Use Good Bathroom Design To Add Value To Your Property

 

Property Investing Bathroom Design 1We all know that bathrooms form an important part of any property. A bathroom is one of the most frequently used rooms in the house. It is also one of the rooms most visible to guests. It can show visitors how lavish the occupants of that house are and also creates a great impression to the outside world.

If you take a look at any property magazine today, you will see that some bathroom design ideas are unique, some are simple and some can be quite outrageous.

 

Different people have different ways of designing their bathroom, no matter how beautiful or weird the outcome may be.

The basic design of a bathroom includes type, style and colour.

There are three basic types of bathroom:

• guest
• family, and
• master bathroom.

When developing property, you don’t always need to build all three. However, if space and budget dictates, you should definitely consider this in your project scope as it will greatly enhance the value of your property.

When it comes to bathroom style, the most frequently used styles are American, English, Southwestern, Victorian, and the Country look. The final decision of the property developer would be to choose one that matches his target market. Designing a bathroom in a style that does not suit your target market can become a very expensive mistake.

When deciding on the colour of your bathroom, 90% of the time, you should opt for lighter colours, for example white. A dark bathroom will not appeal to many people so should be avoided wherever possible.

One very popular option is to go for the natural look, for example a bathroom containing good looking plants, rocks, and falling water. Again, these options would appeal to a more affluent market and may not appear in a smaller 1 bedroom flat.

You could also install a plant shelf or greenhouse window in the bathtub area if space allows.

The addition of plants is especially useful for the purposes of viewings.  These plants can obviously be removed once you have sold or rented your property.

 

Other natural bathroom ideas are:Property Investing Bathroom Design 2

• Natural lighting.

Some people have skylights installed in their bathrooms. This brings the feeling of a natural relaxing environment.

Halogen lights look much better than bulbs and fluorescent lights and should also be considered.

• Natural accessories:

These include objects made up of wood or Bamboo. One important aspect of these accessories is that they are durable and don’t break easily.  Again, don’t worry how expensive any accessories are, as they can be removed once your outcome of a sale or let has been achieved.

When designing a bathroom, you should consider the three primary sources of lighting: ceiling-level, ambient and task lighting. Task lighting could appear around the mirror and throughout the room, for example near your taps, doorknobs, towel bars and toilet paper holder.

If necessary, your bathroom design should also consider using larger tiles to create a sense of space, or rectified porcelain tiles. The rectified porcelain tiles have narrower grout lines making them more pleasing to the eye.

You could also change the door style of the bathroom by using sliding doors especially when the property you are developing is small. For larger bathrooms, you could add a glass sliding door to divide the bathing area and toilet area. The options are limitless.

By planning your bathroom design carefully, you should be able to work with your project manager to create a design that works not just for the property but also for your potential market and most importantly your budget!

 

 

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How To Search For The Best Property Locations

 

If you were to look at 100 properties, you may end up buying one good deal! Property is very much a numbers game. The more you look at, the more familiar you’ll become with your market and the chances of you finding an absolutely amazing deal are greatly enhanced.

As a serious property investor, you should be looking at property every day – if not physically, you should be analysing deals in the local property paper or online. Using the latter method, you will be able to literally analyse hundreds of deals in one sitting. If you’re not already familiar with several locations you might want to invest in, I would recommend you start doing some research.

Call several agents in your area, visit local property websites and check the local paper to help you to familiarise with the market.

Prior to investing even 1 penny of your hard earned cash, you need to verify that there is market for your property for your preferred tenant class. There is little value in buying a property and then deciding whether you can let it out or not.

The best locations for your property will depend on your target tenant. If you want to rent to students then you will need to source a property close to a large University or College. Alternatively, if you want to rent to professional tenants then you will need to provide a house close to a large employer or within easy reach via good transport links.

As a rough rule of thumb, you should always try to purchase properties in ‘up and coming’ areas with good transport links to the local employers. The properties tend to be cheaper here, and with the added benefit of HUGE growth potential. Furthermore, tenants don’t mind living in these areas for slightly lower rents than they would otherwise be charged in more prestigious locations.

When looking for these ‘hot spots’, you should firstly look at locations adjacent to ‘nicer’ areas. Scour the high street of these areas looking for new shops that are opening up, for example Marks and Spencer’s or ‘trendy’ coffee bars.

Place ‘ghost’ adverts in the local paper advertising for a property that you do not yet currently own. If you only receive one phone call for a 4 week slot, then you can safely say that the location is not a tenant hot spot. However, if you receive 20 phone calls a day for a week, you can probably risk a bit of money and buy in this location!

 

 

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How Do I Get A HMO Licence?

 

HMO Properties Houses in Multiple Occupation (HMOs) have received a lot of press attention recently, both good and bad. As a result, people are now either wishing to jump onto the HMO bandwagon, or want nothing to do with them.

If you have any interest in property investment whatsoever, you must familiarise yourself with HMO regulations.

Landlords already running HMOs in England had until 3rd July 2006 to present their applications to their local councils. Any landlord who owns a property that has been let out to sharers may thus be breaking the law if he has not already registered that property.

From 6th April 2006, the Housing Act 2004, has meant that there is a new definition of a House in Multiple Occupation (HMO). Anyone considering a career in property investment in the UK should familiarise themselves with the Housing Act 2004. You can easily download this from the internet.

HMO legislation has been introduced for several reasons:

• To improve the condition of rented housing stock.

• To reduce the number of unscrupulous landlords letting substandard and potentially dangerous property.

• To improve management standards of rented property.

• (Indirectly) To increase revenue for local councils through what is effectively a landlord’s tax.

• (Indirectly) To compile a register of rented property stock.

It is hoped that HMO legislation will result in a much better deal for tenants by removing rogue landlords from the system. However, as with most things, the better landlords will now have to go through additional red tape to provide a similar service to what they have already been providing.

To get a HMO licence you will need to submit a completed application form obtainable from your local council. As part of your application, you will need to include floor plans providing room sizes and an indication of current fire precautions in your property. You will be required to prove the safety of any fire detection system by providing a certificate issued by a suitably qualified engineer.

You will also need to submit a current Gas Safety Certificate. You can obtain this from any Gas Safe (formerly CORGI) registered engineer. An electrical safety inspection will also need to be conducted by a qualified electrician and an electrical safety certificate issued.

If you are providing any electrical appliances, you will need to have a PAT (Portable Appliance Testing) certificate issued by an electrician. This will cover items such as electric kettles and toasters etc.

You will also need to prove that you have suitable management arrangements in place. For example, deposit procedures, tenancy agreements and procedures for dealing with anti-social behaviour.

The final requirement is for you to be a ‘fit and proper’ person, by providing a Criminal Records Bureau (CRB) check. This will need to be dated within the previous six months. Your local authority will inform you if this is required.

 

 

Learn how to get a HMO licence here:

http://www.hmopropertyriches.com/

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Property Investing Is A Real Business!!

 

A lot of people get into property investing thinking that its just about buying houses – you buy a house, develop it and then sell it on. Or you buy a property and then rent it out. And, in return for your efforts, you’ll make a load of cash!

Surely, if life was this simple, everyone would be investing in property. Right?

Before you throw in your job and embark on a lucrative career in property investing, you really need to sit down and try to understand what property investing is really all about. Property investing is a serious business. Treat it as a hobby and you will only ever achieve hobby profits. However, treat it as a business and you’ll get great results.

A successful property investor who buys and deals in property every day will:

• Understand what vital research is required before he offers on any property. This will include a lot of desk research including but not limited to ringing estate agents and letting agents to get the ‘feel’ of any one street in any one area.
• Perform essential calculations to assess the viability of the purchase before even stepping out of the front door to view the property.
• Know exactly which locations to invest in, and which to avoid like the plague.
• Have a system in place to enable him to source and buy property below market value time and time again.
• Know all about clever negotiation strategies that will help him to save literally thousands off any property purchase.
• Understand creative strategies such as options, no money down and cash back deals.
• Know how to invest not just for asset building, but also for cash flow.
• Be able to structure each deal to suit the property sellers situation.
• Understand both buy-to-sell and buy-to-let strategies.
• Know what to do with the property once he’s bought it.
• Have mastered the basics of property ownership and how to be a good landlord so that tenants never leave.
• Will know about property development and how to ensure that jobs get done on time and within budget.
• Know how to create a win-win situation every time.

So next time you think about investing in property, consider the above and start knowing exactly what will be expected of you to succeed. Don’t start investing in property thinking it will be easy money with very little effort.

Property investing will require a lot of hard work and dedication especially from the outset. Educate yourself on the subject and develop a list of like minded friends and mentors whom you can consult when you get stuck.

If you go into property investing knowing the above, there’s a good chance you will succeed. However, if you maintain a casual ‘lets see what happens’ approach you will throw in the towel much sooner than you initially expected, labelling property investing as a waste of time!

 

 

 

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Plan Your Property Purchase

For any new property that I buy and renovate, I will always make it compliant with any current regulations for that property type in that location. If I am unfamiliar with the location, I will contact the council and ask about minimum requirements. This way, there will be no ambiguity when I come to resell or let the property.

I will do this regardless of whether my intention is to use the property as a House In Multiple Occupation (HMO) or not. For example, I will aim to do the following works as a minimum during any property renovation:

• Install interconnected smoke alarms and heat detectors.

• Install fire doors to kitchens and bedrooms.

• Have the electrical installation checked and upgraded to current standards.

• Ensure gas fittings and appliance meet current safety standards.

This will save me time and money at a later date, especially if I decide to use the property as a HMO.

For any business, ‘Cashflow is King’. Whenever I buy property, I always invest for cashflow. There’s little point in buying a property in a great area for a lot of money, if you’re not making positive cashflow from day 1. Learning how to better manage cashflow can make the difference between your success and failure in business.

It doesn’t matter if you think that your favoured location will generate great capital growth. The question you need to answer is whether you will be able to sustain that capital growth on negative rental returns.

HMOs are a great way to obtain substantial cash flow from your properties. It is not uncommon to achieve up to 300% returns over and beyond single occupancy rentals in high demand locations all over the UK.

Since HMOs provide much needed affordable housing, particularly for younger people, there is a strong market for such accommodation.

A HMO property will not only give you additional cash flow, but you will also benefit from the usual advantages of owning property. For example, you will have good capital growth depending on location and market conditions. Furthermore, it is not always necessary to fill all the rooms to service any finance payments.

If you plan your property purchase carefully, you will be able to grow your portfolio quickly and with minimum effort. By applying some basic rules and understanding current market conditions, investing in property should provide you and your future generations an income for life.

A little bit of knowledge goes a long way:

http://www.hmopropertyriches.com/

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What Is A House In Multiple Occupation (HMO)?

 

Put simply, a House in Multiple Occupation HMO is:

• An entire house or flat that has been let out to three or more tenants who form two or more households and who share a kitchen, bathroom or toilet.

A household is defined as members of the same family living together.

• A house that has been converted into bedsits or other non-self-contained accommodation and that has been let out to three or more tenants who form two or more households and share a kitchen, bathroom or toilet.

(A self-contained unit of accommodation is one which has a kitchen or cooking area, bathroom and toilet inside it for the exclusive use of the household living within the unit)

If the occupiers need to leave the unit to gain access to any one of these amenities then that unit is not self contained.

• A converted house containing one or more flats which are not wholly self-contained and which is occupied by 3 or more tenants who form two or more households.

For a property to be classified as a HMO, it must be used by the tenants as their only or main residence. Properties that are let to students and refugees will be treated as their only or main residence.

If your property falls into any of the above categories, you may need to apply for a HMO licence. In order to find out whether you need to obtain a HMO licence, you must contact your local council and speak to the Environmental Health Officer, who will advise you accordingly.

Every council has their own guidelines for HMO compliance, so the final answer will depend on the size and location of your property. I always advise my clients to call the council before buying a property that they are thinking of converting to HMO usage.

One simple phone call could save you thousands of pounds as you may find that very little is required to prepare your property as a HMO.

Regardless of your property location, you will definitely NEED a HMO licence if your property

1. has three stories or more (including usable basements or attics), and
2. is occupied by five or more people, and
3. those people form two or more households, and
4. the tenants share the kitchen, bathroom or toilet.

If the above applies to you and you don’t have a licence, then I would advise you to contact your local council immediately as you are most certainly breaking the law.

It will cost a neighbour or tenant the price of a phone call to report you, and this could cost you up to £20,000 plus recoverable rent!

Applying for a HMO licence may appear like a lot of work. However, when you’ve gone through the process once, you’ll find it much easier for any subsequent properties that you purchase.

 

 

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HMO Property Riches Property Negotiation TacticsProperty Tax Strategies

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