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‘Cheap’ insurance can quickly become expensive if something goes wrong. Always read the small print. 

Specialist landlord insurance is not a legal requirement, but if you don’t have it, you could find yourself out of pocket if you are unfortunate enough to have your property occupied by squatters, vandalised or worse still damaged by fire or flood. If you rent out property and have purchased a standard homeowners buildings and contents insurance, you will not have cover for extended vacant periods greater than 30 days or if a tenant is injured on your property and claims against you. Tenants living in a property generally pose a greater risk than the owner living there, so it is vital to take out a specific landlord policy, shifting the risk to your insurer rather than taking on that risk yourself.

Having made the decision to purchase landlord insurance, what comes next?

It is extremely tempting to use a comparison site to get a speedy quotation and find the cheapest option available. This is obviously an easy way to search for a policy and it will give you a benchmark for price, but there is usually a reason for the quote being so cheap.

Dispelling the myth that cheaper is better

It is always advisable to choose a quality policy that offers extensive cover and peace of mind. The insurers behind NLA Property Insurance have been carefully vetted to ensure that the product, service and claims service is ‘best of class’ and provides the widest cover available at the most competitive prices for landlords and buy-to-let investors. Unlike comparison sites, there is help at hand to make sure that you understand the small print and purchase an insurance product that will work for you when you need it the most.

In the field of landlord insurance, the menu of ‘extras’ can be extensive. Some of the bigger, well-known providers may provide what appears to be a cheap quote at the outset, but once you start adding on the ‘optional extras’, additional premiums will apply – pushing up the overall cost of the insurance.

Take a big name like Direct Line: purchasing cover for malicious damage, or even theft by tenants/guests will increase your premium substantially, but it is covered as standard under the NLA Property Insurance’s Superior policy. If your rental property is deliberately trashed, then repairs could run into the thousands. You may have taken a deposit from the tenant but findings provided by mydeposits shows that even a deposit equivalent to six weeks rent is often not enough to cover the replacement costs.

A closer examination of Direct Line’s landlord insurance reveals there are several aspects of their policy which are either inferior to those offered by NLA Property Insurance, or not covered at all without additional premiums. For example, the NLA policy will insure an unoccupied property for 90 days compared with Direct Line’s 60 days. Our public liability cover will pay out up to £5M in the event of death of bodily injury, compared with Direct Line’s £2M – a large difference especially as liability claims have been known to cost several millions and increasing with the new compensation laws that have been recently introduced.

Here’s a brief comparison between NLA Property Insurance and Direct Line.

Comparison chart – correct as of 29/6/2016 (excludes special offers)
Buildings NLA Superior Policy Direct Line
Accidental damage to fixed glass and sanitary fittings Yes Yes
Accidental damage to buildings Yes Optional
Malicious damage by tenant and/or guests Yes (£1000xs) and £25,000 limit per claim No
Loss of rent or alternative accommodation 30% of building sum insured 10% of building sum insured
Unoccupied property 90 days 60 days
Terrorism Optional Optional
Contents
Malicious damage by tenant and/or guests Yes No
Theft by tenant and/or guests Yes No
Single article limit £1,000 £1,000
Landlord’s gardening equipment of theft from outbuilding £1,000 No
Liability
Property owners liability £5,000,000 £2,000,000
Employers liability £10,000,000 £10,000,000
Excess
Standard excess £250 As per policy schedule
Subsidence excess £1,000 £1,000
Malicious damage by tenant and/or guests £1,000 No

 

 

Whether you have a single property or a portfolio of properties, the Superior policy offering from NLA Property Insurance offers highly competitive premiums (including a 15% discount for NLA Full Members) and includes many ‘extras’ such as accidental damage, alternative accommodation or loss of rent as standard.

As a landlord, you will be looking to minimise risk and maximise peace of mind. Remember that home insurance isn’t designed for rental properties – you need specialist insurance for landlords. Choosing a cheap quote from so called big names may seem like a low risk option but don’t forget to check what is included in the price.

 

Source: https://www.landlords.org.uk/?utm_campaign=8161172_NLA%20Property%20Insurance%20-%20April%202017&utm_medium=email&utm_source=National%20Landlords%20Association

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The number of million pound apartment sales in England and Wales has grown nearly threefold, up 196%, in the last decade, according to new research.

The rate of sales growth for apartments has far outpaced other prime market property types with sales of million pound terraces rising by 165%, followed by semi-detached properties up 154% and detached homes up 88%.

The research from Lloyds Private Banking also shows that apartments represented 22% of all million pound property sales in England and Wales in 2016 compared with 17% in 2006 and accounted for 26% of the increase of all million pound property sales between 2006 and 2016.

Unsurprisingly, the overwhelming majority of million pound plus apartments were in London with 96% of sales and the sale number in the capital has increased 193% from 973 in 2006 to 2,853 in 2016, representing 35% of all million pound property sales in Greater London in 2016.

Source: http://www.propertywire.com/news/uk/demand-luxury-apartments-soars-parts-uk-particularly-london/?utm_source=Property+Wire+News&utm_campaign=fc980f14bb-RSS_EMAIL_CAMPAIGN&utm_medium=email&utm_term=0_cb0fe1dd73-fc980f14bb-108361813&goal=0_cb0fe1dd73-fc980f14bb-108361813 

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A new survey lifts the lid on the UK property market, with Brits sharing exactly what made them buy their homes.

Wood flooring specialists Flooring Republic asked 1,000 Brits what led them to fall in love with their homes, and which factors they consider non-negotiable when buying a property – and between community appeal and room size, it seems Brits are swayed by more than an attractive price tag.

After the BBC reported that the number of first-time buyers was at its highest in a decade, this new study reveals what it takes to get Brits excited about buying a house. With 60% of the vote, a safe and friendly neighbourhood took the top spot, followed closely by the price of the property (52%).

The local community also proved to be a key selling point for 45-54 year olds – with a huge 73% citing this as a major factor in their decision-making process. In terms of what Brits love about their living space, room size came out on top – taking 38% of the vote.

At one with nature

For 31% of participants, a good-looking garden is what got them to sign on the dotted line – and half of over-65s declared this the ultimate highlight of their homes. Natural elements proved popular across the board, with a fifth of those surveyed saying natural light is what they love most about their home.

Price versus practicality

Perhaps surprisingly, just over half of all respondents believe the price of a property is the most important aspect when it comes to making an offer.

Generation Y are more price-conscious, however – with 18-24 (57%) and 25-34 year olds (69%) admitting the asking price was the thing that ultimately swayed their decision. Space proved a key concern for 37% of Brits, who said the number of rooms in a property would influence whether or not they bought it.

Aesthetic appeal

When it comes to a property’s appearance, it looks like it’s not just what’s on the inside that counts – with 16% of Brits saying they’re swayed by both exterior appeal and interior styling. For 17% of male respondents, the outward appearance of a house is a deciding factor – while 18% of women favour the property’s interior design.

11% of Brits revealed they bought their home because of high ceilings – a factor which sweetened the deal for just under a quarter of 25-34 year olds.

Smart solutions

According to 35% of all respondents, parking availability is a key issue when it comes to deciding on a suitable property – and more than half of over-65s agree. This is less of a concern for those living in the capital, though – with just 17% of Londoners put off by limited parking. Organisation addicts across Britain declared practicality a priority when buying a house – with storage space scooping 15% of the vote.

Other answers

For 14% of homeowners, accessibility is a deal-breaker – with proximity to local transport networks and amenities proving particularly important. Respondents were also invited to offer up their own answers when it came to the reason they fell in love with their home and what they consider to be the key factors when buying a house – with answers including the property’s character, affordability and a double garage.

With Brits divided over what makes the perfect home, as housing prices continuing to fluctuate, the future of the property market shows no signs of stabilising any time soon.

Mark Haskell, Ecommerce Manager of Flooring Republic said “It’s great to see just how many Brits value a welcoming neighbourhood, and it’s really interesting that most homeowners are concerned with more than the price of a property. Spacious rooms and beautiful gardens will always hold plenty of appeal for buyers – although they generally come with larger price tags.”

 

Source: http://www.propertyreporter.co.uk/property/brits-reveal-what-made-them-fall-in-love-with-their-property.html?utm_source=Email+Campaign&utm_medium=email&utm_campaign=21136-201394-Campaign+-+06%2F04%2F2017+

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According to new research by Saga, 420,000 over 50’s are considering using some sort of credit such as a loan or borrowing from friends or family in order to fund their home repairs.

The onset of lighter evenings is often what prompts people to think about doing a bit of redecorating or a spring clean, but for almost half of people over 50 it is home repairs and how to pay for them that people need to focus on.

While the most common things that need fixing in the over 50s homes are gutters (14%), many are in need of more essential repairs, 1 in 9 say their roof needs repairing (11%) and the same number say their heating or electrics need to be fixed.  Furthermore, 1 in 10 say their plumbing needs some attention and 8% say their insulation needs looking at. Typically, people in their 70s are more likely to be living in a home in need of repair.

However some people are struggling to pay for these essential repairs out of their wages, savings or pension. Over 420,000 are considering using some sort of credit such as a loan or borrowing from friends or family in order to fund their repairs.

Around 150,000 people aged 50 to 59 say they will take advantage of the pension freedoms and use their lump sum to fix the essentials in and around their home, which may leave some struggling to fund their retirement.

However, one in five over 50’s say that they will not pay for the repairs that need doing.  An intrepid few will attempt to fix the repair themselves, but 300,000 over 50’s say they simply can’t afford to fix it.

Gloria Barker, head of product for Saga Personal Finance, commented: “For many people who have lived a lifetime in a property and have become very attached to their home, it is very upsetting not to be able to maintain it, particularly if it also causes them discomfort with leaky roofs and not being able to keep as warm they want to.  If people are worrying about how to pay for essential repairs it’s worthwhile exploring all their funding options as soon as possible to make sure the situation doesn’t get worse.”

Over 60% of people who use the Saga Equity Release Advice Service use some of the money they release from their home to repair or improve their property.  On average people say they use £14,000 for home improvements.

Source: http://www.propertyreporter.co.uk/property/700000-over-50s-cannot-afford-to-fix-their-home.html?utm_source=Email+Campaign&utm_medium=email&utm_campaign=21136-200904-Campaign+-+04%2F04%2F2017+FRA 

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Adding a touch of luxury to a room through carefully-placed accessories, colours and fabrics can instantly give it a show home worthy look and feel, often for a minimal budget.

Accessories

Adding metallic accessories such as a gold drinks tray or a statement mirror can make a room look stylish, yet remain functional. Complement the look with this year’s Pantone Colour of the Year, ‘Greenery’, by adding a statement plant to bring the outdoors inside, in a luxurious way.

Fabrics

Achieve that luxury hotel look by using a variety of textures and finishes – luxurious fabrics that feel great against your skin and make your bedroom a comfy but stylish haven. Add thick pile towels in your bathroom and en-suites as well as luxurious fabrics to curtains, carpets and soft furnishings.

Artwork

Create your own personal ‘wall of fame’ at home by placing your favourite family photographs into a mix of metallic and dark wooden frames and place them on a statement coloured wall. This look is sophisticated and a great talking point – particularly when paired with a feature sideboard.

Colour

Thoughtful use of colour can create a feeling of luxury and adding furniture and accessories to a room in a neutral palette will give the room a sophisticated look. This year, you may want to use on trend shades of stone, praline and green enhanced with metallics.

Lighting

Nothing says luxury more than the right lighting in a room. Consider investing in a statement pendant over your dining table to create a real focal point, and add a dimmer switch to control the mood. Lighting up the best features of your room using beautiful lamps and well-placed candles are perfect for illuminating a room’s luxurious side.

Source: http://www.rightmove.co.uk/news/make-your-luxury-home 

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National Home Improvement Month starts in April, so how can property owners can add value to their homes by making improvements?

National Home Improvement Month encourages home owners to improve their homes this April. NAEA Propertymark advises that whether you are selling now or maintaining your home to sell in the future, there are many small home improvements you can address to keep your property in best shape for when the time comes to sell-up.

Mark Hayward, Chief Executive, NAEA Propertymark, had this to say: “Faced with a difficult housing market, updating and maintaining a property is more important now than ever for homeowners. Whether you need more space but can’t afford to move, or want to put your house on the market, you should be making the most of what you’ve got. You can be on a budget or willing to spend, there are always innovative improvements that can be undertaken which will successfully increase your home’s value”.

10 top home improvement tips to increase the value of your home:

1. Mirrors

If you cannot add a skylight or build a conservatory to brighten up your home, there are simple yet effective ways of creating light through the use of a few mirrors. Hanging mirrors opposite windows tricks the eye into thinking there is another window there and maximises the impact of natural lighting. Another illusion when capturing light is to reflect it into any darker corners, to make your property look bigger and brighter.

2. A pristine and private garden

Giving your garden a makeover can go a long way. Start by tidying away any litter, mowing your lawn, removing all perennial weeds and cutting back overgrown trees and shrubs.

Once you have made the space look attractive, try and create a feeling of solitude. An open, clutter-free space is appealing but privacy is essential. Consider growing trees or adding boundary fences and walls, which can go up to two metres without needing planning permission. Another option would be to assemble a structure in the space such as a pergola. As well as creating privacy, this is a great way to separate areas of your garden for socialising and to extend the use of your garden into the colder months.

3. Opening up space

Opening up living space is becoming more and more popular, particularly for the kitchen and dining room. Combining the two into one large room creates a sociable space, great for the whole family to enjoy. Knocking through walls to create this open-plan living space is an effective way to add value to a property because a larger space is not only trendy but more useful. However, it is important to remember the practicalities with this, as many consumers still like the front room philosophy that can be used for special occasions or to be used for privacy by the adults.

4. Makeover the kitchen

An attractive, hygienic and fresh looking kitchen is essential. Start by painting the cabinets to give a fresh look and replace doors and handles if needed. Improve kitchen storage where you can; a larder for example is hugely attractive among house-hunters. Make sure there is adequate lighting as well, it’s very easy and cost effective to install under unit lighting. Finally, ensure that any floor tiles are well fitted and a colour that is easy to maintain and keep clean.

5. Get rid of busy wallpaper

With each potential house buyer having varied tastes in patterns and texture, certain wallpaper designs can be seen as overwhelming. Wallpaper can also be difficult to remove which could lead to people being put off by if they are looking for a home to move straight into. We recommend using paint and keeping colours neutral, making it a simpler job for the next homeowner and the property overall becomes more appealing.

6. Replace doors

First impressions count. The front door of your home can say a lot about the rest of the house to viewers seeing it for the first time. If you cannot afford to replace the door, make sure it looks attractive by giving it a power wash or a fresh lick of paint.

7. Converting the loft

A loft conversion is a more expensive improvement yet probably gives back the best value for money. Most lofts can be easily converted and expanding the house upwards offers homeowners an extra bedroom for growing families or a space for extra storage. Adding an extra bedroom can give huge value to your home, particularly if it includes an en-suite bathroom.  Remember to seek planning permission before undertaking this work though.

8. Be energy efficient

Fitting your home with energy efficient appliances can add value to your home by promising to knock the costs of bills. With a huge variety of new products on the market for this, it’s increasingly becoming a key feature for new homes.

9. Double glaze the windows

Noisy roads can impact the value of a property. It will keep the home warm and keep the noise out, even if it’s near a main road.

10. Install a fireplace

A fireplace can bring a lot of character to a room and creates a focal point. It’s also practical; the warmth from the fire allows you to reduce the use of your central heating which will lead to savings on your energy bills.

Source: http://www.propertyreporter.co.uk/household/top-10-improvements-to-add-value-to-your-home.html?utm_source=Email+Campaign&utm_medium=email&utm_campaign=21136-199643-Campaign+-+28%2F03%2F2017+MT 

 

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