The Hidden Costs Of Becoming A Landlord In The UK

 Hidden-costs-when-becoming-a-landlordOn paper, it sounds like a dream. And, with interest rates currently at exceptionally low levels, the profitability of being a landlord seems like a no-brainer.

However, it’s not all rosy. There are umpteen hidden costs – many of which are not unearthed until it’s too late.

Some of these have been around for decades, while others are more recent fees that the authorities have brought in. Regardless, if you’re considering becoming a landlord, here’s the lowdown on some of these surprising costs.

Stamp duty

The majority of transactions in the UK incur stamp duty – but there’s an extra fee for landlords. As well as the standard rates, they also have to pay an additional 3% tax on the value of the entire property.

Suffice to say; this adds a significant bill onto any purchase.

Tax

As the famous saying goes, there are two things in life which are certain… However, while landlords have always had to pay tax, it would be fair to say that the situation has changed somewhat over recent years.

Several years ago, a landlord could claim all their mortgage interest payments as an expense. Now, this isn’t the case. A slightly more complicated system has been brought in, meaning landlords can claim 20% relief on their expenses. For basic rate taxpayers, this won’t make too much difference. Still, for those in the higher brackets, the costs can be significantly higher and mean that a rental property is no longer a viable investment.

Insurance

Unsurprisingly, getting the appropriate insurance is another cost you need to factor in. If you have a mortgage on your property, you’ll need to turn to buildings insurance to satisfy the lender’s terms. There is also landlords insurance, which differs from typical home insurance.

These fees are low compared to some of the others we have mulled over today, but they again need to be accounted for, as they can all add up.

Licenses

Fortunately, this doesn’t happen in every part of the country. However, the local authorities charge a ‘license fee’ for landlords in some areas. This can be as much as £900 per property, which can again hit a landlord’s bottom line.

Nottingham was one of the first to implement this fee, but it’s understood that more councils are considering it to raise much-needed funds.

Tenant turnover

A lot of landlords forget that there can be periods where properties remain vacant – and each one of these periods is going to cost you. It’s not only the days, weeks or even months without receiving rent (and potentially paying council tax as well), but it’s the added costs of finding replacement tenants and prepping your property so they can move in comfortably. Most agents charge a finding fee when they get new tenants, which can eat away at your first month’s rent.

Some properties, and areas for that matter, are more likely to experience tenant churn – so do your research before committing.

5 Relaxing Hobbies to Try Out in 2022

5-Hobbies-for-relaxation-to-take-your-mind-off-of-all-the-things-that-are-going-on-important-for-your-healthThere are hundreds of hobbies here are 5 Hobby ideas for creating a relaxation to keep your mind off of negative things in your life, important for your health.

Retirement leaves you with a lot of free time. After a lifetime of working, this might sound like a dream come true, but it’s easy to start feeling bored and unfulfilled. Starting up a new, creative hobby is a great way to spend your time. They can also be relaxing and therapeutic, and help to keep your mind off the negative things in your life. Take-care-if-health-during-stressful-time-take-your-mind-off-what-is-going-on-by-finding-new-hobbies.

Here are a few ideas for some fun but relaxing hobbies to try out this year.

Sewing

As one of the most rewarding hobbies you can get into, sewing is becoming more and more popular. Being able to create clothing for yourself and your loved ones is a great way to explore your creativity and come up with wonderful gifts for the people in your life.

Think of new skirts and blouses, and even simply repairing old, torn clothing for the people in your life. Sewing is also a relatively affordable hobby. You can invest in a beginner sewing machine and get carried away!

Mosaic Art

An expressive hobby like mosaic is a great way to get your creative juices flowing and channel your emotions into something beautiful.

Not only is mosaic art easy, but it gives you complete creative freedom to create and decorate as you please. You could decorate planters for your flowers, trays, mirrors and photo frames, or create beautiful garden décor from scratch. The options are endless and your family and friends will love you for bringing this colour into their lives.

Painting

Expressing yourself through painting, even through paint by number is another great way to keep yourself busy and relaxed. Take a walk in the garden and get inspired by what you see – transferring the beauty in your world onto canvas is a great way to spend your time.

Painting is also a hobby that can be shared with friends and family – sharing a cup of tea and simply enjoying one another’s company whilst painting together is a lovely bonding experience, especially if you can learn from one another.

Gardening

If you live somewhere that offers you your own little piece of nature in the form of a garden, you could put this space to good use and get your hands a little dirty!

Gardening is a great hobby and it’s a wonderful experience to nurture your plants and watch them grow and thrive. Having something to work on daily, and needing to take care of things regularly is a good way to add some structure to your retirement days too.

Bike Riding

You might think that exercise is the exact opposite of a relaxing hobby, but a slow bike ride each morning or evening can be a quiet and peaceful experience. Taking some time to get a bit of fresh air before everyone else has woken up and crowded the streets can be calming, and of course, the movement will be great for your joints and heart!

You might want to rope in a friend to join you on your bike rides – for safety’s sake and for the pleasure of the company.
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Excellent Prom Tips For Curvy Girls

 Excellent-Prom-Tips-For-Curvy-GirlsImage Source: Unsplash

It is never too early to start getting prepared for your senior prom, and the earlier you start looking for a suitable prom dress, the more choice you will have. If you are a curvy girl, it can sometimes be challenging to find a dress that fits you perfectly, but there are things that you can do to increase your chances of finding the perfect prom dress. You can also follow tips that will help you feel like a princess when attending your prom and ensure you turn some heads at your senior prom.

Choose A Fitted Dress

When you are looking for a dress for your senior prom, you will want to ensure you get a fitted dress that comes in at the waist to show off your curvy figure. Try to ensure your chosen dress does not have too much fabric, or you will not be able to show off your curves. You can select other dress styles but try to make sure it is not too loose, so it accentuates your curves.

Choose A Dress With Thicker Straps

When looking for dresses, you will want to try selecting ones with thicker straps. The reason for this is so you can wear your regular bra underneath, and it will ensure that you have plenty of support and feel comfortable. A dress with thicker straps can look fantastic when worn, and it will also make you feel super comfortable.

Choose A Heavier Fabric

You will also want to consider a dress made with a heavier fabric, so it sits nicely when you wear it. The heavier fabric will hug your curves and show them off to the world but are still flexible enough to allow you to dance freely.

Consider A Shorter Dress

If you are thinking of choosing a dress that offers more coverage at the top to ensure you get the support you need, you can consider wearing a dress with a shorter hem such as those sexy designer cocktail dresses online. You can select a dress with a flirty bottom to show off your legs and make you look and feel fantastic when attending your prom.

Wear Light Shorts Underneath 

If you are worried about chafing when you are at your prom, you can combat this by wearing a pair of lightweight shorts underneath. A pair of boys’ shorts are an excellent option, and when you wear them, it will prevent your thighs from rubbing together and potentially causing painful chafing. If you are wearing a fitted dress, you will want to find some seamless shorts to wear that cannot be seen underneath your clothing.

Consider Tailoring Your Dress

 Consider-Tailoring-Your-Dress.Image Source: Freepik

Buying clothes off the rack can sometimes be frustrating, as it can seem impossible to get a dress that fits perfectly. However, you can consider buying a dress and then having it altered to ensure it fits like a glove and is extremely comfortable when you wear it. Buy your dress early, and it will give you plenty of time to have a seamstress alter it for you, or if you like to sew, you can do it yourself.

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Why Shouldn’t You Avoid Loans In Business?

 If-your-business-gets-in-trouble-financially-dont-hesitate-to-get-a-loan

Your business may face several types of hard times. However, it does not mean you just stop your business because of a hard time. The worst type of a hard time that a business can face is a financial crisis. In that case, there are many options available, while the one most people avoid getting loans.

In reality, getting a business loan might be the best decision anyone can make, and here we will elaborate on how.

Why going for a loan can be a better option for your business?

There are many reasons why you should not avoid getting business loans and why it can be beneficial for your business. Some of those reasons are discussed here.

Everything is convenient and easy.

If you think that a business loan will get you stuck in complex processes, then you are most probably wrong. It is because getting a business loan is as simple as contacting some lenders and checking the availability of financing. The only thing that you need to be worried about is timely payment.

That, too, will be very simple and easy as long as you select the right plan for yourself to keep things convenient. The best part is that there will be no waiting for getting approvals and staying hung in between. You will get the answer yes or no in a very short time, keeping things straightforward for you.

You can select reasonable interest rates.

People usually think that business loans come with high-interest rates, making it hard to repay the money. It is also thought that the repayments are designed to get all of your profits, making things difficult for you and your business to survive. However, the reality is that you will get the best rates from most lenders for business loans.

It was not a thing a few years ago, but now the competition has made it necessary for the lenders to get their interest rates as tight as possible.

You can enjoy all the flexibility.

Do you have a loan model in your mind where the lender or financiers will have complete interference in your business? Well, this is not how things are now. The best part about getting loans for your business is that you can enjoy all the flexibility.

The lenders/financiers do not worry about how much you invest in your business or inventory or other things you do with your money. The only requirement you need to meet is to pay back the amount on committed time in a committed manner.

No need to share your profits with anyone

Getting funds from a relative or friend may put you into a situation where you have to divide your profits with them until you pay back their money. Otherwise, they will be an official partner in your business, sharing profits as long as you keep the business running. It is not something you need to worry about when we talk about business loans.

Getting loans from multiple options is a thing now.

Let’s say that you need an amount to fund your business that is not approved by one financer. The best part about business loans is that you are not restricted to getting one loan only. As long as you meet all the requirements, you can get multiple loans. Now, this can get very beneficial if you are looking for loans to get rid of your previous remaining loans.

Expanding business by different means gets easier.

Getting a loan for your business can be the right way to expand your business horizon. For example, your business may need the following things to grow:

  • More physical space
  • More workforce
  • Better/more equipment
  • More inventory

With a business loan, you can easily manage any of these without needing to worry about anything.

Sometimes you end up getting tax benefits.

A huge downside of business loans is the interest you agree to pay. Did you know that this interest rate that you pay on a loan is often tax-deductible? Well, paying two different things at a time can be difficult for your business, and with this tax benefit from the loan, you can be sure that you are not paying double.

However, this is not true with every lender or every loan. You need to check the eligibility for tax benefits before you apply for the loans.

Better business credit leads to several other benefits

Getting a business loan and making all the repayment on time means one thing. It means that your business will have a better business credit score. Well, this credit score is not only limited to the repayment of loans, but it is also an important factor in several other business matters.

There are many benefits. For example, suppliers provide better rates and often provide goods on credit to businesses that have a good credit score. It is just one example, and there are several others.

Loans come with quick disbursal.

When you are applying for business loans, you do not need to manage a lot of documents. Most of the time, things are done with minimal documentation as well as quick disbursal. It means that your business never has to wait for the loans to be approved and keep its operations going.

Business loans do not need any collateral.

The term loan is often associated with collateral which means you have to give something to meet the eligibility criteria. Only if you meet the eligibility criteria is there no need for any collateral. It makes things extremely better for small businesses and medium businesses where funds are needed for an emergency.

Final Verdict

If a business ever hits a financial crisis, things can go very hard to carry on. Things get especially difficult for the smaller businesses because they do not have a lot of risks to take. In any of these cases, a business loan can be your right choice because of its amazing benefits for your business.