Welcome to the latest instalment of our regular blog - Confessions of a Falkirk Letting Agent.

Landlords often ask us what goes on behind the scenes at The Key Place and so we thought we would share our experiences, and what we have learned from those experiences, with you.

If I had a penny for the number of times that I had rolled my eyes in despair at something a contractor had done, then I’d be a rich man by now (of course that is with the exception of our regular fantastic trades guys and you know who you are!).

We sent Ron the painter to do some work in a property we manage in the borders.  The tenant was able to go and stay with friends for the weekend and so it suited her to have the work done then.  Ron was happy to oblige, even although it was a weekend, and we explicitly explained that he would need to travel each day to the property or find accommodation as he wouldn’t be able to stay in the property.

On Monday morning there was a phone call from the irate tenant, who said that Ron had spent the weekend in her home, and she felt that her personal space had been violated.  On further questioning, we established that a friend of hers had walked past the property over the weekend and had looked in the window.  She quite clearly saw 2 deckchairs, a table and some bedding.  The tenant also claimed that dishes had been used and washed up but not put away.  

Well we spoke to Ron who said that he had taken his wife away for the weekend and that they had both slept in his van.  Now if you could see Ron’s van, you would know that is not possible as it is chocka full of painting stuff.  No self-respecting partner would agree to sleep in there!

Unfortunately the job was not finished and the tenant refused to have Ron back in her home, and so we had to find a different painter to complete the job .... and we never used Ron again!

Over many years of property letting, we have built up a list of reliable, quality contractors but getting to this point has been difficult and we have parted company with many trades’ guys along the way.  There is also the issue of quality versus cost.  Landlords often want the cheapest job possible rather than paying a wee bit more for quality.  Maybe if Ron had quoted higher, then he could have treated his partner to a nice B&B!

For information on all of The Key Place services, please visit our website, www.thekeyplace.co.uk.

Investment properties in Falkirk come in all shapes and sizes

I recently attended a local meeting in Falkirk where I got recognised as being the Falkirk Property Blog chap (well you have to be recognised for something, why not that!).  A question I was being asked repeatedly was ''What is the ideal property to invest in in Falkirk?''.  So I thought I would share my thoughts with you.

When considering a buy-to-let purchase what is believed to be a good deal will vary from person to person.  Everyone will have a different budget and varying preferences on location, style of property, condition etc as well as having different financial situations. That isn’t unusual, no different to everyone who has a different taste in music (I’m a 1980’s person myself with love of Abba if you are interested!).

I have always been of the opinion personally that “spreading the risk” is wise if you have a large portfolio.  A few flats, a few houses, a couple in the New Carron, some in the centre of town etc, a few in Polmont makes sense. All your eggs in one basket is a risk if something unpredicted were to occur.

I am also of the opinion that buying two properties for £90,000 is better than one house at £180,000.  If you choose wisely two properties at £90,000 might rent for £500 a month each, but you’d struggle to find a £180,000 house that would rent for anywhere near £1,000.

Then there is the view that flats change hands more regularly than houses, so for longevity of tenancy buying a house might be wiser. But then these houses are rented by families with children, and children might lead to more wear and tear on the property, the “what if’s” are endless.

Also, you need to be nimble when investing in property and change your investment strategy to take account of market, legislative and tax changes.  Take tax as an example.  The ‘normal’ element of Land & Buildings Transaction Tax (the Scottish stamp duty to you and me) starts being charged at £125,000 and this is meaning that certain buyers buying properties at less than £125,000 to avoid this tax …. Although I would point out that the Additional Dwellings Tax element of LBTT normally applies to the whole cost of a buy to let property.

In addition, there are a number of fairly ‘fixed costs’ associated with renting out a property – for example, registrations and safety certificates – and, given their fixed nature, these are proportionally higher for cheaper properties.

One thing is for certain, demand for one, two and three bedroom properties in the rental sector is high which means that there is room to trial many different stratagies.

We have developed a checklist which guide peoples to work out what sort of property is likely to fit their circumstances.  Please get in touch is you want a copy.

In short, don’t assume.  Feel free to get in touch and ask me what I think about your plans. I would be happy to cast an eye over the property you are considering buying and let you know what I think the pro’s and the con’s of it are – call me on 01324 469840 or email me on robert@thekeyplace.co.uk.

If you are a landlord or thinking of becoming one for the first time, and you want to read more articles like this about the Falkirk property market together with regular postings on what I consider the best buy to let deals in Falkirk out of the many of properties on the market irrespective of which agent is selling it, then visit my blog, the Falkirk Property Blog, or sign up for our monthly newsletter, the Falkirk Property News.

www.thekeyplace.co.uk