As with any venture involving property, being a landlord can be tricky business. Now, more people are renting due to the difficulty of getting in the housing market. But that doesnt mean its easy to make a profit when letting out a home. So sometimes you need to take that extra step and make a little more investment to make sure your to-let project gets you the money it should.
The where of it all
If you havent bought a property to let it, yet, then hold off on that thought. One of the ways you can make sure youre dealing with a steady income stream is by letting out a home to the right market. You might want to let to families, which means choosing a property in a nice residential neighbourhood. Similarly, there are some locations that are good for the steady stream of student and postgraduate tenants you can expect.
Curb appeal matters
Never let anyone tell you that a great garden is for selling a home only. If your property is in an upscale area, then people will most definitely pay extra for a garden that has had some work put into it. Remember that a lot of your tenants might otherwise be buying a home if they could. If youre willing to offer them what they want from a home, youll find they can be willing to pay more to live there.
More rooms, more money
The more usable space that you can offer your tenants, the better. Many will rush to convert spare rooms and attics to bedrooms. But dont ignore just how important the number of bathrooms can be to some tenants. Bathroom renovations might seem like a lot to handle. However, you can cut down on the cost and effort involved with services like PRS bathroom pods. When youre renovation, consider the materials that you use for those renovations, as well. It can be a good idea to choose those that are easier to maintain and clean. That way youre less likely to be facing hefty cleaning fees.
The longer they stay, the better
Vacancies are bad, we all know that. You dont want your property sitting around empty for long. While its a good idea to keep the one-year contracts, try looking for people who want to stay in a property for longer. Screen your tenants for duration, not just how likely they are to take care of the property.
Consider offering more services
You never know what kind of tenants youre going to get. Some will be more than happy to pay extra for services. For example, they may be willing to pay for the kind of services a contractor would offer. Landscaping, cleaning and the like. Its your property, so they know youll want to keep it in good condition. This way, you can get more profitable from being hands on with a few properties instead of managing a larger amount. If you take care of cleaning on an ongoing contractual basis, you can avoid disputes at the end of their term, too.
There are plenty of ways to ensure your property stays profitable. From choosing the better property to taking on more responsibility. The more work youre willing to put in, the better.