If you are a landlord and are looking to maximise your BTL investment here are some tips on how you can achieve the best returns on your investment. In Surrey and South West London we are lucky to live within a short commute into the capital which means that if you make sure that your property is suitable for the young professional you will probably be able to attract tenants who will pay the most.
Here are our top 12 tips:
1. Make sure your property is well maintained as this will ensure that tenants stay for longer periods.
2. Vet future tenants properly to make sure that they can pay their rent, ask for references from landlords as good tenants will cause less damage keeping maintenance costs to a minimum.
3. The bathroom and kitchen are the most important rooms in the house so make sure these look good as it will encourage renters to stay longer.
4. Look to see if you can add an extension such as a single storey building to increase your rental income.
5. Talk to your local property experts such as Goodfellows to see if you can target specialised markets.
6. Look after your existing tenant – having void periods in your rental property can have an impact on your BTL investment yield, therefore if you are thinking about putting up the rent to existing tenants weigh this up against having to find new ones in a worse case scenario – the cost of drawing up a new contract, advertising and so fourth.
7. Make sure you let your property quickly to avoid empty periods – letting agents such as Goodfellows will be able to market your property quickly and efficiently.
8. Use a the services of a registered ARLA letting agency to make sure you do not fall foul of regulation.
9. Get good advice on tax issues concerning your BTL – many landlords are now using Limited companies to rent out properties, but this does have added complications when selling.
10. Make sure your property is well insulated, this will improve its Energy performance making tenants want to stay longer and it being more marketable to new tenants.
11. Buy a property with good transport links and good internet access, as this will be more attractive for professional tenants.
12. Allow two months towards the end of tenancy to find out whether your tenant is staying, which will allow you to remarket the property if needed in plenty of time to avoid unoccupied periods.
At Goodfellows we offer a range of different landlord services, for more information please check out our website.