Flats For Rent London

You’ve probably heard this before: if you’re making a monthly rent payment, as opposed to a monthly mortgage payment, you’re essentially throwing your money away. Well, as common as the saying is, it’s not necessarily true – in many situations, it’s actually much more advantageous to rent an apartment rather than own a home. Here’s why:

It’s Easy

Compared to owning a home, living in an apartment rental is incredibly easy. Why do the work yourself when you can enjoy the following benefits:

·        Dedicated property and maintenance staff to call if anything goes wrong

·        No back-breaking snow shoveling, lawn maintenance or pool/sauna care

·        One single monthly rent cheque usually pays for everything (instead of several separate bills and fees when you own a house or a condo)

You Get More for Your Money

Believe it or not, you can usually rent an apartment or house for much less than the cost of buying it – especially if you live in a larger city. And if you want to be right downtown, renting is almost always more affordable than owning a condo (and you get a lot more living space, as well, as downtown apartments are usually much larger than downtown condos).

As well, apartment renters don’t have to come up with the thousands of dollars in down payments, closing costs and fees for things such as building inspections, legal counsel, land transfer taxes and insurance.

And this doesn’t even factor in the cost of borrowing – in the first five years of ownership, most mortgage payments are applied only to the interest, not the capital. This is money that you won’t get back when you sell your home (and you’ll still have all the hassles and extra costs of putting your house on the market).

That Tax Break is Not Guaranteed

Getting a big tax break is supposed to be one of the greatest advantages of owning a home – but you can’t always rely on getting this break. If your annual mortgage interest payment, plus any other deductions you are entitled to, isn’t greater than your standard tax deductions, you will not receive any tax benefit from owning a house.

If you rent an apartment, however, you’ll always receive some form of tax relief, as a large portion of your rent is tax deductible every year.

Maximum Flexibility

Renting provides an enormous amount of flexibility. You can pack up and leave immediately at the end of your lease (which can be monthly or yearly, whatever best suits your lifestyle) – there’s no waiting to sell and no agonizing about the housing market before you move. For many people, the freedom to live where you want and when you want is a huge benefit that simply cannot be overlooked.

Minimum Risk

For homeowners, the stakes are enormously high should their finances crumble. When they can’t pay the mortgage, the lender has great leverage – the house and all the equity invested in it could be in jeopardy. That’s not to say there aren’t consequences if a tenant can’t pay the rent – but the financial devastation that comes with losing your home is far greater than being evicted from your apartment.

In addition, there are several social service programs that are run by all levels of government to help people in need pay their rent so they won’t be evicted. Are the banks as lenient or supportive when it comes time to pay the mortgage?

Ultimately, making the decision to either rent an apartment or buy a home involves much more than simply comparing rental rates, mortgage payments, lease lengths and tax breaks. It’s a combination of all of the personal circumstances happening in your life – both now and several years down the road.

There is no doubt that banks and other lenders are making it more difficult to borrow money to finance a mortgage. Thousands of consumers across the country are starting to realise that loan companies, banks, credit card companies and mortgage lenders are slowly choking the supply of available cash.
First-time buyers are finding it more difficult to save a reasonable sized deposit, and even when they do it can sometimes be a strain to get a reasonable mortgage offer. In addition, many first-time buyers, who took out their mortgage two or three years ago, find it difficult to place a remortgage.
This all this began, last year over in America, with the so-called sub-prime mortgage crisis. This crisis rippled around the world, as many of the companies who were putting money into this risky market, were based all on other continents including Europe and the UK.
Because so many mortgage lenders lost so much money in the crisis they either don’t have the money to lend or are nervous about current lending conditions. All is not lost there are still lenders out there who can assist with mortgages and remortgages it is often just a matter of finding a competent broker.
One aspect of this crisis is that many people are turning to different measures, including the much talked about sell-and-buy-or-rent-back deals. Research has shown that where there is an affordability gap these types of deals that particularly popular, especially with younger mortgage holders.
This is a relatively new idea; even a few years ago no one sold their home, to a company then rented it back. These days its a huge business with a sizeable share of the mortgage finance market.
These schemes can be a good solution for many people having problems but the sell and rent back system but there is no doubt that this controversial way of holding on to your home is not for everybody.
There are many reasons why people turn to this system, usually when they are in a large amount of debt. They may take this option, rather than being repossessed or perhaps they’re getting divorced, and can not afford the mortgage on their own.
If done through a reputable company the schemes can prove useful, although there are some less savoury operators in this market.
Last month, the dramatic change of heart by lenders, who pulled back from the under 125% mortgage market. Many companies that this within the space of just a few days with implication that they’ll feel that this is now a difficult market.
This way of holding on to your house may be of benefit to many people. What is essential to find a respected company to deal with this extremely important transaction.
It should also be pointed out that there are other options such as debt consolidation mortgages and general second mortgages that can be of great assistance to many people who are having difficulties.
Sell and rent back should possibly not be the first choice for most people. Having payment difficulties or debt problems, a second mortgage may be slightly difficult to obtain, but they are available from reputable brokers.

The Rules:

#1. In Ontario, the law supports the Tenants. The law protects the tenants because they are the poor ones and the landlords are the rich ones. Possession is 90% the law!

#2. The most important goal in renting is to find honest, ethical, responsible tenants. Do not be too anxious to rent out to anyone in order to get the rent income. Often times, landlord do not want to spend the time to search for the reliable renter. Irresponsible renters are very common! And that usually leads your highly valued rental home geting destroyed. Landlords may consider suing their tenant,s but as per rule #1, if the tenant has no money, then there is nothing to sue. You are better off spending your time finding good tenants than spending your time on lawsuits.

#3. Older, experience, mature tenants are better than younger ones. Rich tenants are better than poor ones. Working professionals are better than low end job tenants. Target renter that make more money then the landlords. This way, there won’t be any issues with rent paments. This is just a generalization. Treat everyone with equal opportunity. As long as the renter is honest, ethical and responsible, they should be considered regardless of background.

#4. Fix what is broken and care about your tenants well being. Be a customer oriented landlord.

#5. A Property Manager is a better name than a Landlord. Property Manager sounds more courteous and polite. Landlord sonds too demanding.

#6. Make sure the renter is employed and verify employment. People who don’t work CANNOT pay you. And they will lie about their employment because everyone needs a place to stay.

#7. Make sure your house is safe. If you tenant ever gets injured in your house, you will be liable. You don’t want the guilty conscious of havig hurt someone and lawsuits like this will put you in debt for life!

#8. Always have a Rental Contract. It clears communication and makes sure your tenants understand your expectations. You may want give an orientation to go through the contract to ensure your tenant knows what is expected of them. The renters who needs this kind of orientation are the ones who least want it.

#9. You do not have to be nice when meeting a renter for the first time. You have to be firm, fair and observant. Being too nice may cause them to take advantage of you once they move in.

#10. Be careful of rental scams. Protect yourself by not giving any personal information away and you have done your research on the Renters. Make sure you visit the rental property monthly. Rentals scams include the renter selling the landlords house or renting it to lots of people and than skipping town with the rental money.

#11. If you do end up making money, give something back in return. Life is hard. Making money can be hard, but can also certainly be rewarding.

If you own rental income property, rent should pay the mortgage and the expenses of that property, even if you lease a single-family house. If you are an investor, a monthly positive cash flow is critical to owing investment property. Therefore, collecting the rent is a major part of your property’s success.

Collecting rent is a business, because it is what pays for your mortgage and the long-term maintenance of your building. It should be your priority. You may believe that you have your current collection efforts under control. Still, as long as you rent apartments, at some point in time, you will have a rent collection problem.

Today, there are strong state laws that govern, restrict, and outline how, why, and when you can collect your rent. For example, many rent control laws dictate how much rent you can charge, and the methods by which you can collect your rent. Evictions for non-payment of rent can be avoided if an owner develops and follows a few basic policies and procedures. The more consistent you are in maintaining your policies, the better your rent collections will be paid monthly and on time.

My advice is to review your expectations about how and when the rent is paid before you give your tenant the keys. Even if you use a lease, there is no substitute for an eye-to-eye discussion about how you want your property to be treated, and when the rent should be paid. It is important to have a meeting of the minds before you commit your apartment to a person or family that may intend to violate your rules.

The first policy is the date when the rent is due. Rent is usually due on the first day of each month, and is considered late on the second. There are landlords who allow a “grace period”. This is a period of time after the first of the month, which allows the tenant to cash his or her pay check and get a check or money order to you within the time frame you determine.

Landlords are not obligated to give a tenant a grace period. It is a courtesy extended to the tenant, not a right. My advice is to allow a grace period of no longer than three days from the first of the month. If the rent has not been paid by then, late charges or a lease termination notice should be processed.

The second tenant policy should state that you want your rent paid by personal check, certified check, or money order. Cash has a way of getting lost, or not recorded as a rent payment. Never take food stamps as rent payments, as this is a federal offense.

Third, make it clear that if your tenant gets behind in the rent, and you must start eviction proceedings, you will continue the case until the rent is paid in full. The tenant will do a better job of getting caught up with the rent if he or she knows that facing a judge could be the penalty.

Last, encourage your tenant to contact you when and if the rent will be late. Establish a good communication practice from the beginning. A landlord sometimes intimidates a tenant. Let the tenant know that you welcome their information; it could become a key element in ensuring prompt rent payments.

Rent collection should be considered the most critical part of being an investor or a homeowner with tenants. This is especially true even if you no longer have a mortgage. If you are not serious about collecting your rent, you give the impression that money is not really that important to you. When you do not insist that the rent be paid on time each month, or even in full, you are in effect, saying that you can get along without the rent.

If you do not articulate your expectations, or accept excuses as to why the rent is not paid every month with no ramifications, you will soon lose control of your rent collection efforts. Collect the rent as if your property is a for-profit business, and you can’t go wrong.

First-time landlord? Learn landlording fundamentals in this primer. The declining U.S. economy has forced many homeowners to make tough decisions about their property. If you’re one of the millions of Americans affected by the credit crisis, struggling to make your mortgage payments, and are considering renting out your home to make ends meet, you’ll need to learn the basics of being a landlord. Let First-Time Landlord show you how to start your landlording business and maintain it in your spare time. Get the concise information you need to start making money with a single-family home, written for property owners with little business savvy — and even less time and patience. Learn how to rent out your property lawfully and safely with valuable information on: how to determine whether or not the property will turn a profit landlord business basics finding the right tenants preparing and signing the lease handling repairs complying with your state’s rental laws (more…)

The first thing many people think of when they consider buying a house is to rush down to the latest subdivision and sign on the dotted line. That may be a good idea, and again there may be other possibilities that should be investigated.
The needs of all families are not the same.
Some people are better off in an apartment; others get along better in a house, but find it more to their liking to rent. Many people find ready-built houses in a tract or subdivision the exact choice to meet their needs. Some people are content to buy older houses that require extensive repairing and major remodeling to be livable, if they can get them cheaply enough, whereas other people find it more satisfactory to buy old houses that are in pretty fair condition needing only minor repairs and painting. In either case watch your step.
If all houses look about the same to you, if individuality is not a prime consideration in your thinking about houses, if you can be satisfied with a house in a new subdivision where the contractor is building them by the dozens or hundreds, you will probably get a better value there than anywhere else. You should get more for the money with less trouble over financing and other bothersome details. The house is complete.
All you need to do is to pay $100 a month for the rest of your life. You would pay the same for rent anyway, meanwhile accumulating a large bundle of worthless rent receipts. If you buy, you are gradually building up an equity in the house by your payments. Part of the payment goes for interest, taxes, and insurance, the rest for payment on the cost of the house.
The houses offered for sale in the various subdivisions vary greatly in quality. But still, the best values in houses are often found in subdivision or tract houses where companies build houses to sell on a mass production basis.
These builders have worked out the most economical ways of building, and, we hope, pass on part of these savings to the buyers. Since they have the financing already worked out, all you need is a small down payment. You have the advantage of living in a community where the houses are all of the same age and general quality of design and construction, even if that level is not of the highest.
If a tract house that suits you is near your work, or near where you want to live, it may be the best solution for you. As you shop around trying to find the best house offered for the money, don’t be taken in too readily by flashy advertising, high-pressure salesmanship, and low down payments.
Good buys can sometimes be found with small operators who build to sell, but only a few houses a year. There is more variation in quality among small builders, and it is well to check thoroughly, as some small builders are away above average, and some far below. You might get a very good buy from a small builder.
Buying an Older House
When a house owner is transferred to another place, he will often sell his house at a reasonable figure. But remember that you are getting a house that is not exactly new. If all it needs is painting and the price is low enough so you can afford to spend four or five hundred dollars on minor repairs and redecoration, it might be a good buy.
If a house is two or three years old, the defects such as settling of the foundation, shrinkage of the lumber, cracks in the plaster, and other evidences of poor workmanship or faulty construction will have had time to make themselves obvious to the most casual observer. You can thus rely with more confidence.
Maybe you can find an older house in the vicinity where you want to live that is well arranged, that is in good condition, needing only a few minor repairs plus a good paint job to make it as good as new. If you can get it cheap, it might be a good buy for you.
But the deepest pit you can fall into is to buy an old house expecting to remodel it completely: put on a new roof, change the doors and windows, move the partitions, level up the floors, put a new foundation under the house; and of course put in new
plumbing, new wiring and light fixtures, a new heating plant, new floors, new kitchen cabinets, new screens, and new steps on the porch or, worse yet, tear off the porch and build a new entrance.
Always use a mortgage calculator to help you find the best mortgage, this can help you save a small fortune over the months.

Renting should be thought of as the short-term solution to the housing problem. Let us not rush out and buy a house, and get stuck too permanently in one place. Don’t be in too big a hurry to buy.
Renting will provide a place to live, without too much capital investment, and will permit you to move without too much trouble, if necessary.
If you have moved to an entirely different part of the country, you should be careful not to buy until you have decided for sure that you intend to stay. It may also be better to rent for a year or two, until you discover what town or what part of town is best for you.
Sometimes a good house can be rented for a year, with an option to buy included in the contract. This gives you more time in which to make up your mind.
Buying a house is a large undertaking, which should be given plenty of thought and consideration. In the meantime, renting is obviously the thing to do. If you rent in the part of town where you think you might like to live, you can study the neighborhood to find out whether it is just the district you want or not. When you have decided exactly where you want to live, it is time to begin thinking of buying or building.
Buying a House
It is too bad to get a house bought and then decide to move. But it is equally unfortunate to postpone buying too long. Rent money is lost and cannot be recovered. If you are reasonably sure that you are permanently located, that is for five years or more, then it is time to begin to think about buying or building a good permanent home.
Perhaps the ideal way to get a suit of clothes would be to find a good tailor, have him take your measurements, and help select a suitable fabric; then let him make the suit. But most of us go to the places where they sell ready-made suits and buy them di¬rectly. This saves time and is usually less expensive, though admittedly the fit is often not perfect, and the tailoring somewhat less than might be desired.
It is a good deal the same way in getting a house. You can hire a good architect to design you a house and find a reputable contractor to build it, or you can buy a house ready made. The ready-made house may not fit your family as well as the custom-built house, but it may be a pretty fair fit, and you can live very happily in it.
A tailor-made house will probably cost more than a ready-made one, but whether it will be worth more will depend upon the wisdom of the designer, the skill of the builder, and the cooperation of the owner.
In this present chapter we shall consider only the proposition of buying a house already built. In a later chapter we can go into the problem of actually building your own house.
It costs something to keep a roof over your head, any way you do it. It is one of the expenses of living just as food and clothing are.
The question to decide is how to get the most satisfactory roof with the least expenditure of time and energy.
The ownership of a home is now within the reach of any person who has the determination to go out and get one. It may take time and it will certainly take effort, but it is greatly worth while.
The satisfaction of having a place of your very own, a fortress from which you can defy the cruel world, a headquarters for your living, a place where the landlord does not tell you what to do, and particularly what not to do; these are some of the Why do you want a new house? Are you tired of renting, or has your family outgrown the present house? Or are you in the wrong neighborhood? Or is the house getting obsolete? How much do you want a new house? Enough to spend the best years of your life paying for it?
Why should a person own his house?
Because he does not like to have a landlord come and collect a big price every month for the privilege of living in his rundown old house; because the payments he makes on his own house gradually give him an equity in the place; because it saves the necessity of moving so often.
In a rented house a person can’t make any changes without permission and then he doesn’t want to make them anyway, as he may have to move soon,
If you want to buy a house it is well worth using a free mortgage calculator to save you money on your mortgage.
rewards of owning your own home.

There is no vantage point like the apartment next door for keeping track of the neighbors.
When they come and go; who comes and goes with them, and at what awful hours, and what disgraceful things they do.
Of course, it is well to remember that when you look in a goldfish bowl, the fish also look at you.
All kidding aside, for families where both the husband and wife have steady, full-time jobs in business or industry, where they both work so hard that they don’t have time or energy enough left to keep up a house, they are surely better off in an apartment, as it does save work and responsibility.
If a house is just a place to sleep, a place in which to eat a hurried breakfast, and a starting point from which to rush off to work, a place to return to after a late show, to tumble into bed, and to get a little sleep before another hurried breakfast, then off to the rat race again for another day, and a repetition of the same routine, then do not buy or build a house.
By all means rent an apartment; it will save you work and worry and will fit your needs much better.
One way to get luxury living without having to own and service all the features yourself is to buy an apartment in a group where the apartments are individually owned, but the swimming pool, tenni3 courts, barbecue, and other recreational facilities are owned cooperatively by the group of people living in the apartments.
An individual family might find it too expensive to maintain a swimming pool, for one or two uses a week, but it wouldn’t cost too much, in either money or effort for a group of fifty people to keep up a pool.
Renting a House
But an apartment house is obviously not the place for a family with children. It is a poor emotional climate for them, when they must always be quiet so as not to disturb the neighbors, and when they have little opportunity to get outdoors and run and exercise, and shout as they ought to be able to do.
If they must always be afraid of getting in someone’s hair, how can they grow up normally and naturally? Life can be so much more interesting for them if they can be in a place where there are trees to climb, pets to love and care for, and where they can feel that these things belong to them. A public park helps, but it is not nearly as good as a place of their own.
If you think an apartment is not the best place for you to live, perhaps you can find a house to rent. This also has its advantages and disadvantages. You are not tied quite so securely to one place.
If you are not too sure how long you will be in a place, or are subject to sudden transfers by the policy or caprice of your company, or if you are the type that takes sudden notions to quit and try your luck somewhere else, then you should rent, and not try to buy or build a house.
Renting also has the advantage of relieving you of some of the responsibilities that go with owning a home. When the roof leaks, just call up the landlord and ask him to take care of it. If you need paint or repairs, let him look after it, and pay the bill.
When the tax collector comes around, it is not your problem. You do not need to worry about depreciation. If your family outgrows a house, you can move into a larger one without too much trouble and expense.
It is well to remember that money paid out in rent is gone completely. If you had bought the house ten years ago, and had made rent-like payments for ten years, you would have accumulated a considerable equity in the house, and you would also have benefited from the large increase in property values during that same period. Buying a house gives you something to sell when the time comes to move.
There is not much point in having a house and land, if you do not find pleasure and enjoyment in taking care of it.
If the yard is so large as to be a burden to either the husband or the wife, then they would be better off without quite so much. As long as maintaining a house and garden can be fun, all is well, but what future is there in having to work yourself to death in order to live in fine surroundings which you do not have time to appreciate?
Enough is enough. There are two extremes to avoid a spacious house and wide-spreading lawns, or a tiny house and no lawn or garden. Let’s not overdo it either way.
If you would rather buy than rent make sure you use a mortgage calculator to get the best mortgage available.

If you canâ??t sell your house or if you donâ??t want to sell it at a rock bottom price (especially if youâ??re not buying somewhere else) then you may have to become a landlord.  This scenario is not uncommon for those whose employment relocates or those who have new commitments outside their home area. 

The tricky start is that you already have a property to rent.  Professional landlords buy a property having researched the local area and know what their target tenants are: students near a university, professionals near the city, etc.  However, as your starting point is your property you will need to research what tenants are likely to be attracted to your house and then mould your property accordingly.

Contact your mortgage provider to check whether you need to switch to a buy-to-let loan or whether you can continue with your current mortgage.  You will also need to notify your insurers who will need to change the policy.

This figure also needs to cover gas and electricity safety certificates, repairs and maintenance.

You may need to be flexible on the rental payments â?? itâ??s better to have good tenants at a slightly lower rate, rather than an empty property, or tenants that say theyâ??ll pay but then donâ??t pay.

If you are redecorating your property to rent out, make it neutral, do not personalise it.  You need to prepare your property to be run as a business.  In your mind, change the word â??homeâ? for â??propertyâ?.  It will help you become detached from your old home and help you run your property cost effectively.

If you are adding or changing fixtures do it properly and use good quality materials.  People donâ??t want to live in shabby accommodation and remember that you are competing for a good tenant.   Good tenants want good accommodation.  The better quality fixtures will also last longer and so lower your maintenance costs.  When you choose tenants and if you are not using a letting agency you  should vet your tenants (or pay for the service through the National Landlords Association).  Be sure to get references from tenants and check them.

Always treat tenants and potential tenants with respect: get back to their enquiries quickly and politely, repair what needs repairing.  Maintaining a good relationship with tenants is a business solution and makes the whole process less stressful and easier to manage.  In turn, however, do not let your tenants pay rent late â?? you need to have clear boundaries and once theyâ??ve paid their rent late once, it could easily happen again.

If you donâ??t want to manage the property, then consider using a lettings agency which will cost you around 10-15% of the rental income.  However, if you do this, make sure you keep an eye on the agency and check that they are doing their job in getting back to the tenants as you would like them to.  Check what the contracted tie in is, as if youâ??re unhappy with their service, you might then want to do the job yourself and do it according to your own standards.

You need to know the rules and regulations regarding health and safety, insurance and tax.  For tax you may need to use an accountant for the first year or so to know what you can and canâ??t claim for.

The key to renting out your home is to view your property as the tool for business.  Look after it and attract and maintain good tenants.  Do your homework, be prepared to put some time and energy into the business and make it work.

If you canâ??t sell your house or if you donâ??t want to sell it at a rock bottom price (especially if youâ??re not buying somewhere else) then you may have to become a landlord.  This scenario is not uncommon for those whose employment relocates or those who have new commitments outside their home area. 

The tricky start is that you already have a property to rent.  Professional landlords buy a property having researched the local area and know what their target tenants are: students near a university, professionals near the city, etc.  However, as your starting point is your property you will need to research what tenants are likely to be attracted to your house and then mould your property accordingly.

Contact your mortgage provider to check whether you need to switch to a buy-to-let loan or whether you can continue with your current mortgage.  You will also need to notify your insurers who will need to change the policy.

This figure also needs to cover gas and electricity safety certificates, repairs and maintenance.

You may need to be flexible on the rental payments â?? itâ??s better to have good tenants at a slightly lower rate, rather than an empty property, or tenants that say theyâ??ll pay but then donâ??t pay.

If you are redecorating your property to rent out, make it neutral, do not personalise it.  You need to prepare your property to be run as a business.  In your mind, change the word â??homeâ? for â??propertyâ?.  It will help you become detached from your old home and help you run your property cost effectively.

If you are adding or changing fixtures do it properly and use good quality materials.  People donâ??t want to live in shabby accommodation and remember that you are competing for a good tenant.   Good tenants want good accommodation.  The better quality fixtures will also last longer and so lower your maintenance costs.  When you choose tenants and if you are not using a letting agency you  should vet your tenants (or pay for the service through the National Landlords Association).  Be sure to get references from tenants and check them.

Always treat tenants and potential tenants with respect: get back to their enquiries quickly and politely, repair what needs repairing.  Maintaining a good relationship with tenants is a business solution and makes the whole process less stressful and easier to manage.  In turn, however, do not let your tenants pay rent late â?? you need to have clear boundaries and once theyâ??ve paid their rent late once, it could easily happen again.

If you donâ??t want to manage the property, then consider using a lettings agency which will cost you around 10-15% of the rental income.  However, if you do this, make sure you keep an eye on the agency and check that they are doing their job in getting back to the tenants as you would like them to.  Check what the contracted tie in is, as if youâ??re unhappy with their service, you might then want to do the job yourself and do it according to your own standards.

You need to know the rules and regulations regarding health and safety, insurance and tax.  For tax you may need to use an accountant for the first year or so to know what you can and canâ??t claim for.

The key to renting out your home is to view your property as the tool for business.  Look after it and attract and maintain good tenants.  Do your homework, be prepared to put some time and energy into the business and make it work.