Five top tips for landlords
Date online: 12/08/2014
With demand for rental properties high and interest rates low, landlords should be looking at effective ways to reinvest in current properties to effectively manage their assets and maximise their returns.
It is especially worthwhile spending money on upgrading bathrooms and kitchens, fitting efficient heating systems and ensuring that the property has a good and reliable broadband internet connection. This will help landlords increase their rental yields, and simple improvements can also greatly increase a property’s desirability.
-Bathrooms and kitchens
An impressive bathroom and kitchen has always been the key to successfully letting a property. Properties with up to date, modern kitchens and clean bathrooms are far more appealing to tenants. Neutral bathroom and kitchen suites are inexpensive and will last far longer than installing the latest fad in home interiors.
If you have enough in the budget - two items we suggest investing in are a decent power shower and a self cleaning oven. These days, tenants are demanding a reliable and hot shower, nobody wants to pay rent for something that is dated. Likewise, a self cleaning oven will not only act as a desirability magnet for prospective tenants, but it will also ensure that your investment is protected from less-than-house-proud tenants. Investing in both items will, in the long run, be worth their weight in gold and are things that should be pointed out to potential tenants during viewings.
As we continue to be more reliant on the internet in everyday life, being able to offer instant, continuous and fast broadband is a huge selling point for landlords. Installing broadband can often be a lengthy affair, but, having it already installed will not only make your tenant’s lives a lot easier but could also make your property more desirable. Many broadband providers now tailor packages for landlords and the costs can be integrated into the total monthly rental price.
Being flexible when it comes to furnishing your property is key. By stipulating one or the other, you could run the risk of alienating a big piece of the market. Although furnishing a property is an expensive outlay, furnished properties often attract higher rentals and therefore if you are prudent with your spending, this money could be made back within the first year.
Landlords should look at the energy efficiency of their properties and how they can improve it to help tenants save money on their energy bills. Money spent on insulation and investing in energy efficient heating systems will not only tick the green and money saving boxes, but ultimately it will make the property more sought after by future tenants looking to keep their ever increasing heating bills down.
The easiest single thing that any landlord can do to ensure their properties are re-let quickly is ensure that it is professionally cleaned. It is also worthwhile having the carpets and curtains professionally cleaned, in order to get the maximum rent for the property.
Although following the tips above will make your property stand out from the crowd, in any market, a property that isn’t clean will put future tenants off. No conscientious landlord will ever be able to clean as thoroughly as the professionals. Getting a property professional cleaned prior to anyone viewing is one of the most effective investments that any landlord can make.