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Coventry: Top 10 places to invest in

Are you looking to invest in a house in Coventry? If so, you’re in luck. This historic city has plenty to offer investors, from its many historical attractions to its burgeoning house prices. In this article, we’ll take a look at the top 10 places to invest in.

top 10 places to invest in Coventry
Cityscape, Coventry, United Kingdom 

1. Earlsdon

Earlsdon is one of Coventry’s most desirable suburbs, thanks to its excellent schools, independent shops and restaurants, and picturesque streets to make it one of the Coventry attractions. The house in Coventry at Earlsdon prices have been rising steadily over the past few years, making it a great place to infuse property.

2. Binley Woods

Binley Woods is another popular Coventry suburb, known for its large homes and leafy streets that can be one of Coventry’s attractions. It’s a great place to raise a family, and the house in Coventry prices have been rising steadily in recent years.

3. Cheylesmore

Cheylesmore is a historic Coventry place or area with many characters. It’s popular with students and young professionals, and the house in Coventry prices have been rising steadily in recent years.

4. Foleshill

Foleshill is an up-and-coming Coventry place with many potentials for investors. It’s well connected to the city centre, and the house in Coventry prices are expected to rise in the coming years.

5. Holbrooks

Holbrooks is a popular residential Coventry place, known for its good schools and friendly community spirit. The prices of a house in Coventry have been rising steadily in recent years, making it a great place to speculate on property.

6. Coundon

Coundon is another popular residential Coventry place, known for its large homes and green spaces that can be also called Coventry attractions. The prices of a house in Coventry have been rising steadily in recent years, making it a great place to infuse property.

7. Radford

Radford is an up-and-coming Coventry place with so much potential for investors. It’s well connected to the city centre, and a house in Coventry prices are expected to rise in the coming years.

8. Canley

Canley is a popular Coventry place or residential area, known for its good schools and proximity to Warwick University, making it a good area to attract student tenants. The prices of a house in Coventry have been rising steadily in recent years, making it a great Coventry place to invest in property.

9. Tile Hill

Tile Hill is an up-and-coming area of Coventry with plenty of potential for investors. It’s well connected to the city centre, and a house in Coventry prices are expected to rise in the coming years.

10. Walsgrave

Walsgrave is a Coventry place which has great connections to major road networks and is a perfect location for the University Hospital. House prices are expected to rise in the coming years.

If you’re looking for a property or a house in Coventry, these are the top 10 places to do it. From historic areas like Cheylesmore to up-and-coming areas like Radford, there are plenty of great opportunities for investors in this vibrant city.

 

There are many things to see and do around Coventry. Whether you enjoy hiking or cycling, Coventry has plenty of hidden beauties just waiting to be discovered. There are also many Coventry attractions for those who love to capture some memories. Check out the best locations to visit in the area and start planning your next journey.

Start house hunting the best Coventry place in Coventry today and you could be moving into your dream home sooner than you think. With house prices on the rise, now is the perfect time to infuse in a property in this historic city.

coventry top 10 places to invest in
Coventry, United Kingdom

Why Invest in Coventry?

  1. Coventry is the West Midlands’ second-largest city (after Birmingham). With a population of roughly 345,000, it is also England’s eleventh largest city.
  2. Coventry’s one of the most well-connected cities in the UK, with its location on or near the UK highway network and access to rail and aviation services. As a result, it is especially appealing to firms wishing to relocate.
  3. Coventry is rapidly expanding. According to ONS forecasts, Coventry’s population would grow by nearly a fifth to 417,000 by 2037, resulting in increased demand for housing.
  4. Coventry is a key component of the Midlands Engine initiative, which intends to develop the Midlands economy over the next decade.
  5. Coventry is the historic home of the British automotive manufacturing industry, making it Coventry attractions for some, with Jaguar Land Rover’s headquarters providing a significant number of jobs. JLR intends to spend heavily in their Whitley headquarters in order to expand its engineering and development base and establish a centre of excellence for the production of electric vehicles.
  6. The area also boasts a nascent digital sector, which is well-known for providing well-paid positions. Because it is home to over 30 cutting-edge digital and gaming enterprises, the neighbouring town of Leamington Spa has been dubbed “Silicon Spa.”
  7. The HS2 elevated rail line will run along the fringes of the city. Although there will be no HS2 station nearby, development activity is expected to attract greater investment and, as a result, high demand for housing.
  8. The city centre of Coventry is undergoing redevelopment, with more planned. Friargate is a £100 million, 37-acre rehabilitation project designed to revitalize the city’s business district. According to the developers, 15,000 new employment will be created. The proposal, according to Lambert Smith Hampton, has the potential to revive Coventry as the desired office destination.
  9. A housing shortage exists, which will promote price growth in the future. According to press sources, despite Coventry’s population increasing by 39,000 between 2000 and 2014, just 9,340 new residences were developed.
  10. Property prices in Coventry are significantly cheaper than the national average, as well as the West Midlands average. Coventry’s average house price is around £167,000…. providing an excellent opportunity for investors to obtain yields.

We all love the places where we live or have those locations we dream of moving to. And right here in Coventry, we are blessed with some lovely places to live and there are some Coventry attractions too for those who love to visit historical places.

The price of a house in Coventry is a great opportunity for those looking to infuse in a property. With so many things to see and do, now is the perfect time to start visiting some Coventry attractions and do house hunting in this historic city!

If you’re thinking about investing in property, don’t forget to check out our list of the top 10 places to invest in Coventry!

 

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Letting Hotspots In Coventry in 2022

letting hotspots in coventry

Coventry is a beautiful city located in the West Midlands county of England. The city has a population of over 300,000 people and it’s situated around 100 miles northwest of London. Coventry is a famous location and is a lovely area to relocate to. It has grown as one of the UK’s buy-to-let hotspots due to the growing market for student accommodation.  The city offers good value for money property wise and Coventry boasts a large selection of schools rated ‘Outstanding’ by Ofsted.

Coventry area also has excellent transport links being just over an hour from Birmingham by train and with Coventry Airport offering regular flights to various European destinations.

With all these factors considered, it’s no wonder that the Coventry area was recently named as one of the top 10 cities in the UK to live and work in.

letting hotspots in Coventry
Coombe Abbey, Coventry

If you’re thinking of letting a Coventry property or Coventry houses in some Coventry area, here are some of the best areas to consider:

Earlsdon

Earlsdon is a popular suburb located in south Coventry burg centre. The area is well-connected by public transport with buses running regularly into the centre of the city and Coventry station merely a 10-minute walk away. Earlsdon is also home to Coventry University which makes it a desirable location for students who are letting Coventry houses or Coventry property.

Tile Hill

Tile Hill is a suburb of Coventry located southwest of either the city centre. Tile Hill train station provides regular services into Coventry and Birmingham, and the region is well connected by public transportation. Tile Hill is also home to Coventry University, making it a popular student destination.

Foleshill

Foleshill is located to the north of Coventry city and it is well connected by public transport with regular bus services into the burg to the Coventry train station simply a 10-minute walk away. Foleshill is a popular choice for renters due to its affordable costs and a variety of options and property types available.

Wyken

Wyken is located in the southeast Coventry central city and it is well connected by public transport with regular bus services into the city with Coventry train station simply a 15-minute walk away. Wyken is a popular choice for renters due to its affordable costs and selection of different kinds of property available.

Radford

Radford is located northwest of Coventry city and its well public bus services into the centre of the city are available via public transportation to the station of Coventry merely a 10-minute walk away. Radford is a popular choice for renters due to its reasonable costs and a variety of options and kinds of property available.

Chapelfields

Chapelfields is located in northeast Coventry city centre and it is well connected by public transport offering frequent bus service at the central city with the Coventry station in just a 10-minute walk away. Chapelfields is a popular choice for renters due to its reasonable costs and a variety of options and types of property available. 

With its reasonable costs and selection of different Coventry property types available, there is some ideal Coventry area for those looking to let a Coventry property. If you’re thinking of letting a Coventry Property or Coventry houses, these are just some of the Coventry areas that are popular for those planning to let a Coventry property.

It’s supposed to be a dreadful thing to be sent to Coventry. In actuality, any savvy property investor should be delighted to be dispatched to Coventry. That’s because Coventry is a rapidly growing city with ambitious reconstruction and growth aspirations. Despite this, the prices of Coventry houses or Coventry property remain significantly below the national average in every Coventry area.

Property Values in Coventry

The Coventry property prices are significantly lower than the national average. The price of Coventry houses is present £190,222, compared to £251,222 nationally, according to HM Land Registry data. For property investors, it’s also worth noting that Coventry appears to have affordable housing compared to Warwickshire, where the average property is £254,877.

letting hotspots in Coventry
Coventry Cathedral

Rental Demand in Coventry

Coventry, in fact, is one of the most affordable cities to rent 3-bedroom Coventry houses. Some Coventry areas, Coventry’s central location and good transport links make it an ideal place to live for commuters.

Coventry has been ranked as the 5th best city in the UK for quality of life and is one of the top 10 cities for job seekers. Coventry is also a great place to raise a family with excellent schools including Coventry University which is ranked in the top 30 iconic buildings in the city.

If you’re looking for an affordable place to live with good transport links and a variety of schools, Coventry’s the ideal location for you. With its central location and selection of different types of property available, there is an ideal Coventry area for those looking to let a Coventry property or some Coventry houses.

How safe is Coventry?

Between April 2016 and March 2017, there had been 27,687 crimes committed in Coventry in some Coventry areas. Antisocial behaviour was the most common of these offences, with 6,534 cases documented, or nearly 24%. The second most prevalent crime was a violent crime, which was reported 5,467 times, or nearly 20% of all instances.

With 3,044 cases documented, criminal damage and arson is Coventry’s third most common crime (11 percent). Vehicle crime is the fourth most common crime, with 2,933 instances reported in this time period (10.5 percent ). Burglary is the most common crime, accounting for 2,722 events (10%), followed by other theft (1,971 incidents (7%) and shoplifting (1,880 incidents) (6.5 percent ).

Check out these letting hotspots in Coventry! 

Coventry is a rapidly growing city with ambitious reconstruction and growth aspirations. Despite this, the prices of Coventry houses or Coventry property remain significantly below the national average in every Coventry area.

For buy-to-let investors, this presents an opportunity to enter the market early and take advantage of capital appreciation as the city grows. Rental demand is also strong, with average monthly rents for Coventry property outperforming the national average.

Coventry area is an affordable place to live with good transport links and a variety of schools, making it an ideal location for families. It is also ranked as one of the safest cities in the UK, which is another key consideration for those looking to let a Coventry property!

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How To Let Property Quickly

let your property quickly in coventry

There are numerous reasons for quickly letting your property or house in Coventry. Maybe you’ve had a change in circumstances and needed to move for work or family reasons. Or maybe you’re simply not getting the rental income you need to make ends meet.

However, you don’t want to compromise your criteria merely to get someone in quickly, because admitting the incorrect tenant could result in nonpayment of rent or an expensive eviction. The goal is to find strategies to avoid vacancies while still attracting high-quality renters and doing extensive tenant screenings before signing a lease and turning over keys.

Whether you’re a first-time house letting landlord planning on letting your property in Coventry, or you have renters leaving shortly, getting your property filled with suitable tenants as fast as possible is critical to avoid a void period that cuts into your income.

There is no rental coming in when your property is vacant. However, as a landlord in Coventry, you will almost certainly face the following continuing expenses:

Payments on a mortgage

* Bills for gas, electricity, and water

* Local government tax bills

* The expense of a letting agent to find a new tenant

Whatever the reason, there are some things you can do to make sure your property is let quickly and efficiently.

letting your property quickly

Here are our top tips:

1. Make that your property is in perfect condition.

This may seem self-evident, but keep in mind that possible tenants will be seeking a property that is in good condition. This means that any repairs or maintenance issues must be addressed before you begin marketing your home. This will not only make your house more appealing to potential tenants, but it will also help you avoid future difficulties.

2. Market your property effectively

It’s critical to market your rental property in the right areas when you let a house or a flat. Make sure you’re taking advantage of the various websites and portals that feature properties for rent. You should also think about marketing your home on social media, since this may be a terrific method to reach a larger audience.

3. Be flexible with your rental price

If you’re doing house letting or letting your property in Coventry quickly, then you might need to be flexible on your rental price. Tenants will be looking for good value for money, so if you’re asking for more than the average rent in your area, you might find it difficult to find a tenant. However, it’s important to strike a balance between being competitive and getting the rental income you need.

4. Be prepared to negotiate

When you’re doing house letting or letting your property in Coventry, you should be prepared to negotiate with potential tenants. This is particularly true if you’re looking for how to let your property quickly. Tenants may be willing to pay more if they feel they can get a good deal, so be open to negotiation and be prepared to compromise on some of your terms.

5. Use a letting agent

If you’re finding it difficult how to let your property yourself, then you might want to consider using a letting agent. Our Coventry Letting agents have experience in letting properties and can often find tenants more quickly than you can. However, it’s important to remember that letting agents will charge a fee for their services, so you need to factor this into your rental price. You must learn to let your properties from the letting agents.

6. Keep your tenants happy

Rent is guaranteed because happy tenants are more likely to remain in a property for a long time.

7. Keep a ‘void fund’

Unfortunately, completely eradicating empty periods is impossible because renters will always leave and new ones will need to be sought. Although there is always demand for property in Coventry, you might still have times where your property is vacant. 

While following these tips will help you limit the amount of time your buy-to-let remains vacant, it’s equally important to safeguard your interests and plan ahead.

If you have a long-term tenant, set aside a portion of their rent and put it away until you need it. Alternatively, some landlord insurance policies protect you from renters who fall behind on their rent and must be evicted, resulting in a void period, and many policies will cover the property for a period of time while it is empty for maintenance.

It is critical to have a solid landlord insurance policy in place that covers all possibilities.

8. Make use of a void period

If your property does have a frustrating void time, try to make the best of it. To help let your property, sell faster in the future, you must use the time when the property is vacant to perform essential repairs or upgrades.

Consider how you may make better use of living space and storage, both of which are incredibly crucial to the modern renter.

9. Start marketing early

If a tenant wants to stay until the end of a tenancy or during a periodic tenancy, they should be given a notice period.

As a result, landlords should take advantage of this opportunity by advertising their homes for rent in Coventry while the current tenants are on notice.

10. Keep things neutral

It can be tempting for landlords to want to make their apartments stand out by decorating them with personal touches.

On how to let properties quickly, we recommend sticking to the tried and true principles of ‘neutral decor.’ That implies high-quality carpets with a simple design and cream or white walls.

The goal is to not only locate a tenant but to find a good tenant who will pay their rent on time and treat the property as if it were their own. 

From the moment advice is offered from or to the tenant, a good property manager will set the tone for house letting immediately. Communication is crucial and continuing the dialogue daily or weekly is even more important.

By following these tips, you should be able to let a house quickly and efficiently. Remember, being flexible on the rental price and terms can be key to finding a tenant quickly. And if you’re struggling with letting your property in Coventry yourself, then using a letting agent may be the best option.

Our team at Complete Residential lettings have over 20 years of experience in the Coventry property market and will be happy to help you find your perfect tenant and let your property quickly! 

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Coventry Buy To Let Advice

coventry buy to let advice from complete residential lettings

Before you buy a home or buy to let, there are numerous factors to consider if you’re thinking about becoming a landlord. Knowing what to anticipate is important because the process of purchasing a buy-to-let Coventry property differs from that of purchasing a home for personal use. 

If you’re reading this, you’re probably seeking the appropriate kind of information because it’s a long-term investment that shouldn’t be made hastily.

Finding a home in Coventry or finding a Coventry property for the purpose of buy to let can be a great investment. There are many things to consider when making this decision such as the location of the property (within Coventry), the type of property, the condition of the property, and your budget.

What is Buy-to-let?

Let’s start with the fundamentals: a buy-to-let property is one that is explicitly bought with the goal of renting it out to renters. As long as the rent is more than the monthly buy-to-let mortgage payments, it is an investment property that can produce a monthly income when finding a home.

Finding a home or Coventry property isn’t easy and if you can’t afford to buy one, you will need to apply for a buy-to-let mortgage, which is distinct from a residential mortgage. Your salary is taken into account when you apply for a regular mortgage, but with a buy-to-let loan, the lender views the future rental income as your major source of income and your personal income as a secondary source. Although the upfront costs are higher, the interest rates tend to be lower. Expect to put down at least 25% more money than usual because deposits for buy-to-let mortgages are often higher than those required for ordinary mortgages.

buy to let advice coventry

What sort of buy to let property should you purchase?

The ideal site is crucial, and it might include elements like its closeness to services and transportation, as well as neighbourhood and local demand. Similar to when you’re finding a home of your own, you should make sure you thoroughly investigate the region in which you want to put your buy-to-let property.

When conducting your study, keep in mind the type of tenant you want to attract. Finding a home in a residential location close to a decent school is your best choice if you’re wanting to rent to families. Finding a home close to a university, as well as decent, affordable dining options and lively nightlife, is essential if you want to rent to students. Remember that the types of tenants you have can have an impact on your mortgage because, for instance, many lenders have limits on renting to students.

 

If you’re thinking about buying a Coventry property with the intention of renting it out, there are a few things you need to take into account. This guide will give you some essential tips on finding a home at the right Coventry property to rent it out later and making sure it’s a successful investment.

Location

The first thing to consider when buying a Coventry property to rent out is the location. You’ll want to choose a neighbourhood that is in demand so that you can charge a higher rent. There are a few things to look for when choosing the right location:

Proximity to amenities:

Finding a home or a property that is close to grocery stores, parks, public transit, and other amenities will make it more attractive to potential tenants.

Crime rates:

Be sure to check the crime rates in the area before making any decisions. The last thing you want is for your tenants to feel safe in their own homes.

School districts:

If you’re targeting families as potential tenants, you’ll want to choose a property that is in a good school district. Families are willing to pay more for a home that is close to good schools.

Type of Property

The next thing to consider is the type of Coventry property you’re looking to buy. There are a few different options available, each with its own set of pros and cons:

Single-family home:

A single-family home is the most traditional option and usually the most expensive. The advantage of this option is that you won’t have to share any common areas with other tenants, so you won’t have to worry about noise complaints or damage to the Coventry property.

Multi-family home:

A multi-family home, such as an apartment building, is a good option if you’re finding a home or a property in Coventry to rent out multiple units. The downside of this option is that you will have to share common areas with other tenants, which can lead to noise complaints or damage to the Coventry property.

Condominium:

A condominium is a good middle ground between a single-family home and an apartment. You’ll have your own unit, but you’ll also have access to shared amenities like a gym or pool. The downside of this option is that you may have to pay monthly fees for these amenities.

Condition of the Property

The condition of the property is another important factor to consider when buying a rental Coventry property. You’ll want to make sure that the property is in good condition so that you can attract tenants and charge a higher rent. If the property needs any significant repairs, you should factor that into your budget.

Budget

Last but not least, you’ll need to consider your budget when finding a home or buying a rental property in Coventry. Be sure to factor in the cost of any repairs that need to be made as well as the monthly mortgage payments. You’ll also want to set aside some money for vacancy periods when you don’t have any tenants.

Making a Decision

Once you’ve considered all of these factors, you’re ready to make a decision on whether or not buying rental Coventry property is right for you. If you’re ready to take the next step in finding a home in Coventry, be sure to contact a real estate agent to help you find the perfect property.

These are just a few of the things you need to consider when doing buy-to-let property in Coventry. With careful planning and research, you can make sure your investment is a success!

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Renting in Coventry in 2022: What To Ask Your Letting Agent

new tenant in coventry property

Questions To Ask Your Letting Agent When Renting A Property in Coventry 

If you are thinking of renting out your property in Coventry, you will need to find a good letting agent in the area.

But what should you ask them before you sign on the dotted line?

With so many estate agents to select from, it may be worthwhile to develop a list of questions to ask in order to make an informed decision. 

Below are some questions to ask your letting agent if you’re planning to let your property in Coventry.

What accreditations do you have?

When seeking a letting agent to manage your property, the first thing you should ask a letting agent is what accreditations they have. 

These will show that they have undergone the relevant training and are up-to-date with industry standards.

Figure out which trade associations they are a part of. For example, Complete Residential Lettings Coventry is a member of the Property Ombudsmen and Client Money Protection Scheme, which is an insurance policy that reimburses tenants or landlords if their deposit or rental income is withheld by their letting agent.

coventry england city 

Testimonials and success track records? 

Asking for testimonials will give you an insight into the type of service they provide and how satisfied their customers are.

The Complete Residential Lettings team has extensive local market knowledge and over 20 years of experience. 

You should aim to find local Coventry lettings agents who are highly attentive and transparent in everything they do and try their best to accommodate anything (within reason) that a client wants in a management team. 

Aim for a team that is competent but welcoming, especially for someone who is new to property lettings. 

You can read more customer testimonials on our website. 

Complete Residential Lettings Notable Encounters

We had a noteworthy encounter when a landlord called us about a B&B that had lost its contractual relationship. He was at serious risk of losing his enterprise because his earnings had halted. 

We encouraged him to turn the units into self-contained apartments. Which he did, and we’ve been letting them out effectively for the past twelve years. 

He also had his property appraised after completing the renovations, and with them fully rented, the value of his house had nearly doubled.

How many rentals does each property manager have? 

You will want to make sure that your property is not one of a large number of rentals that each property manager is responsible for. This can lead to your property not getting the attention it deserves. 

Our Coventry properties

Complete Residential Lettings currently manage 215 properties for landlords in Coventry. We do not allocate properties to each member of staff, as we all look after them equally. 

As we have 3 members of staff you could probably say 70 each!

How much will my property earn? 

A great letting agent will be able to give you an accurate estimate of how much rent you can expect to achieve for your property in Coventry.

They will take into account a number of factors including the location, condition, and size of the property, as well as the current market conditions.

At Complete Residential Lettings, we would conduct a rental assessment on your Coventry property. We would compare it to other similar properties in the area that have been let recently, taking into account any unique features that could increase or decrease the rent.

From this, we would give you an idea of what rent you could achieve and how long it is likely to take to find a tenant.

Properties can earn between £5400.00 at the lowest to £48000.00 per annum, depending on the property.

These figures are gross figures and will need to take into account our fees, and maintenance throughout the year and also gas safety (every year), EPCs (every five years), and EICR safety checks (every five years) when needed.

How do you attract tenants? 

The most important thing for any landlord is to find a tenant as quickly as possible so that they can start earning rent on their property.

A good letting agent will have a number of marketing channels that they use to market properties, including their own website, online property portals, and social media. They will also have a database of potential tenants who are looking for properties similar to yours.

At Complete Residential Lettings Coventry, we utilise all the above marketing channels to ensure your property gets maximum exposure.

We advertise all our properties on Zoopla, On The Market, our own website, and on Facebook. We get ample enquiries on a daily basis from these sources.

new tenant in coventry property

How do you screen and reference potential tenants? 

It is important that you find a letting agent that takes the time to screen and reference all potential tenants thoroughly. This process will help to ensure that you end up with a tenant who is reliable and who will look after your property.

At Complete Residential Lettings Coventry, we always conduct a thorough screening and referencing on all potential tenants. 

Our tenant screening process

All tenants undergo stringent referencing. This includes previous landlord checks. We require their current, or previous, landlord to confirm that their tenancy was conducted satisfactorily, payments on time, looked after the property, etc.

Also, work references to ensure they earn enough to take on a tenancy, a credit check to make sure they have not had adverse credit in the past, and also a right to rent check, where we need proof of id and also that they are legally entitled to rent and stay in the UK.

How do you deal with overdue rent? 

Finding a letting agent who has experience in dealing with overdue rent is very important. This will ensure that you are able to get the rent that you are owed as quickly as possible.

At Complete Residential Lettings, we have a dedicated rent arrears team who are experienced in dealing with overdue rent. Late rent is dealt with firstly with a polite phone call, just to see if it has just been an oversight.

The second would be an email outlining their obligations and that further action would be taken should we not receive the rent, we also attend the residence should we get no response to the first two.

If the above does not succeed then if they miss two payments we would then start legal proceedings to have them legally evicted.

The main thing we do in most cases is to work closely with all tenants, to try to work out a payment plan, as anyone can have financial difficulties from time to time.

Are their contractors reliable? 

It is important that you find a local Coventry letting agent who has reliable contractors who can carry out any necessary repairs and maintenance on your property in Coventry. This will ensure that any repairs are carried out quickly and to a high standard.

At Complete Residential Lettings, we only use the most reliable contractors who are experienced in carrying out repairs and maintenance on rental properties in a timely manner. 

We have a number of preferred contractors who we use on a regular basis. These contractors are all experienced and qualified in their respective fields.

We vet all our contractors very carefully, making sure they have ample experience in the relevant field, liability insurance, and also that they provide us with competitive quotes for any work that needs to be carried out.

Most of our contractors have been working with us since we started in 2010 due to them being reliable and conscientious.

What are your management fees? 

These fees will vary depending on the services provided by the agent.

At Complete Residential Lettings, we charge a percentage of the rent as our management fee. This fee includes rent collection, property inspections, arranging repairs and maintenance, and dealing with any tenancy issues that may arise.

Management fees are typically 10% of the rent received. This is negotiable should a landlord have multiple properties in Coventry.

Tenant deposit protection

All tenancy deposits must be protected by a government-approved tenancy deposit scheme. This is to ensure that the tenant receives their deposit back at the end of the tenancy if they have met the terms of their tenancy agreement.

At Complete Residential Lettings, all our deposits are registered with the Deposit Protection Service. The reason we use these is that they hold on to the deposit money during the tenancy, and they also deal with the distribution of the deposit at the end of the tenancy.

How do I find a good letting agent in Coventry? 

There are a few things to consider when looking for a letting agent in Coventry.

The first is to make sure that the agent is a member of a professional body. These membership bodies have strict codes of conduct that members must adhere to.

This gives you some peace of mind that the agent is reputable and will act in your best interests.

It is also worth checking online reviews of the letting agent. This will give you an idea of the level of service you can expect from the agent.

Finally, it is always worth meeting with the letting agent in person to get a feel for them and to ask any questions you may have.

Why do letting agents charge landlords?

Letting agents typically charge landlords for their services. The fees charged will vary depending on the agent and the level of service provided.

Management fees are usually a percentage of the rent received, typically 10%. This is negotiable if a landlord has multiple properties.

At Complete Residential Lettings, our management fees are very competitive and we offer a discount if you manage multiple properties with us. Our management fees are typically 10% of the rent received. This is negotiable should a landlord have multiple properties.

We also offer a rent guarantee scheme for an additional fee. This scheme covers any rent that is unpaid due to tenant default.

Looking to let your property in Coventry? 

For more information on our fees, please don’t hesitate to get in touch! We would be more than happy to meet with you in person to discuss your letting wants and needs! You can also call our friendly team here 024 7667 9333. 

 

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June 2020 Property Rental Update | Lets Complete

As time goes by, new legislation is put in place to make rental safer and easier for both tenants and landlords, protecting everyone involved with a property, and 2020 has some new rules for us to take note of.

Looking to Let Your Property in Coventry? 

So are you looking to let out your property with Complete Residential Lettings? There is just one extra thing you will need to get done first, especially if you are looking to list your property with us once June 2020 commences…

So what is this extra item you will need to get your property showing within our rental listings as soon as possible?

The answer is, an Electrical Safety Check.

“As of the 1st June 2020, every property that goes up for rental will need a valid Electrical Safety Report that can be supplied to Letting Agents before the listing goes up, ready to be supplied to the relevant tenants when they move in.”

For now, this legislation will only apply to new listings, however, all rental properties housing tenants will also need these checks completed and documented by June 2021. These checks are required for every kind of rental property and failure to produce a valid report can lead to hefty fines of up to £30,000.

What should I do? 

So what do you need to do? Call an engineer! This legislation means that before advertising your rental property, you must have a professional engineer come and do a full electrical check. A copy of the report produced from the completed check must be available to be supplied, much like current legislation for gas appliances. However this does not last forever, once your property has been checked, you will need to follow this up with subsequent Electrical Safety checks every five years to stay compliant.

This report shows and ensures that all electrical circuits and appliances have been checked and deemed to be in working order at the time the check took place. Having this report certifies that all electrical items in a property are safe to use, getting this check repeated each 5 years is crucial in ensuring this stays true.

Listing Your Rental Property 

Once you have this document in place it’s business as usual, we can list your rental property and work on finding you the most ideal tenant available. If you want to get in contact with us to arrange us taking over your rental, or need any more advice about this new legislation please just get in touch by using our contact form or giving us a call on 024 7667 9333.

 

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What Is Included in Your Tenancy Agreement?

Planning to rent in Coventry and just need to draw up the tenancy agreement?

Make sure everything you need is included before you add your signature, to save yourself from potential issues further down the line.

Your tenancy agreement is put in place as guidelines of ongoing practice and documented proof of the arrangements between yourself and your landlord. So having everything in order is crucial for this document to be of any benefit to you at all, let alone for the full duration of your tenancy agreement.

But what exactly will you find in your new tenancy agreement, and what should you always make sure has been included?

As an experienced Letting Agent, Complete Residential Lettings will do all of the paperwork for you, so when finding your Coventry Rental Property through us, you will not need to worry that anything is missing.

However, for your peace of mind, we do ensure that the following has been outlined and included in your agreement. To keep both you and your landlord safe and happy.

Landlord / Tenant & Property Information

This includes the names of both yourself (the Tenant) and your landlord, as well as their contact information, should you ever need to get in touch with them.

As well as any information on additional tenants to the property, who else is expected to be living there, and if the property can be sublet.

Tenancy Start Date, Length & End date

A clearly stated part of the document that covers the length of your tenancy agreement duration. The date you are expected to be moving in to the property, how long you are permitted to stay there until you need to renew your tenancy agreement.

Rent Agreements & Expectations

This will outline the total rent expected from the tenant during the tenancy period, the agreed monthly payment amounts and expected dates of payment for the tenant. As well as the method of how this will be paid. We will also plan out any details in foreseeable alterations to these payments and how this would have to be executed if a change does occur.

contract signing tenancy agreement
Image by: Pixabay

What is Included Within the Rent

To keep things clear, and save any disputes for missed payments further into the tenancy. This part of your agreement will detail what your rental payments include, whether they cover your energy and water bills. As well as any other utility costs that are accumulated through living in the property. If they are not covered, these will have to be paid separately.

A Vacancy Notice Period

A notice period is the minimum amount of notice required from the tenant or landlord for the property to be vacated. This applies to both a tenant requesting to leave an agreement early, and a landlord requesting a tenant to vacate earlier than previously agreed. These times have set minimums by law, and can be discussed with us if you need any further advice.

Extras

As well as the above terms, there are a few implied terms that come with a tenancy that will be included and detailed further within your agreement. Such as who is responsible for any repairs and maintenance that the property needs during the tenancy period and guidelines and requirements set for the general upkeep of the home on the tenant’s part. There may also be some more obligations agreed between you and your landlord prior to drafting up your agreement, which will also be included in your document.

As your local, friendly Coventry Letting Agents, we are always here to help. So if you are looking to start a new tenancy, or have any questions about your existing tenancy / rental with us, please contact us on 024 7667 9333.

 

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How To Apply For a property Tenancy

Have you found the perfect Coventry rental property for you? Selecting the right rental property is not an easy task, so when the property, location and facilities are right for you, you just know. But how do you now apply for the tenancy?

With Complete Residential Lettings, applying for your ideal property is simple. All you have to do is fill in the appropriate form/s and send them over to us. We will then review your application and let you know if you have been successful. There will be no fee for unsuccessful applications, so you don’t need to worry about paying any unnecessary payments to find out the outcome of your application. 

We have four kinds of application forms for tenants to fill out, you just need to select the one/s that are relevant to you. 

 

Property application

Who is this form for

Any person/s looking to become a tenant of a property through Complete Residential Lettings.

What information is required

The form requires basic information to be submitted. Such as personal information, details of those due to live in the property alongside the main tenant, the applicant’s current living information, employment and income details as well as further information and holding deposit requirements should the application be successful. For this form the be valid a signature is also required to indicate compliance and understanding of terms and information provided within the application form.

Why this form is required

Our application forms are required so we can put you forward as a potential tenant. Collecting basic information that we can use to vet applicant suitability for the property in question and for use to move the rental process along should the application be accepted. This information will be reviewed and verified by Complete Residential Lettings and passed over to the property landlord where required for approval.

 

Want to get started on your property application?

Student application

Who is this form for

Students looking to rent a property for student accommodation, whether alone or as part of a shared living agreement.

What information is required

The information on this form is similar to the normal property application. Including personal information, additional income, current living arrangements as well as a signature of compliance and understanding of specified terms. However further information is also required to detail the course being taken by the tenant as a student. Including the course name, university being attended, and the course type and duration.

Why this form is required

This form is required for Complete Residential Lettings to put you forward as a potential tenant of the property. Allowing us to verify your personal information and course details. Ensuring the appropriate funding is in place before approving the application.

 

Are you a student looking to apply for a property through Complete Residential Lettings?

Company Let application

Who is this form for

A company who is looking for space to rent as a business. This kind of tenancy is arranged between the landlord and the company, rather than a living agreement for a singular person.

What information is required

This form is a little different from our other tenancy applications, as it requires company details as well as the standard personal information. We need to know your company name and registration number as well as the current business address and the personal applicants role within the company. This gives the landlord a good idea of who they are potentially renting to. Further information such as current address, accountant and solicitor details are also a required part of the application process and must be submitted onto the form.

Why this form is required

Our Company application form is required to provide Complete Residential Lettings with all of the information we need to perform required background checks. Ensuring a business is a suitable applicant for the space in question before we put them forward for potential tenancy.

 

Looking to move your Company into a new space?

Guarantor form

Who is this form for

A person who is acting as a guarantor for a potential tenant who is applying for a property through Complete Residential Lettings. Someone well known to the applicant who is confident to put their name forward to verify tenancy terms will be met.

What information is required

The information required on this form is much the same as that of the property application itself, as we still need to verify the source and reliability of each guarantor. The application includes personal details, current living address as well as employment and income information. Alongside this we require a signature of compliance with the terms and personal checks that are performed by Complete Residential Lettings.

Why this form is required

Tenancies will require a guarantor to verify the reliability of the applicant’s ability to fulfil the tenancy agreement. Ensuring that all rent and damages will be accounted for by the tenant. Providing Complete Residential Lettings with more confidence in moving forward with the particular tenancy.

 

Planning on being someone’s guarantor?

 

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Buy to Let Guide

New to letting out property? There are many questions that arise for first time landlords, even before you have selected the property itself. Because of this, Complete Residential Lettings have put together some answers to the more common Buy to Let questions that cover the whole process. Right from selecting and obtaining your ideal Coventry property to the final stage of moving your tenant in and collecting rent.

What kind of property should I consider?

When considering a property to purchase you need to consider whether it will suit your needs as well as being an attractive rental property. Consider the location and what kind of properties will rent faster and which will bring in more overall benefit. Which you choose depends on your personal goals for the property. For further advice speak to your letting agent about properties that are best and more likely to work for you.

Can I live in a Buy to Let property?

In most circumstances, no. You cannot live in a property that has been purchased using a Buy to Let mortgage. As a majority of these purposefully state that the owner cannot live in the property in question themselves. Much like standard mortgages do not allow rentals to take place. Living in your property regardless of this could end up invalidating your mortgage completely. However there are exceptions to the rule if you have paid off your mortgage completely, the property is usually yours to do with as you please. 

What is a Buy to Let mortgage?

Buy to Let mortgages are in place so that landlords can take them out on a property that they want to let out. This kind of mortgage gives you the ability to rent out the property before you have paid everything off and can be opened as long as you already own your own property. A Buy to Let mortgage will usually come with higher fees and interest rates as well as a few more differences compared to a standard mortgage. But overall they feature a lot of the same rules. 

Difference between buying a flat and a house to Let?

The key difference to keep in mind when purchasing a flat to rent rather than a house, is that the whole property will not be yours. You may be required to pay additional fees such as service charges and ground rent. As well as any extra expenses that vary depending on the specific property location and grounds. Repair costs will also differ between the two, as it changes who is in charge of larger repairs such as roofing. Be sure to check these kinds of responsibilities before purchasing a property, whether it be a house or a flat.

Do you have to pay tax on Buy to Let property?

Yes, in the UK stamp duty land tax will always have to be paid on your Buy to Let property. The amount of tax that you pay will vary depending on your properties value and location. Currently anywhere between 3% and 15% can be charged, dependent on your property value. However, this will vary further in different locations such as Scotland and Wales, where different fees and charges are required.

What do I do if my tenant stops paying rent?

If you rent is definitely overdue from your tenant, you have the right to get in touch and question the missing payment. As a letting agents, where a fully managed contract is set up with us, Complete Residential Lettings will be in touch with your tenant and resolve this issue for you. However if managing the property on your own you will need to contact them on your own accord and where applicable involve their guarantor to notify them of late payments. Overall the goal is to try to find the reason for the issue and resolve the situation in a way that suits both you and the tenant. 

Who is responsible for major repairs to by Buy to Let property?

This depends on what kind of major repairs you are referring to. Generally as the leaseholder, you are usually responsible for any repairs that are required internally. Such as plumbing or standard damage repairs. However, the freeholder, whoever has management over the land that the property is on, is responsible for exterior repairs such as roofing and windows. You will need to check who freeholder responsibilities fall to when purchasing your property.

Still have more questions about Buy to Let property?

Get in touch! We are here to help with any queries you may have. Contact Complete Residential Lettings on 024 7667 9333

 

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Letting Property Through A Letting Agent in 2022

Considering letting property in Coventry to bring in some extra cash?

Letting on your own can be time-consuming, sometimes even feeling like a second part-time job. As a Landlord you will be required to market your property, find a suitable tenant, and sort all legalities along the way. Whilst also maintaining the property and collecting rent once the new tenant has moved in.

Don’t have time for all that? That’s where your Letting Agent comes in.

Complete Residential Lettings offer a comprehensive service that ensures that you will not feel the weight of letting out your property personally. We have an average renting time of just three weeks and guarantee a friendly, helpful service along the way. So how can you let your property with us?

 

Step 1 – Is Letting right for you?

Before one of our agents gets started on listing your property, they will run you through the process of letting out your property. Covering topics such as how renting works, how your premises will be managed moving forwards and any legal requirements you will encounter along the way, such as the living standards of your property and any laws you will have to adhere to as a Landlord. We will also make you aware of any new legislation that you may not be familiar with whilst letting out your premises.

 

Step 2 – Getting your property on the market.

To list your property with us, we will provide a free valuation of your premises so we can ensure we are letting it for the best value possible. This will then be listed online, ready to be seen by any potential tenants. Showcasing the property with the relevant information and monthly rental cost to attract the right kind of tenants. Whether they be students or someone looking for a more long term home.

 

Step 3 – Finding potential tenants

This part is all down to us! Sit back while we source potential tenants for your property. Advertising your property to renters in Coventry using detailed photos and all the relevant information a potential tenant would need. Such as the property size, location and facilities. Our Agents will then go through the potential tenants and check their suitability for your specific premises, our checking process ensures that we are putting forward tenants that fit your criteria. Guaranteeing each matches the property and their background is fully validated. Whether you are looking to rent out to families, students or even companies.

 

Step 4 – Let us take care of the letting process

Let us take care of the letting process for you! We will arrange showings with the suitable candidates selected. Guiding them through the property to point out its key features and answering any questions they may have. Once a tenant has decided to apply for the property and been approved, Complete Residential Lettings will also help them fill out the relevant forms. Gathering the required tenant information and ensuring that all the necessary papers are signed. Drafting up a rental agreement that suits both yourself and the tenant. You will not need to do a thing, as our agents will even collect your deposit and arrange any maintenance needed before anyone moves in. However we will be sure to stay in contact with you throughout the whole process.

 

Step 5 – After the agreement

Once your new tenant has moved in and got settled, our agents will either be available to lend a hand to your tenants or simply on call for you when you need us. This is depending on the level of service you request from us when setting up your tenancy agreement.

  • Let Only – The rest is up to you. We will be on call if you need us, but getting the property successfully let is our role.
  • Rent Collection – All rent for your property will be collected through us, so you will not have to personally chase up your tenant for any late payments. However any other issues the tenant has will come to you as their landlord.
  • Fully Managed – Complete Residential Lettings become your tenants first call. Their rent will be collected through us and we will be their main contact for any issues or maintenance they may need throughout their tenancy. Allowing you to continue with peace of mind that your property is being taken care of.

To get your property listed with Complete Residential Lettings in Coventry, please contact us online or give us a call direct on 024 7667 9333.