Many Tenants Struggling to Pay Rent on Time

The UK rental market has seen a drastic increase in the number of people renting as people are pushed out of the property buying market due to mortgage lenders demanding large deposits, more stringent borrowing conditions and with more people losing their jobs and worrying about the economic crisis.
This has led to an increase in rents but it now appears that these inflated rents are putting too much pressure on tenants and many cannot afford the rent or struggle to pay the rent on time. Just over 40% of landlords that are members of the Association of Letting Agents report that their tenants are not paying the rent on time from the period of October 2011 to March 2012. The main reason is unemployment and with more and more people losing their jobs, this figure is likely to rise.
Many tenants are trying to re-negotiate their rent with their landlord and get a rent reduction and haggling on rents has become common place in the North East of England and the South West of the country.
More and more tenants are finding themselves out of a job and unable to meet their rent. The knock-on effect is that with rents not coming in on time or not coming in at all, many landlords are unable to make their mortgage repayments. Coupled with rising mortgage rates this will lead to landlords defaulting on their mortgage payments, losing their properties and in turn tenants being forced to move out in any case.
This highlights just how important it is for both tenants and landlords to research the situation carefully and ensure they can afford the rent if they are the tenant and the mortgage repayments if they are the landlord and have a backup plan in place in case of being made redundant or not receiving the rent on time.
Nowadays not only are landlords asking for references for tenants but 10% of tenants are requesting references and background checks on landlords. The Association of Letting Agents advises anyone looking to rent a property or let a property out to consult a professional licenced letting agent to check the possible search and financial checks that can be done.
The situation varies around the UK and the higher rental returns is drawing some buy to let and investor landlords back to the struggling property market. Its hoped that a small increase in available letting property will stablise ever increasing rents. However a recent report shows that as it continues to be incredibly difficult to get on the property ladder in the UK, more and more people are turning to renting and this means that there is a massive shortage of letting properties. Its estimated that around 200 billion pounds needs to be invested in the rental market in the UK to ensure there is enough supply to meet demand. In the UK there are very few funds investing in rental property, where as in the USA around 40% of rental property is owned by financial institutions.
Many landlords are opting to save costs by managing their own properties and only opting to have a letting agent collect the actual rent, rather than a fully managed service.
While letting agents are getting more and more enquiries from people looking at renting a home, only around 80% of these applicants become prospective tenants after all checks have been carried out been there is a growing concern regarding suitable tenants with many tenants having poor credit ratings and lack of funding for rents. There also seems to be a growing number of tenants in receipt of housing benefit but using this money for other things and not paying rent, thus meaning they are in arrears with rent and leading to more property repossessions from landlords that cannot afford mortgage repayments.

Rachel writes for WhatNewHomes, which is a property portal for Letting Homes in the UK.

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Affordable Living

Downsizing, cutting corners, call it what you will but, every year after the dreaded Annual Budget, we all try and find ways of 'affordable living'.
One thing remains constant; when it comes to Jamaica real estate (like most Caribbean property) it holds its value and if you can hang onto it, do! This is true even in the hardest of times and despite occasional political unrest together with a fairly constant high crime rate, simply because Jamaica is such a beautiful land with an idyllic climate. The tourism industry, through it all, not only stays afloat but keeps relatively strong. So if you're trying your utmost to survive; struggling to keep your head above water - don't sell that gorgeous property - yet! Jamaica real estate will continue to increase in value and be sought after for years to come, especially as waterfront and island homes are becoming harder to find.
With all the gloom, doom and worldwide recession, Jamaica has still managed to make tremendous strides in creating an environment conducive to enterprise development and as such, has maintained a strong international profile so, the secret is out, Jamaica is a destination for trade and investment in all sectors and some of the world's leading companies have made Jamaica their home. This all bodes well for those who have invested in local properties and real estate. Hang on to your land - it can only appreciate.
Now, away and apart from Jamaica Real Estate, we think there is indeed such a thing as affordable living on a day to day basis and we base such a claim on the following facts. Take your average Jamaican box lunch, still remarkably cheap especially if you convert it into US$ or sterling. The ubiquitous box lunch is going, on average, for about US$4.00 or £2.70p!! And, the Jamaican box lunch is a life saver: good Jamaican cooking and extremely filling. When our local vegetables are in season, they are a steal - literally! Local lettuce is going for J$50 to J$60 for 2 nice 'heads' in a pack as one example and, we can all still find and head off to a free beach on a sunny day; all we need is our bus fare/gas money and enough for a, you've guessed it, box lunch! And then a day out in magnificent Hope Gardens is still entirely free! Let us not forget a good friend somewhere cooking a huge pot of 'Saturday soup' which is invariably delicious and is accompanied by plenty of lively debate thrown in, on the verandah, of course.
Beyond the image of a tropical paradise, the country's people have a solid reputation as innovators (especially when "money tight") and trend setters. Jamaicans are ordinary folk who often rise to great heights; their vibrant energy and indomitable spirit set them up for achievement in all spheres of life, be it culture, commerce, politics, public service and last, but by no means least, sport.

So, whether its real estate or living life, Jamaica, still great value for money!
Food, still cheap

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The Advantages and Disadvantages of Single Family Houses

There are many different types of real estate property. These include condos, apartments and single family houses. Single family houses are those that are occupied by only one family and have only one dwelling unit. This is quite different from apartments and condos which have multiple dwellings and are occupied by many families. Like other types of real estate property, these houses also have some advantages and disadvantages. These advantages and disadvantages are discussed below.
Advantages
Firstly, single family homes have more appreciation in value and are more resistant to down markets than multifamily dwellings. Thus, your investment will be protected and yield greater returns.
Secondly, such houses provide control over your space. You can renovate, remodel or revamp your home the way you want. There are no restrictions on changing the look of your home. Thus, you can make your home match your personality. However, you still have to follow city and locality rules.
Thirdly, there is more privacy in such houses. You don't share walls with anyone and so, can enjoy the peace and quiet. You also don't have to put up with any nonsense of other families living in the community.
Fourthly, there is no association to deal with. You don't have to give any maintenance fee for your home or follow the strict rules and regulations of the association.
Disadvantages
Firstly, the cost of single family homes is high. They are more expensive than multifamily homes. Many people cannot afford them single family homes and so, opt for multifamily houses.
Secondly, maintenance is the responsibility of the homeowner. This can be quite a headache as everything from landscaping to plumbing has to be done by the homeowner himself.
Thirdly, amenities like swimming pool and gym will cost a lot in single family homes and are affordable only for those having high income.
Fourthly, the cost of maintenance is high in these homes since everything has to be done by the homeowner. In multifamily homes, the cost is shared and so maintenance is not that high.
Finally, it is better to have an apartment or condo in the city near facilities like hospitals and transport rather than a home in the suburbs where everything is far away. This is especially true if you work in the city and have to commute to your workplace every day.
In the end, the suitability of a single family home depends on you and your needs. So keep these advantages and disadvantages as well as your own preferences in mind when deciding whether or not to buy such a house.

Visit this website to get information regarding houses Mississauga and house listings Mississauga.

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5 Tips for Selling a Home in the Summer

Selling a home in the summer can usually be trickier compared to other seasons such as spring and autumn. People are typically out on vacations in summers, children involve more attention of the parents during summers because the school is off, and various other summer activities can cause a distraction. A few tips can help you sell your home in summer, if you have no way to wait for a better selling season.
Lawn Upkeep and Landscaping
For some reason, grass tends to grow faster in the summer. The details of the lawn are also more clearly visible during the shiny months of summer. Make sure you maintain your lawn nicely, and mow it regularly, at least twice a week and water it, if needed. Sometimes you may mow diagonally to add to the lawn's curb appeal, aesthetic value, and dimension.
To add to the curb appeal, you can also plant flowers, trim the bushes, and scatter mulch evenly. Remember not to put the mulch too close to your siding. More is not better in the case of mulch. Sweep the pathway leading up to your front door if you have one & driveway; paint your house number attractively on the curb, and make your entrance warm and welcoming.
Summer Colors for Interiors
Different shades of white and vivid blues are excellent colors for the summer. Pick up colors that have a cooling effect on the eyes. Use summer hues for throw rugs, accent pillows, sheets, and curtains. Remove the heavier drapes, and pull the blinds to the top. Use tie-backs for holding lighter curtains or drapes in place.
Brighter Ambience
If your rooms are slightly darker, add a few table lamps. However, make sure that the rooms are not over-lit. A potential buyer should not think that you are trying to compensate for the lack of natural light. Make sure the light switches are cleaned off and free of grime, finger prints or dust.
Attractive Entrance Way*
The entrance hall is the most important area when you are trying to sell your home. Most potential buyers will first visit this area, and if it is enticing enough, they will be prompted to see more of your home. First impression is often the last impression in this business. If the entrance hall gives a feeling of cluttered and cramped housing, a potential buyer may lose interest in the rest of your home.
Air Temperature and Smell
Nothing can dampen a buyer's enthusiasm more than a stuffy and hot room on a hot summer day. Make sure that there is sufficient air circulation in your home. It may require you to place a few table fans at home if you don't have air conditioning. The AC should be set on the right temperature, it should be comfortable. If your home is cold inside that is not conducive to a tranquil atmosphere and if you walk around your home and begin to sweat, you're A/C is certainly not set properly. Ensure the home smells fresh and clean; certainly when a potential buyer is visiting. Remember to pay close attention to pet smells that can become more noticeable in the heat.
These seemingly small issues can make an instrumental difference in actually being able to sell in the summer.
Resource
* http://www.telegraph.co.uk/property/buyingsellingandmoving/7867714/Tips-for-selling-your-house-this-summer.html

Jennifer A. Steele is licensed Real Estate agent, located in Indiana, PA. She has worked in the Real Estate business for over 5 years. She specializes in buyer and seller agency.

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