Blogs
Jun 30, 2021
MOVING HOME CHECKLIST
Moving home! The very thought of it is probably enough to send shivers down your spine and cause you to break out in a cold sweat, and this is unsurprising as moving home is right up there with divorce and death when it comes to heightened stress levels! The fact is though, that any kind of ‘change’ creates stress and whether you are moving home within Chesterfield or relocating from further afield, plenty of planning and preparation will be required. Moving home, and especially relocating to a new town or city, represents one of the biggest changes you may make in your life and so naturally brings a great deal of stress along with it. This in turn can lead to a double whammy, as stress can often lead to a lack of energy and motivation. So how are you expected to plan and prepare for your home move during one of the most stressful periods in your life? Stay focused! When preparing to move home there will be an element of multi-tasking required as there are such a lot of elements vying for your attention which need to be done. At New Oak Estates we understand this and genuinely want your move to run super smoothly, so with this in mind, we have compiled a handy moving home checklist to help you remain stress free. At first glance, some of our suggestions may appear to be common sense, but you will be surprised at just how often the simplest of tasks is overlooked or forgotten when the dreaded stress strikes! Moving home calls not only for exceptional organisational skills, but also proactivity. Grabbing the bull by the horns and completing certain chores well in advance of their deadlines will go a long way to helping you stay ahead of schedule, so the aim of this home moving checklist is to help you accomplish that by concentrating on the basics of planning and preparation. Get rid of everything you don’t need One thing you can accomplish efficiently is to sort through all of your ‘stuff’ and get rid of the things you don’t need. Moving unwanted items from your current property to your new property is a great waste of time and effort, so don’t do it! It’s surprising how much more in control you will feel once you start narrowing down your inventory. Getting rid of unwanted items can be done through a car boot sale, selling on eBay or donating to charity. File important papers and documents together Since moving home is hectic to say the least, you need to be aware of the exact location of all your important items. These are the things that you absolutely must not misplace and should be hand carried on moving day, not placed in a box for the removal company to transport. Make sure all of the following paper items are kept together in one secure place such as a document wallet: Address Books Birth Certificates Passports Bank Statements Insurance Policies Marriage Certificates Credit Cards and Statements Medical and Dental Records Irreplaceable Memorabilia Photos and Photo Albums Vehicle Documents Pet and Vet Documentation Wills Any other important or legal documents Prepare well in advance for the move to your new location There are many things you can organise before you reach your new home that will help smooth out the bumps of the moving process. In particular, make sure you contact utility companies and arrange for your new services to be connected. These can include: Cable TV Gas Electricity Water Oil Telephone Internet access Contact your insurance companies too as you will need to have your policies amended ready for moving day: Car insurance Home & Building Insurance Prepare change of address forms for all of your correspondents: Credit card companies Banks Vets Kennels/Cattery Insurance companies DVLA Magazines and other subscriptions Family and friends Register for new medical providers such as a new doctor and dentist if necessary. Keep a ‘little black book’ Keep all your important phone numbers written clearly and legibly in a diary or notebook, for both your old and new contacts. This should include banks, doctors, emergency contacts, family members, friends, estate agents, removal companies, pharmacies, schools, storage facilities and utilities. With proper planning and preparation, the whole moving process will be smooth, and you won’t frantically be searching for a new doctor, pharmacy or important information at the eleventh hour. With proper planning and preparation, you will have your important documents at the tips of your fingers at all times and you will endure minimum chaos and clutter. Keep this handy moving checklist safe and get organised or for more home moving planning and preparation advice, drop in and talk to the expert team at New Oak Estates or telephone us on 01246 211646 and we will be happy to ensure your home move runs smoothly.
May 25, 2021
HAS YOUR PROPERTY BEEN UNDER OR OVER VALUED?
When you put your property on the market, you put your trust in us – the experts you have chosen. We have the details, we know your expectations, and our aim is to get you moving as soon as possible. Sometimes, different agents will come to other prices and of course, there are reasons for this, such as an estate agent simply trying to win your business or perhaps a different level of experience and knowledge. When talking with home movers in Chesterfield, we’ve discovered that many people do indeed wonder about whether or not their property has been priced correctly. You’ve probably heard phrases like “priced to sell”, but how do you really know if your property has been undervalued or indeed overvalued? And why does it matter? So, let’s look at how you can tell whether your property is on the market at the correct price. What is the Right Price? In some respects, this is the million-dollar question. Is your property in Chesterfield priced on the low side to sell quickly, or is it priced relatively high so that you can potentially make more money? Well, actually, the right price is only ever about what you and the buyer agree to so that a sale can move forward. No other prices really matter! Top Tip: Define what price you want or need to sell your house for and if you are prepared to lower your expectations if the need arises. Is my Property Overpriced? Are you frustrated because you seem to get a lot of viewings but no offers? Well then, one of the reasons could be that your house has been overvalued. Potential buyers might like the look of your house in Chesterfield but fail to view because they feel the asking price is too high. They may view, and they may love it but still feel it’s not worth the price-tag. Not all potential buyers will feel they can risk putting in a low offer either. If you are enjoying lots of viewings but no offers, these are clear signs that something may need tweaking, particularly if similar properties nearby have sold. Top Tip: If you do feel things need to change, do not be afraid to speak with your estate agent. After all, it’s in their interest to get a sale, so if their strategy needs to change, it should. Is my Property Undervalued? To define undervalued, you have to look at a few different factors, including how much you are prepared to sell your house in Chesterfield for. You might get an offer, or multiple offers, super quickly and this may worry you into thinking you could have achieved a higher price. But that is not necessarily the case. A good estate agent will ensure your home does not stagnate on the market! Conversely, if you are getting no viewers and your property is on the market at a lower price than similar homes which have sold nearby, an under-valuation might be making people wonder if there is something wrong with your property! Top Tip: Do some research of your own into similar properties on the market in Chesterfield. If yours appears obviously low, speak to your estate agent. Do Your Own Research We at New Oak Estates use our local experience and knowledge to advise you of what we think your property is worth. Sometimes though, we suggest having a look on the internet yourselves as well, this can give you peace of mind that we’re on the right track. There are so many tools at your fingertips, and you should use them! Go to the search engine of your choice and search for house prices in your area. There are sites that not only give you properties that are currently on the market but also offer up what a property has sold for in the past too. You could also make use of online valuation tools if you want a second opinion. However, bear in mind that these are not always accurate, and it’s best to speak to professionals who have local knowledge and experience. Top Tip: Compare similar properties in Chesterfield as you’re likely to get a good comparison. If you compare a similar house, but in different localities, then different factors will affect prices. What Next? Speak to your agent. We cannot stress strongly enough that communication is key. If you have concerns and you’ve done some research, then talk to your estate agent. Maybe it’s time to review how they are operating and whether or not they need to change. Top Tip: Don’t be afraid to ask the questions and challenge. It’s your property that you are selling; you are in the driving seat. New Oak Estates use our skill, experience and local knowledge to place your property on the market at the right price. If we can help you, give us a call on 01246 211646 or email info@newoakestates.co.uk and we will be delighted to help.
May 25, 2021
WHAT CAN I DO WITH A SMALL ROOM?
Just because a room is small, it doesn’t mean it can’t be stylish or practical. Many people have homes that are smaller than average, or rooms that are tiny or an awkward shape, yet these spaces can soon be transformed into a comfortable, Instagrammable space. Here are some tips when decorating or furnishing a tiny room. Draw Up A Floorplan Once you’re standing in the room, it can be difficult to find a way to make everything fit. One way you can design a room is to draw up a floorplan, then measure your furniture and see where it might fit. This can also help you decide what’s essential in the room and which pieces you can do without. Find Furniture with Hidden Storage When you furnish a tiny room, smaller pieces are always going to work better, for example, cuddle couches rather than three-piece suites. Even better, look for furniture that has hidden storage, as this will make it much easier to organise your room. Stores such as IKEA are good for finding storage solutions, and they sell bed bases with fitted wardrobes or chests of drawers. While you may not have used one since you were a child, cabin beds are also very handy in small rooms, as lifting your bed off the floor gives you plenty of extra space. Some beds open up to reveal hidden storage, which can be useful for storing spare sheets, shoes, or even books. You can also find sofa beds that include ottomans, which allow you to store your duvet and pillows during the day. Save Your Floor Space Where Possible The problem with tiny rooms is that you often have to go through an obstacle course to get around them. Any floor space that you can save will make the room feel more spacious and make it more practical to use. Avoid things like bookcases and big wardrobes, opting for shelves and hanging rails instead. In very small spaces, you may even want to look for solutions such as a pull down bed, which will fold into the wall when you’re not using it. Keep Things Simple If a room is tiny, then nothing is going to make it huge and spacious, but you can make the most of the space by keeping things simple. Choose neutral colours with a few pops of pattern or colour to draw the eye in. If you think neutral looks too plain, then add some textures in similar tones, which will give the room a luxe look. Use Light and Mirrors Mirrors are convenient in small rooms, as they fool the eye into thinking the room is bigger. Light is also very important. Never block a window, even partially, as this will make a room feel gloomy and claustrophobic. You should also make sure the room is well-lit, but don’t use huge light fittings or floor lamps. Wall-mounted lights take up less space, and up-lighters can draw the eye upwards. Choose the Right Shape Furniture Tiny rooms are often awkwardly shaped, so you need to find furniture that fits into the room nicely. For example, if you have an area with a sloped ceiling, find an L-shaped corner sofa that fits into that nook and create a living area. If your room is long and thin, place a sofa that fits snugly into the width of the room, which will make it feel wider. While it may sound expensive, bespoke furniture can be a good solution for tiny rooms, as it allows you to design something functional and just the right size. Look online for some furniture designers in your location, and you may be surprised that they’re not as pricy as you think. Switch Rooms Round When you move into a house, don’t feel like you have to keep the same layout as the previous tenants or owners. If a bedroom is far too small, for example, you may want to turn the dining room into a spare bedroom, then have a combined kitchen/diner. Tiny rooms often work better for nurseries, home offices, and spare bedrooms, rather than somewhere like a living room or adult bedroom, so think about switching around if possible. A tiny room doesn’t have to compromise on style. Many people now live in smaller homes and have less space, so many new design solutions have been created to help. From adding storage space to removing bulky furniture, there are many ways to make a small space work efficiently for you. For no-obligation advice on buying or selling a home in Chesterfield please contact our expert property team at New Oak Estates on 01246 211646 or call in and see us. We look forward to seeing you.
May 25, 2021
SPARE ROOM IDEAS
If you’re fortunate enough to have a spare room in your home then there are lots of ways you can make full use of it, without letting it go to waste. Unfortunately, spare rooms often become dumping grounds for all those items that haven’t found their place yet, or which don’t get used anymore but you can’t bear to let go of either. If this sounds familiar, then clear it out and consider these five ways to make your spare room work for you. 1. Convert it into a Home Office With more of us now working from home, turning your spare room into a home office could be just what you need, and it doesn’t have to cost a fortune. All you really need is a basic desk or worktop that can be easily fixed to the wall and an office chair. That’s it. Of course, you can add filing cabinets, bookcases, shelves and anything else that springs to mind, but a work surface and a chair will be adequate to get you started. The beauty of it is, it’s your space to personalise exactly how you want, and it’s far better for your posture than being curled up on the sofa with your laptop. It’s also a great way of separating your home and work life, with the dining room table going back to being the space where you eat, and the office being exclusively for work. Thinking longer term, demand for properties with a home office has increased dramatically recently, so an office space could make your home more attractive to buyers if you plan to sell in the future. 2. Home Gym This is probably the most expensive option on the list, but it’s also the most beneficial healthwise, and you’ll save money on gym membership over the long term. You can start small and build up your equipment. Purchase a mat, a step, some dumbbells or kettlebells, resistance bands and a bench to start with, before moving onto bigger and more expensive equipment such as a treadmill, spin bike or rowing machine if there’s sufficient space. If you use it regularly you’ll not only become physically fitter, but your mental wellbeing will improve too. Having a gym inside your home will also help you avoid making excuses to exercise and ensure you start working on those fitness goals you’ve been putting off! 3. Rent it Out If you’re looking for some extra income then renting out the spare room is the perfect solution. There are numerous ways to do this and understandably many people are quite sceptical, so if the idea of having a stranger living in your home is too daunting then you could rent it out to a friend or relative for a few months first. On the other hand, if the idea of a stranger staying doesn’t bother you then a lodger will give you a guaranteed monthly income. You could also advertise the room on a website like Airbnb and have different guests using it for shorter stays. The downside of doing this is that you won’t know how much you’ll earn each month, as some months could be very quiet, but if you live in a town or city with lots of attractions and events happening regularly, then this could be the most lucrative option. If you choose to rent out your spare room the Government’s Rent a Room Scheme allows you to earn up to £7,500 per year tax-free. 4. Make it Multi-Functional There’s no reason why your spare room needs to have one sole purpose. Why not combine ideas to get maximum use out of it? For example, you could have a home office with a sofa-bed and a TV in it. This way you’ll have a workspace combined with a snug or second living room, and a place for visitors to stay. Or you could have an office, with a bar and a dartboard in it for after hours! There are countless possibilities and you can be as creative as you like, so let your imagination run wild. 5. Walk-in Wardrobe Admit it, we’ve all watched one of those celebrity TV shows at some point and thought how cool it would be to have a room filled with all our clothes! Well fortunately you don’t need to be a millionaire with a mansion to have this yourself, just a spare room and of course, a lot of clothes and shoes to fill it with. When it comes to cost, you don’t need to fork out hundreds of pounds on new wardrobes and cupboards. Just some clothes rails and a few shelves will do the trick if you plan it well. What will you use your spare room for? New Oak Estates are your local property experts for the Chesterfield area. Call us on 01246 211646 or email info@newoakestates.co.uk to chat with a member of our friendly and experienced team.
Apr 1, 2021
7 SAFETY TIPS WHEN YOU MOVE INTO YOUR NEW HOME
So you’ve moved home, you have the keys, you’re in, and the kettle and mugs have been unpacked. Sure, you’ve got boxes here, there and everywhere, but at least you’ve finally moved and are happy! It’s time to start a new chapter in the house of your dreams. But, you don’t want the dream to turn sour, so we suggest that after making a cup of tea and getting settled in, you should do some standard safety checks. Why? Because you need to ensure your home is safe and isn’t going to cause you any issues. So, what should you be checking? Well, we’ve put together a list of seven safety checks you should make when you move into your new home. Check the Windows and Doors First things first, safety and security go hand in hand. Walk around your property and look at the windows and doors, noting whether they have safety catches on them or security locks. If they haven’t, put it on your urgent “to do” list. With your external doors, many new occupiers choose to change the locks as you never know where a spare key has gone in the past. Top Tip: Write a list and work through it methodically – it’ll save you time in the long run! Check the Water and Electrics Now, this really is something you should do as soon as possible. Even if your property is brand-spanking-new, you need to know it is as safe as houses. Look for the stop cock Note where the fuse box is Should you need to take action in an emergency, you should know where important things are located. You should also look at the plug sockets and wiring to make sure all is correct. Top Tip: If any work needs doing, you may need to get a more competent, professional tradesperson to help you – particularly with the electrics. Check the Appliances Your new home may have appliances already in-situ. A washing machine, for example, or an oven. It saves you time and expense, of course, but you should check them over to ensure they are safe to use. Top Tip: When you’re looking around a potential new home, you should always ask to see the appliances working if they are included. Look Around the Garden Look at those roses there, and that lovely fence, oh and that old tree in the corner. But wait. Is your new garden actually safe? Are your little ones going to be able to toddle through the gate? Will they know the dangers of the small pond? Is that old tree safe, or should you get someone in to assess it and lop a few rotten branches off if necessary? Are there gaps in hedges where your dog could escape? Top Tip: Do a complete audit of the garden. It’s better to spend an hour checking everything than spending a lot longer having to deal with an emergency. Is the House Childproof? We don’t need to explain why child safety should be paramount. You should walk around the house to ensure everything is in place to help keep your children safe. This includes safety catches on cupboards, padlocks on areas where things like cleaning products are stored, locks on front and back doors and side gates and stairgates. Top Tip: Little people are curious and will stick their fingers in everything! Most hardware stores carry home safety packs that include plug socket covers and cupboard catches. Keep a spare set so you are always prepared. Check the Smoke Alarms Safety is a priority, and alarms alert you to danger. Make sure there are working batteries in the smoke alarms and in the carbon monoxide alarm. If it is a wired-in smoke alarm, test it. Make sure your family know what they are for, what they sound like and what they should do if they hear them. Top Tip: Test all your alarms monthly without fail. Plan an Emergency Escape Route You’ve done all the safety checks but, what happens if something goes wrong and you need to get out of your property? You should plan how you and your family will escape from the house in an emergency. You need to think about routes and who is responsible for whom, and where to meet up when you’re outside. Top Tip: Having a plan can save you time, and in an emergency, time is of the essence. Make sure the whole family knows the plan and practice it if you need to. New Oak Estates are your local property experts for the Chesterfield area. Call us on 01246 211646 or email info@newoakestates.co.uk to chat with a member of our friendly and experienced team.
Apr 1, 2021
WHAT HAPPENS ON COMPLETION DAY
Completion day is without doubt the best part of the entire home buying process. It’s on this day that you’ll pick up the keys and take possession of your new home. But before completion day can happen, there are a few final checks to be done. WHAT HAPPENS BEFORE COMPLETION? Prior to completion your solicitor will ensure that all of the mortgage conditions have been met and request the money from the lender. The lender will also carry out some last minute checks to ensure there have been no significant changes to your credit rating. So, if you take out a loan to buy a new car for example, this could have very negative implications on your mortgage offer. On the other side, the seller’s solicitor will request a redemption certificate that’s calculated to the day of completion if the seller still has a mortgage on the property. Essentially this is a document that details what will happen to the outstanding balance on the mortgage when you take possession. In most cases, the seller will pay off the outstanding balance from the proceeds of the sale, while you will have a brand new mortgage agreement in place. WHAT HAPPENS ON COMPLETION DAY? The solicitors on both sides will carry out their final checks and paperwork, including a completion statement which sets out all of the payments made and received. Any outstanding invoices will be raised too, including the estate agent fees for the seller and any conveyancing costs that you haven’t paid yet. These will be due on completion. Once the final checks have been completed and signed off, your solicitor will transfer the money to the seller’s solicitor. When they’ve confirmed receipt of the funds, they will let the estate agent know that the keys are ready to be collected and you will be notified by their solicitor that they’re now able to go and collect them. HOW TO ENSURE A SMOOTH COMPLETION DAY While completion day is an exciting day for both parties and the final point in a lengthy process, it can also be quite stressful too. To ensure it runs as smoothly as possible, there are a few things that you and the seller can do. For sellers, it’s vital to have everything boxed up and ready to move out prior to the day. The target time to move out is usually between 12pm and 2pm, although it can vary depending on the number of buyers and sellers in the chain. Put simply though, things will run a lot smoother if the sellers have everything ready to go first thing in the morning, rather than scrambling to pack everything by lunchtime. As for you, the buyer, all that’s really required is to have your phone to hand and be ready to pick up the keys from the estate agent! If you’re having to vacate your old property on the same day, then they’ll also need to be packed up and ready to move. There’s no requirement for you to actually move into your new property on completion day, however, it’s usual to do so unless you are a first-time buyer who still lives at home with parents, as you can simply collect the keys on completion day and then move in when you want to, perhaps after you’ve decorated for example. HOW MUCH TIME IS THERE BETWEEN EXCHANGE AND COMPLETION? The completion day is agreed between you and the seller in advance, and it usually takes place between 7 and 28 days after the exchange of contracts. In some rare cases it can take less than 7 days, and it’s even possible to exchange and complete on the same day, but this is incredibly unlikely and not all lenders will allow it. WHAT IS THE BEST DAY TO COMPLETE? Most people choose to complete on a Friday, as it then gives them the weekend to unpack and get things in place. However, due to the demand for this day, it can mean that removal costs are higher, and solicitors are busier, as they may have several completions to work through on the same day. Another potential issue is that if the completion fails to go through for any reason, the party responsible for the delay will be liable for the other party’s costs over the weekend. Therefore, it’s usually better to complete earlier in the week if possible, as it can save you money and your solicitor or conveyancer should be slightly less busy. New Oak Estates are your local property experts for the Chesterfield area. Call us on 01246 211646 or email info@newoakestates.co.uk to chat with a member of our friendly and experienced team.
Apr 1, 2021
9 TIPS TO IMPROVE YOUR HOME FOR UNDER £100
Overhauling your property can be a lengthy and costly task. Limited time and finances often mean we renovate our homes at a slower pace than we would like, but of course, this also allows for careful consideration to go into each room. Improving your home doesn’t have to be expensive though. There are many budget tricks you can use to spruce up your home. Here are 9 of our favourites with their approximate costs. Tidy Up the Front Door Whether preparing your house for sale or simply trying to smarten the family home up, a fresh front door is always a good idea. You don’t need to invest in a whole new door. With some decent paint and a little elbow grease, you can completely transform your existing door. The front door is the first thing your guests or viewers will see, so a little TLC will go a long way. Cost: £30 Add a Coat of Fresh Paint Although an obvious solution, repainting your walls can have a considerable impact on your property’s overall finish. It is not until you begin to paint, that you will realise quite how many scuffs and marks are covering the walls. Painting is especially relevant when your home is on the market, with fine margins separating you and the local competition. When trying to sell your home, be sure to freshen up bathrooms and kitchens as a priority and stick to a neutral palette to attract the broadest range of viewers. Cost £50-£100 Convert a Dedicated Office Space With so many of us now working from home, there has never been a better time to turn an unloved space into an office. The initial transition to home working left many of us hunched over our kitchen tables. But, buyers are now expectant to see a dedicated workspace in every home they visit. A fresh coat of paint and a proper office desk and chair can transform any space. While a brand new office set up can often amount to hundreds of pounds, instead, search second-hand stores and online marketplaces to stay within your budget. Cost: £100 Revamp Your Handles Fitting new door handles throughout your house can give your property a cohesive and stunning finish. The choices are endless, and you will be sure to find a style that matches your home’s personality. If you love the vintage look, check Facebook Marketplace and eBay, where you can find some hidden gems for significantly less. Alternatively, revamp your drawers and cupboards by simply replacing the handles. Carrying this idea through to your kitchen can give your cabinets a whole new lease of life, transforming your kitchen at a fraction of the price. Cost: £20-£50 Tidy Up Your Garden When selling your home, the garden may be the first glimpse of your house that viewers get, leading to immediate make or break decisions. There are a few simple tasks you should carry out in the garden that cost next to nothing. Ensure any decking or patio areas are jet washed and free from weeds. Trim back any shrubs or conifers that border the property, and give the grass a good cut. This is particularly important in the spring, when the garden has been neglected over the winter months. Consider also planting some bright edging flowers that will add life and vibrancy to any garden. Cost £10 Add a Budget Stair Runner New stair carpets are expensive. If you are lucky enough to have decent floorboards lurking beneath a tired staircase carpet, pull it up and add an inexpensive runner to completely transform the space. Cost: £100 Consider Your Home Security This might be as simple as having the locks on your front and back door changed to more secure options. Alternatively, improving your home security may involve purchasing motion sensor powered lights for around the perimeter of your home. This can be a clever and inexpensive deterrent for those looking to take advantage and a plus for potential buyers looking at your home. Cost: £25 – £100 Replace Tired Curtains or Blinds Providing you have had blinds installed before, the cost of new ones should not break the bank. Replacing your tired blinds with some fresh new ones can drastically brighten up the room. Sales are constantly on rotation, so keep an eye out to grab yourself a bargain. Cost: £50-£100 Replace Your Kitchen Backsplash Protect your walls and inject a new lease of life into your kitchen with a budget backsplash in the form of stickers. These can simply be applied over your existing wall or tiles and are a fun way to add colour and pattern to a bland room. For something a little more permanent, a solid backsplash can be purchased. These are easy to install and look surprisingly luxurious, considering the relatively inexpensive nature of the product. Cost: £20-£50 Thinking of selling your home? Call New Oak Estates on 01246 211646 or email us at info@newoakestates.co.uk to arrange a free valuation.
Apr 1, 2021
HOW DO I START BEING A LANDLORD
There are several reasons why you might be considering becoming a landlord. Perhaps you’re moving away for work but don’t want to sell your home or you may have inherited a property from a relative and want to generate a monthly income from it. Whatever your reasons for becoming a landlord, the following guide will help you answer the question of how to get started. Being a Landlord is a Business Many people find themselves thinking that if they had the money, they’ll just buy a few houses to rent out and live a stress-free life off the income. While this is great in theory, it’s very rarely this straightforward. Being a landlord and owning rental property doesn’t just mean waiting for the rent to flood in each month. There are taxes to pay, tenants to deal with and maintenance costs to consider. It can be a great source of income, but don’t fall into the trap of thinking it’s an easy way to make a fortune with very little work. It can be just as demanding as running an actual business. Is Your Property Suitable to Rent Out? It’s not just a case of buying a property, sticking it online and waiting for the first tenant to come along. Before you consider becoming a landlord it’s important to do some research into the rental market. Many towns and cities are rental hotspots with potentially excellent returns, while others may be a bit flat with far less demand for rental properties. On that note, take a look to see how much other similar properties are being rented out for, as this will give you a good indication of your potential returns. Another thing to consider when it comes to suitability is the condition of your property. If you’re planning to move away and rent your property out then you’ll need to make sure all those little odd jobs and minor issues that you’ve been delaying have been fixed before tenants move in. The last thing you’ll want when you’ve just moved out is to be taking phone calls about broken fences, unserviced boilers or drafty windows. Work Out Your Monthly Costs – Including Void Periods While rental properties can be lucrative, they can also very quickly become a drain on your finances too, so it’s important to take into account all of the costs that you’ll incur before deciding whether becoming a landlord in Chesterfield is right for you. If the property is mortgaged then this will be your single biggest cost each month, and you’ll need to factor in potential void periods where the property is empty. During these periods you’ll have costs such as council tax and utility bills to consider, so it’s important that you work out how much all of these expenses will add up to each month. And not forgetting you’ll need some ‘rainy day’ money put aside for those one off costs, such as a new boiler or windows. Check if You Can Rent Your Property Out Depending on your mortgage agreement, to be able to rent out your property you may need to switch to a ‘buy to let’ mortgage. Similarly if you bought your property under a shared ownership scheme then it’s unlikely you’ll be able to rent that out without speaking to the housing association first either. Put simply, it’s best to check with your mortgage provider in advance, as you don’t want to run into trouble further down the line. Consider How You Want Your Property to be Marketed Some of the things you’ll need to consider when marketing your property include clauses for pets, whether to allow smoking or vaping and whether to rent the property as furnished or unfurnished. You’ll also need to decide whether to rent through a lettings agent or do it privately. Using a lettings agent will mean an additional expense each month, but this option has the advantage of taking a lot of the stress out of dealing with tenants directly and finding tenants yourself, so it will ultimately make your life a bit easier. Check Your Legal Responsibilities Last but certainly not least, you’ll need to be aware of the legal responsibilities that come with renting out a property in Chesterfield. There are several criteria that you’ll need to meet, including making sure the property is fit for human habitation, having a gas and electrical safety check carried out every year, having an Energy Performance Certificate (EPC) in place and having smoke and carbon monoxide alarms fitted and functioning. Want to become a landlord in the Chesterfield area? New Oak Estates are your local property experts in Chesterfield. Call us on 01246 211646 or email info@newoakestates.co.uk to chat with a member of our friendly and experienced team.