If you’re looking for buy-to-let property for sale, or are ready to rent out an existing property, you’ll probably be focused on generating the best return possible on your investment.
In order to obtain a good rental yield, it’s imperative to prepare your property accordingly. It needs to look as appealing as possible, in order to attract the best tenants.
Here’s some tips to help you.
Property Seminar Tips – Preparing Your Property for Tenants
- Know your responsibilities. As a landlord, you’ll have certain responsibilities towards your tenants, and some of these are legal requirements. You need to provide a Gas Safety Certificate, for example, and an Energy Performance Certificate. Ensure you know exactly what’s expected of you before renting out your property, to make sure you act within the law.
- Understand the new tax rules. Recent changes to tax means that, if you’re now letting a furnished property, you won’t be able to claim the 10% ‘wear and tear’ costs against your tax bill. Also, from next year, the relief available on mortgage interest will be capped at the basic rate of 20% – regardless of whether you pay 45% tax or not.
- Weigh up costs. Being a landlord can be lucrative, particularly if you select the right area and property. However, that doesn’t mean it’s cost-free! In addition to mortgage, insurance and licences, you’ll also need to factor in the costs of maintenance and safety checks on your appliances.
- Get the tenancy terms right. Work out what tenancy terms will suit you best. A long-term tenant saves you the hassle of continually advertising for new renters – but you may not want to be tied into a longer agreement, particularly if you want to raise your prices in the future. However, short-term renters may not be so interested in maintaining your property to a high standard, as they won’t regard it as a permanent home.
- Clean it thoroughly. When tenants view your property, they’ll notice every little detail. As a result of this, don’t skimp on cleaning. A quick polish and vacuum clean isn’t sufficient – you’ll need to make sure that every surface is gleaming, that all appliances are thoroughly cleaned, that mould is removed from the bathroom tiles, and so on.
- Decorate to appeal. When decorating your property, avoid décor that’s too bright or bold – as this may deter some tenants. Instead, allow the house to act as a blank canvas, against which renters can imagine their own belongings in place. If you’re offering your property furnished, select furniture that’s muted and tasteful, unless you’re targeting a particular niche demographic!
- Figure out rent arrangements. Think about how you’re going to collect the rent. Many landlords use the services of a letting agent, as it saves a lot of time and hassle. However, you’ll have to pay a fee, which will eat into your overall profits.
The Buy2Let Shop in Bromley
If you’re seeking buy-to-let property for sale, and want to find the right property for your requirements, talk to The Buy2Let Shop. We’re a team of professional property investment agents in London, and we’re here to help you find the perfect property at a price that suits.
We also offer assistance with buying a house at auction, and hold regular property seminars to improve your knowledge of the market. To find out more, simply visit The Buy2Let Shop website today.