt.
  • Live-in landlords are exempt.

Whether exempt or not, it would behove all landlords to ensure the safety of their tenants.

  • All alarms should be in working order at the start date of a new tenancy as per the tenancy start date stated in the tenancy agreement. This does not include tenancy renewals.
  • It is advisable to obtain the tenant’s signature for them to confirm that the alarms were tested and working in their presence. This could be included in a document that also confirms they have received all documentation as per the How To Rent Guide“.
  • Or, it could be included in an inventory and schedule of condition.

There are no requirements for a specific type of alarm or on the location of the alarm installation. It is recommended to follow manufacturer’s instructions and that they are installed on a ceiling in a circulation space i.e. hall or landing. Carbon Monoxide detectors should be placed at head height and approx one to three metres from the solid fuel/ gas appliance. If in doubt on the installation of alarms you can also contact you local fire service for advice.

The failure to comply with these regulations is a fine of up to £5000 if the 28 day remedial notice has not been adhered to.


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The Buy To Let Let Deal Of The Day Is A Unique 3 Bed Semi Going Once, Going Twice…

This three bedroom semi detached house is beautifully presented. It is situated in Blakenall Lane, Leamore, Walsall, WS3. It is for sale via auction and there is a an open house viewing on Wednesday 7th March 2018 between 3.00 pm and 4.00 pm. Reserve your booking via Goodchilds 01922 312016. It is noted that cash buyers are preferred.

There are plenty of photos to show off the very attractive spec of this property with its many original features which include Minton tiled entrance and stained glass double glazing to mention just two.  It has everything you could want in a property including double glazing, gas central heating, modern fitted kitchen and bathroom.

The location benefits from being within easy reach of all the major road networks, services and other amenities lending easy access to Walsall and Bloxwich town centres. Additionally there are two double bedrooms and a single. Topped off with off-road parking and a large courtyard style rear garden.

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Are all Walsall Tenant’s Needy?!

Are all Walsall Tenants Needy
Are all Walsall Tenants Needy?!

Over the weekend I had an email from one of my Blog reading friends.  I thought I would post this below and discuss in this week’s Blog post as it may benefit the rest of my friends who follow the Walsall Property Blog…

Landlord’s Question:

”Dear Salek,

Over the past two years I have had three different tenants in my rental property in the Delves area of Walsall.  At first each of them came across like ideal tenants.  However, not long into each of their tenancies, problems started to arise.  To cut a long story short, between the three tenancies there have been months of non-payment, plenty of damage to the property and harassment (in the sense that I was called over  40 times in the space of 4 weeks  with requests to change light bulbs, locking themselves out of the property etc).

Why am I attracting these tenants?  Is this a common thing with being a Walsall landlord?’’


My Response:

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Walsall Millennials set to inherit the Earth!!

Walsall Millennials set to inherit the Earth
Walsall Millennials set to inherit the Earth

That got your attention… didn’t it!

Last weekend I went to our favourite restaurant in Leamore (North Walsall) with the family.  The owner is a client of mine and so, in between the Biryani and Nan Bread naturally, we started talking about our favourite subject… the Walsall property market.  He informed me that he was a Millennial which is a term I’m familiar with but then he also told me that I was a Generation X!  I had to look this up when I got home as I thought he was teasing me at first.

What is Generation X, let alone Generation Z, Millennials, Baby Boomers…?  These are phrases banded around about the different life stages of our society.  When terminologies like this are used as often and habitually as these phrases (i.e. Gen X this, Millennial that etc.), it appears particularly vital we have some practical idea of what these terms actually mean.  The fact is that everyone uses these phrases, but often, like myself, they are not exactly sure where the lines are drawn… until now…

So, for clarity …

Generation Z:             Born after 1996

Millennials:                 Born 1977 to 1995

Generation X:             Born 1965 to 1976

Baby Boomers:           Born 1946 to 1964

Silent Generation:      Born 1945 and before

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How to Find a Great Walsall Buy To Let Property!

How to Find a Great Walsall Buy To Let Property!
How to Find a Great Walsall Buy To Let Property!

One of the best things I love about my job as an agent is helping Walsall landlords with their strategic portfolio management.  Gone are the days of making money by buying any old Walsall property to rent out or sell on.  These days, property investment is both an art and science.  The art is your gut reaction to a property, but with the power of the internet and the way the Walsall property market has gone in the last 10-15 years, science must also play its part on a property’s future viability for investment.

As a property professional I use many metrics (as do others), when deciding the viability of a rental property i.e. the price, the average rent, the yield and one you may not be too familiar with is – an average value per square foot.

However, another metric I like to use is the average rent per square foot.  The reason being is that it’s a great way to judge a property from the point of view of the tenant … what space they get for their money.  Now of course, location plays a huge influencing factor when it comes to rents (and hence rent per square foot).  Like people buying a property, tenants also have that balancing act between better/worse location, more vs. less money and size of accommodation (bigger and more rooms equalling more money) and where they live (location) verses making ends meet.

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