Being a landlord is by no means an easy undertaking. Competition for exemplary tenants is fierce, maintenance can be costly and time consuming and your legal obligations can at times feel like a web of confusing, ever changing jargon. But if you can get it right, and investing in a rental property can be one of the most lucrative and satisfying investments you can make.
With renting becoming increasingly expensive and in turn tenant’s expectations and demands becoming harder and harder to satisfy, take a look at our top 5 tips below to ensure that your property is in tip-top shape to help boost your rental yield and secure long term, happy tenants.
Think outside the house!
Don’t put potential tenants off with a drab and dreary façade or un-kept garden. First impressions count! The exterior of your property is a reflection of its interior condition. Keep it clean, tidy and attractive. In some cities, outside space is a luxury that comes at a premium, so don’t waste it! Not only can a well maintained garden act as an extension of the interior living space, but it can also help to secure long term, reliable tenants, and act as a strong selling point should you come to put your property on the market in the future.
Focus on the wow factor
The appearance and functionality of your property’s kitchen and bathroom should be at the top of your priority list, especially if you are looking to achieve the greatest possible rental yield. With the condition of these two rooms often being of the utmost importance to individuals looking to rent or buy, investing in bathroom and kitchen renovations, although often costly, can have huge benefits. Add value to your property, wow potential tenants, and justify your rental rate, all whilst minimising future maintenance requests.
Keep it clean
This may seem like an obvious tip, but we can’t stress enough the importance of keeping your rental property squeaky clean and clutter free. A full overhaul is not always needed, sometimes a fresh lick of paint and a deep clean can do just the job to turn a dull and dingy dwelling into a bright and attractive home. Hiring a professional cleaner is well worth the initial output for the results achieved.
Spruce, Spruce, Spruce!
Interior décor can play a major factor in the appeal of your property. Get it right and prospective tenants will be flocking for viewings. Get it wrong and your property could quite literally be left on the shelf. Keep it simple, neutral and homely. Staging furniture, lighting and props can help prospective tenants envision themselves living comfortably in your property.
Rental house or rental home?
The excitement of becoming a landlord and renovating a property can often cloud the decision making process. Don’t forget that your primary goal is to make money from your investment. Over renovating and trying to achieve the picture perfect finish is not necessary. Remember that tenants will most likely view your property as temporary accommodation and will not treat it with the same care as they would their own home. Spend on what you need, not on what you want to maximise your profit.
Thinking of investing in a buy-to-let property? Speak to a member of our team today to discuss the current investment opportunities in your area.
Are you looking put you property on the rental market? Fife Properties offers a six time award winning lettings service. We’ve been helping landlords to rent their properties since 1971. No one knows the property market better than Fife Properties. Don’t take our word for it. Click here to see what our landlords say about us.
By Richard Cook, Lettings Manager
