How Are Property Inspections Done?

The importance of property inspections is now greatly considered by both a landlord and a tenant. It is to their advantage that the unit is checked before and after occupying it to know the present physical condition of it and to determine what needs to be done.

The landlord or property manager would primarily want a record of the condition of the property for reference later on while the tenant would essentially appreciate the assurance of taking on a unit that is in good condition.

It is important to establish exactly what the state of the property is and identify problem areas if there are any. An inspection is a highly technical undertaking. At times, trouble spots are not easily detected by the naked eye. Also, there are matters that need expert skill and knowledge to be handled.

Professional property inspectors have the training and experience to spot red flags and intentionally seek out potential problems. When it comes to property inspections, landlords are aware that an official report provides the credibility required. It will hold up in any legal proceeding and will provide solid support for pertinent issues that may arise in the future.

There are many aspects involved in property inspections. Most homes comprise different elements and each one bears looking into so that you could be certain that everything is in working order or in suitable condition. The scope of an inspection normally covers the importance ones such as doors and windows, heating and cooling systems, plumbing, walls, floors, electrical systems and pests. In many cases, dealings are dissolved when crucial findings involve the presence of termites, the need for a plumbing overhaul, and the discovery of a faulty wiring system.

These are serious issues that no tenant would want to take on. Landlords would be well-advised to resolve them first before they offer to lease their property out. Meanwhile, cracks, holes, and other minor problems can be dealt with prior to tenant occupancy. At times, some tenants would still be willing to move in with the understanding that they wouldn't be blamed and billed for those problems upon their exit. This can be their assurance.

And so, property inspections are really very important. Property inspections are not only recommended before and after occupancy. It serves both the landlord and the tenant well to get a unit inspected regularly. It gives the owner peace of mind as to the treatment of his property as well as a heads-up in case something needs to be repaired.

Should You Sell, Buy Or Rent Out an Inherited Property?

It is tough when you've lost a loved one and then have to work out what to do with the home they leave behind. Should you sell the property? Buy it yourself? Rent it out for a while or the long term?

To help, the first thing to do is not to rush into a decision. Give yourself a few weeks to adjust to the situation before you do anything - take some time to grieve if you need. The next step is to sort out everything left in the home. Ideally don't strip the place bare as it's easier to sell a property with some furniture in and it's safer too. Depending on how long you are likely to leave the property empty for, make sure you follow our Empty Homes tips

Are you Inheriting the Property with others? The next step is to start to work out what your options are. Of course the property you are inheriting may be shared between other family members. If there is a surviving spouse, for example, you may all decide it's easier if they stay in the home from a familiarity perspective. Alternatively you might decide that it's better the parent sells up and moves closer to you.

Top Tip: Draw up your will! Don't forget that ideally before you officially inherit the property, it's important to have your own will drawn up (and potentially put the property in a trust if you have children of your own) to ensure that if anything happens to you, your wishes are carried out.

Next, it's important to chat to other family members that have inherited the property with you and try and gain a consensus of what to do.

Options on What to do when you have Inherited Property Sometimes it's as easy to buy the property yourself if it's the size you want and in the location that you want to live in. This can be straightforward if you are a lone child and require some tricky negotiations if you have brothers and sisters!

Option One: A Family Member Buys the Property

Ideally you need to get an agreement drawn up between you which includes how the property will be valued and how other siblings will be compensated (if required) for their share of the property. Your legal company should be able to guide you through this process at the same time they are carrying out probate.

Option Two: You Decide to Sell the Property

If you aren't the only sibling selling the property may well be the best option, especially if there is any disagreement on who should own the property or how to move forward. This way everyone can take their share and do what they want with it.

The important thing to do is to decide who's going to manage the sale of the property and agree the minimum that you will all accept. If it helps, even get this in writing between you so no-one can change their mind latter on. If necessary, your legal company will look after the sale, but they will charge you for it.

If for any reason you need a 'quick sale' then you can turn to private buying companies such as:-

ARC Property Group
Quick Move Properties
Move With Us

However, they will a discount of up to 15% off the market value of the property. So if they value your property at £200,000, they will only pay around £170,000. The advantage is that they will be able to do this within a matter of weeks, so it takes the uncertainty out of selling the property.

Alternatively you can prepare the property for sale and then put the property on the market. Make sure however you chose your agent very carefully as you need to be able to trust them to enter and exit an empty property.

Option Three: Keep and Rent out the Property

To rent a property out, you need really to commit to doing this for six months or more. It's important to be aware that renting a property isn't just about finding a tenant, taking deposit and sitting back and banking the rent.

You also need to make sure that you all own the property correctly from a legal perspective, so you MUST discuss this option with your legal company prior to making any decisions.

Over the last five years, that have been major changes to the law and most of these legal changes are in favour of the tenant, not you, the landlord. If you don't abide by these laws, then the tenant in some cases can even sue you for £3,000!

Ideally, if you are renting a property out for the first time, use a letting agent. Make sure this is a letting specialist as opposed to a company that does sales and rentals as many estate agents don't know how to run a lettings business properly.

If you want to manage the tenant on-going, then instead of full management, you can choose a 'Let Only' option where the letting agent finds the tenant and moves them in legally, with an inventory done, and even collect the first month's rent. After that you can manage it. However if you don't want calls at 1am in the morning to say there is a problem with the property - go for full management!

To be sure you are legal from marketing stage, make sure the property has:

1. Energy Performance Certificate

2. Gas Safety Certificate

3. Electrical Safety Certificate OR self certifying that the electrics are safe

Once you have found a tenant, you will need:-

1. An up to date tenancy agreement.

2. To protect deposits in a tenancy deposit scheme.

3. To carry out credit checks on the tenant.

Finally remember that any excess rental income versus allowable costs you receive could be taxable, so you'll need to check this out too!

How To Sell Your House Online

Letting agents are found online and they are used to let property. But you can sell your house online as well. Whether you want to sell or just let your property, the online site is the place to be. Most people today who are looking for a home in which to either to rent or to buy will go online to take a look at what is out there. This is the most convenient way in which to find a home. If you want to sell a house, this is the way to do so. And because the internet makes it so easy to list, there are many who sell their homes on their own, without the estate agents.

Those who want to let their homes can use the letting agents to do so or they can try to do this on their own. Many will like the use of the agents in this regard because they can take care to make sure that they get the proper tenants for the property as well as help collect the rent and make sure that everything is looked after. Those who may be moving away from Exeter and who want to let property need someone to look after it. The agents can do that or just get a tenant for you - either way. Using these agents that are found online is also a good idea for anyone who is looking for a place in which to rent. They will be able to show them the properties that are out there and how much rent they will have to pay. Those who are looking for a place to live in the United Kingdom can use an internet site when it comes to both, buying or letting.

If you want to sell your house online, the thing to do is to list it at an online site that is made for this purpose. The first thing that you want to do before listing it is to take a look at what you think the value is and also what can be done to make it show better. It is best to have a home that shows well when you are trying to sell as this will net you the most money. It is also a good idea to know what the homes in the area are selling for. This is the actual sales price, not the listing price that you need to consider. By using an online site where homes are listed, you can get a good idea of comparables. Then list yours according to how it stacks up against those homes that are like it.

Using an online site is the best way to find what you are looking for with regard to a venue in which to sell your home. Selling online Is much easier than off line and cheaper, too. It does not cost much to advertise your home online and this is actually more effective as it reaches out to more people. Those who are looking for a way to let or sell should make use of an online site that is a valuable tool with regard to letting or selling. This is the way to reach out to the most people and get your home rented or sold.