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Hello again <<First Name>>
Welcome to the latest ARaja Property newsletter, which has been a long time coming since my last update in September.
It's been a turbulent time for investors in the last few months, with George Osborne seemingly on a mission to clamp down on the buy to let boom and imposing new requirements on landlords across the country. The summer budget signalled his intentions with his limiting of the ability to offset mortgage interest payments against rental income, and in the last few months the Deregulation Act has come into force which has restricted the ability to serve s.21 notices where tenants have complained about disrepair. In addition to this, the government has decided to roll out legislation making landlords responsible for checking tenants' right to rent, effectively making landlords immigration officers as well as being responsible for the health and wellbeing of their tenants. This will come into effect next year, but from October 2015 landlords have been required to install smoke alarms on each floor of their rental properties, as well as fitting carbon monoxide alarms where there is a solid fuel burning appliance. The latest and most headline-grabbing of the recent measures has been the 3% SDLT surcharge on all second homes/buy to let properties, which will come into force in April 2016. A typical £100,000 buy to let purchase will cost an extra £3,000 in SDLT once the measures take effect.
Small businesses have not escaped Mr Osborne's wrath either, as he has taken away the dividend tax relief for small businesses, where previously small business owners could draw dividends up to the higher rate tax band without paying any further tax. Again this will be implemented in April 2016 and represents another blow to small businesses and entrepreuners. And the ironic thing is that a large proportion of landlords and investors voted for the Conservatives in the general election! I would urge anybody affected by these changes to sign the petitions at: https://petition.parliament.uk/petitions/106525 and https://petition.parliament.uk/petitions/104880
My thoughts on these changes are probably self-explanatory, but I will not let that defeat me or stop me from achieving my goals. In the last few months I have completed my third refurbishment of the year - a 2 bedroom Victorian terrace. I have uploaded photos on my Flickr album - click on this link or https://flic.kr/s/aHskn731iW for the full album. I have also added some sample photos below to give you a flavour of my properties. As you can see, I am providing a nice, clean, modern and safe home for my tenants, which is a far cry from the stories you hear in the media about greedy landlords supplying grotty, damp and dilapidated homes.
I have also completed the refurbishment of my personal home, which underwent a radical transformation. I will get professional photos done and will showcase these in the next newsletter and also on my Flickr page soon, so please "follow" my Flickr account to be the first to see them!
Finally, I have just agreed to purchase my first "flip"...which I have secured at a good discount thanks to my perseverance and persistence. This property had been on the market for a long time and had twice been 'sold', although both sales fell through. My low offer was accepted because the vendors were finally motivated and I could assure them of a quick and smooth transaction. Further details will follow in the coming months.
Until next time, I wish you a Merry Christmas and Happy New Year! Roll on 2016!
Best wishes
Anish Raja
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Before - tacky bathroom, weird colours
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Before - dated kitchen, red decoration?!
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Now - new modern PVC door and window
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Now - neutral colours, new laminate flooring
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Now - modern, stylish bathroom
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Now - stylish, modern neutral kitchen
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