Everything You Need to Know About Letting a Property: Part 3

Recent figures have shown that a whopping 20% of homes are now owned by landlords, which means that if you’re thinking about getting in on the action, now is most definitely the time to grab a slice of that pie! Here, in the third and final part of our series, we share everything you need to know about advertising and getting that buy to let mortgage. Looking for a house or want to post an ad? Include as much detail as you possibly can – the last thing you want to do is lose potential tenants because you didn’t include enough potentially important information, such as the size of the bedrooms and any furniture included in the rental. Read on to find out more.

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  • When advertising, more is definitely more. In the vast majority of cases, just saying, “2 bedrooms, 2 bathrooms, large living space” will not be enough to entice potential tenants and viewers. Give as much information as you can, but keep it concise. You’re not writing a creative essay, you’re describing your rental – so although you should use enough descriptive language so that the reader knows exactly what you have to offer, without boring them to death with flowery lingo. Include photographs of every room, and if you don’t want to include a photo of one of the rooms, figure out why and then clean it/decorate it/repurpose it so that it can be photographed and included in your listing.
  • Put simply, in order to obtain a buy to let mortgage, you need to have a substantial deposit. If you have that, you’ll find it fairly easy to get a buy to let mortgage, regardless of your credit status because the repayments are guaranteed by the rental payments. The rental price that you charge will largely depend on the market and the minimum annual cost of your mortgage. Generally, rent should be 125% of the mortgage, but this does differ dependent upon lender.
  • You’ll also need to factor in costs such as landlord insurance, rental protection insurance, monthly expenses (for example, regular maintenance, having electric and gas certificates, an allowance for any works that may need to be done to the house during the tenancy, and insurance for any furniture or furnishings that you provide for the tenant), legal costs, letting fees and agency fees. You can then add these into your tenant’s monthly rent fees, or choose to pay them out of your own pocket in order to attract more tenants. The choice is yours, but it is always recommended that you take out rental insurance, just in case you’re unlucky enough to end up with non-paying tenants.
  • Finally, make sure that you obtain all of the relevant permissions from your mortgage provider, the council and your insurance company with regards to the standards that you need to adhere to before you advertise your property.

Source: Prime Location

Season Car Hire Review

Season car hire is one of the top car hire companies in the UK. They’ve been trading since 2006 and are based in London, although they service the whole of the UK. Season’s offer a huge range of prestige, luxury cars and pride themselves on owning the whole of their fleet. They offer a range of hire plans too, including one day and three day hire, pay as you drive and airport drop off. With cars suitable for everyday family use, as well as high-end luxury supercars available for your special day, Season car hire really have got everything covered.

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The Hire Process

The process of hiring a car with Season car hire couldn’t be any easier. Using the form at the top of the home page, simply choose your pick up location, date and time, the return date and time and the most convenient drop-off location. Season car hire will then provide you with a list of cars available for your chosen time and date, as well as unavailable cars for that date. They’ll also let you know when the unavailable cars will next be available – handy for if you have your eye on something special! Next, you simply provide them with your personal data and pay for your hire, then wait for your car to arrive. It’s that simple!

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Drop Off and Pick Up

Drop off and pick up is simple too. Season car hire will deliver your car to anywhere in the UK, even though they’re based in London. With three dedicated car transporters, Season’s can drop off or pick up up to nine vehicles in one go, so whether you’re hiring one car for a special day or a fleet for a television shoot, they’ll be able to help. They can even deliver cars to most of the major UK airports and can pick them up from wherever is most convenient for you.

Pay As You Drive

Perfect for customers who hire supercars regularly but never use the full mileage allowance, Season car hire have recently introduced their exclusive Pay As You Drive scheme, offering supercars at half the price with a 25 mile driving allowance. Additional miles are then charged on top. You can also book cars with a set amount of mileage, and pay before you drive – which means no nasty surprises when you drop the car back. Season car hire will also look over the vehicle with you before and after the hire to ensure that there is no damage and each and every vehicle is fitted with an incredibly accurate mileometer so that you can keep tabs on your mileage, meaning that you always know exactly what you’re paying for.

Whatever your hire car needs, Season car hire has the vehicle for you – all topped off with fantastic customer service.

Introducing #UKHIRE100

#UKHIRE100

Hire Jungle wants to change the landscape of retail forever. Why buy when you can hire? Hiring goods means that consumers don’t have to worry about storage or cleaning and they also get to grab a bargain. Hire Jungle wants to spread news about the best practices when it comes to hiring goods and services and so today we’re announcing the launch of a new leaderboard for UK’s most influential hire firms in social media – the #UKHIRE100.

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We take a look at a number of different factors to determine company ranking on the leaderboard. Our formula is (Facebook fans x Twitter followers) x Klout score. Klout score is determined by the topics you post about x how you interact with followers on social media and the frequency of your tweets, posts, comments, likes and pins x how users respond to your company on social media. Virtually every social media network counts towards your Klout score, including Facebook, Twitter, Google+, Pinterest, Foursquare, LinkedIn, Instagram and Wikipedia,and so to improve your Klout score, you’ll need to interact with these accounts frequently with engaging, interesting content that will get people talking. Interacting with these accounts will boost the visibility of your company and in turn, if you make your way to the top of the leaderboard, you’ll also get free publicity from Hire Jungle.

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By giving transparency of which companies are closer to their customers, Hire Jungle allows users to make informed decisions before hiring. Likewise, companies can assess their social engagement and work towards better communication with their followers. Everyone wins.

Scores are updated on a weekly basis. At the end of every month, we’ll award those companies who finish in the top five positions as well as the 5 fastest-growing companies in the ranking with a product review free of charge. All T&C of the prizes are detailed here.

If you think you should be listed – or if you want to make your way onto the leaderboard and want to know if you meet the criteria, please email info@hirejungle.co.uk. Follow the leaderboard at #UKHIRE100 and for hiring advice, tips and news, follow @hirejungle.

The Rise and Rise of the Sharing Economy

Last night, over 40,000 people hired rooms – but not from a hotel chain. Instead, they hired rooms through an online company that offers over 250,000 rooms in over 30,000 cities across 192 countries. Everything was sorted out online, from the rooms to the T’s and C’s to the payment. The company responsible for bringing together hosts and renters is Airbnb, a company based in San Francisco. Over 2.5 million people used the site in 2012 alone, and this is just the tip of the iceberg. Welcome to the new sharing economy, where people hire everything from the lawnmower to the attic to a Chanel dress, all of it through the internet.

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Share and Share Alike

Sharing your assets – and you can literally share everything now, from your car to your house to your clothes and even your pets – is now easier than ever before. Before the recession it was perfectly possible to hire goods and services but in many cases, it was easier for people to buy instead of hire because they had the funds available to do so. Due to the recession and the explosion of hiring sites, including Hire Jungle, Airbnb and SnapGoods, more people than ever before are now hiring instead of buying, saving and making money in the process. Technology has helped, too – more people than ever before now own smartphones, allowing them to search for the nearest goods and services that they can hire using the GPS on their phone. Social networks let people check out potential hirers, review sites allow people to check out opinions before they spend a penny and payments can be made through an internet payment processor, meaning that potential hirers and those hiring out can get all of the information they need from the comfort of their couch.

What’s Mine is Yours

To some extent, that old saying is now truer than ever – what’s mine is yours. But this time, it’s for a fee. Just as sites like eBay allow anyone to become a seller or a buyer, hiring and renting sites allow anyone to hire or hire out goods or services. You can act as a taxi service, a handyman or you can hire out your bedrooms as and when you want to, fitting hiring around your life as you see fit.

The hiring model works especially well for goods that are worth a lot of money that you don’t use very often. Data suggests that the average power tool, for example, is used for only 30 minutes in its lifetime – and if you’ve paid £400 for a power drill, that’s a very expensive 30 minutes. Hiring items that cost you a lot of money, or that you don’t get a lot of use out of, enables you to earn the purchase price back and even more on top. Hiring these items instead of buying them means that you save a fortune. Due to the potential savings and the potential money-making opportunities, it’s little surprise that hiring and hiring out goods and services has taken off in such a huge way.

Author Rachel Botsman, the author of a book about peer-to-peer renting and hiring, says that the peer-to-peer rental market is worth a whopping $26 billion. That’s not an overestimation, either, looking at figures from hiring companies such as Airbnb. They say that people hiring out rooms in San Francisco can make up to $9000 per year by hiring a room out for just 58 days, while car owners using car hiring site RentalRides can make up to $1000 per month. Hire Jungle users can also expect to make a packet – and save a fortune – by placing ads and hiring and hiring out goods through the site.

It’s Good for the Environment, Too

Hiring instead of buying is not only creating a booming economy, but it’s good for the environment, too. A huge amount of energy goes into creating new products such as cars, power drills and even designer goods and clothes and hiring these items instead of buying them new will help to conserve energy.

The sharing economy is now more valuable and more powerful than ever before. Provided that hirers and those hiring out follow some guidelines, such as only paying upon receipt of a food or service, being aware that some offers are too good to be true and keeping their wits about them when communicating with those hiring or those who want to hire out, more and more people will be able to benefit from this valuable economy.

Source: The Economist