Three ways to make a property more attractive to tenants
Good landlords deserve good tenants, but given the sheer number of options available to both owner and occupier, the trick to building a profitable investment model can be distilled to three basic rules for refurbishment and maintenance.
Undertake upgrades with a long term focus
Refurbishment doesn’t have to be expensive, but it should certainly not look cheap. Successful investors understand that cutting corners when refurbishing a buy to let property only saves money short term as shoddy workmanship will damage long-term rentability. Therefore, although fittings don’t have to be designer or wildly expensive, they do have to be sturdy and made to last. With this in mind, paying for professional joiners and plumbers is always a wise investment as poor installation cheapens even the most pricy bathroom suite.
Keep it neutral
Personal tastes may be bold and bright, but in the same way that those selling their property are recommended to keep clutter clear, those decorating for the rental market should do the same. Ornaments may add to an atmosphere, but a buy to let property will be someone’s home for the length of their lease, so keeping the décor neutral is a must. Also worth considering is the fact that a complicated inventory is an unnecessary complication for both parties; electrical appliences and crockery are easy to count and replace - fern sprays and figurines are not.
Keep a property clean and well maintained
It may seem obvious, but a clean and well-maintained property is a more attractive property. Not only that, but it will be clear, when checking a property at tenancy’s end, what is acceptable wear and tear, and what might be considered additionally chargeable. In short, a property that has an attentive and responsible landlord will be less likely to suffer a tenancy void and more likely to attract the sort of tenant that every landlord wants.
Building up an asset base, tax exemption, supplementary income, preparation for retirement…Read more
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