Below is a list of questions we are frequently asked at Homes Or House.
These questions range from 'Why Use Homes Or Houses ?' right through to 'What Happens When Things Go Wrong?'.
If there is a question that is not below and you are intrigued about. Click here to get in touch.
Why Use Homes Or Houses ?
It takes a great deal of time and effort to research and buy the right investment property. We find that more often than not a property investor greatly underestimates the work, time and commitment it takes to be a successful property investor and landlord. By allowing us to do the work for you, you’ll avoid all of the costly errors and troubles that first time investors often encounter.
We actually exist as a company because we have, over the years, come to realise that to achieve our property portfolio and aims, on a part-time basis and at a distance was extremely challenging.
What Makes Homes Or Houses Different?
There are no companies, that we are aware of, that understand the expatriate or foreign investor as well as Homes or Houses.
Our services are structured to accommodate time differences, different working weeks, long distance communication and portfolio building and management from a pure non resident investment perspective.
Where Are The Properties?
As our client, you will not be limited to a geographical area. We can purchase throughout the UK through our own knowledge and network of partners and if needed we will make arrangements with one of our national partners for you.
However, we are based in the North East of England and we do specialize in this region. Therefore, we offer fuller services in project management for property refurbishment for example, if your property is within 50 mile of our office.
Will I Be Able To Rent It Out?
This is valid concern and should always be a consideration before investing in property. Many people have heard horror stories about purchasing a buy to let property, and not being able to let it out, or on the other hand finding ‘awful tenants’. The truth is this normally happens to the investor who try’s to do everything themselves and believes property investing is easy.
As well as our due diligence and research into rental market demand before purchasing any property, we aid the process by commencing the marketing discreetly prior to completion to selected tenants, and then direct and focused marketing as soon as you legally complete. This can mean we have tenants ready or viewing mid refurbishment, and this can aid the process.
Our background and reference checks go as far as is legally possible to prevent future tenant problems. When they do occur we deal with them swiftly.
What Kind Of Person Are Our Services Suited To?
The service is suitable for anyone who intends to invest in UK property for investment purposes. This includes those who want to invest but do not know the best way to begin or as is more likely the case, do not have the time.In addition, those who already own investment property and understand exactly what is involved can benefit from our portfolio management services.
How Do You Find The Property?
We research regional purchase areas constantly to establish the rental demand and sale price fluctuation at a high level, using statistics provided by the Land Registry, as well as by search engines such as Rightmove, Zoopla, and Property Finder etc.In addition to internet research, we maintain regular face to face contact with estate agents, solicitors, development companies, private landlords and auctioneers. We use all means of keeping our eyes and ears open for opportunity.Once a suitable property is identified as having potential, a viewing is arranged and the history is researched for comparable pricing through Rightmove and the Land Registry, the area is investigated and the surrounding sales and lettings market is assessed.The macro due diligence is part of everyday work, the micro due diligence on your potential investment is specific to each property and varies in degrees dependent on the house and the location.
What About Refurbishment?
Our previous experience of refurbishing means we understand what it takes to refurbish a property to the highest quality, in the most cost effective and efficient manner. With over twelve year’s experience, we have strong relationships with our contractors and provide a maintenance service for all of our properties under management.
The costs are controlled on a daily basis and discounts on materials and services obtained at every opportunity. We understand the materials to be a primary cost; however, the most expensive materials are not always necessary, good materials with excellent quality workmanship is the key.
Further to this, our processes mean that before clients commit to purchase a property we provide them with estimate costs at outset. This also allows us to assess with you the cost in relation to the property value, we aim for 10% of property value for cosmetic refurbishment and as high as 50% for a full structural refurbishment where a significant capital gain or increase in yield is predicted.
What Happens When Things Go Wrong?
We recommend that you have a maintenance and emergency fund for use in the eventuality of an unexpected repair, at least equivalent to 1 months rent. It gives you peace of mind and means that even in the absolute worst-case scenario you are not financially exposed. Remember, these funds, should be separate from your own living ‘emergency funds’.