The greatest obstacle a landlord can face is lack of tenants. An empty buy-to-let property means one thing – dwindling profits; and if it continues for a protracted period of time, you’re likely to end up losing money.
Of course, it’s imperative to purchase the right buy-to-let property for sale in the first place; and if it’s in the right area, it’s almost certain to generate some level of interest. However, there are key mistakes that new landlords often make, which can deter even the keenest of prospective tenants. Here’s a handy guide, detailing what steps to take to ensure your property is as desirable as possible.
Property Seminar Tips – Making Your Property Appealing
- Make sure the price is right. You may well want to charge a certain amount in rent, in order to maximise profits. If it’s way above other rental rates in the area, though, you’re unlikely to get much interest. Research the market carefully, find out what other landlords are charging, and go from there.
- Sort out your marketing. In order to entice prospective renters to your property, you’ll need to market it well (a letting agent will be able to do this for you, for a fee). This doesn’t just mean advertising in the right places, it means taking good photos of each room too.
- Update the main areas. Nothing puts tenants off like a tired-looking kitchen or dated bathroom. You don’t necessarily need to pay lots to improve these areas (unless you want to attract higher paying professionals); sometimes all it needs is a new, basic white suite in the bathroom, and some fresh cupboards to smarten the kitchen up.
- Work on the front garden. The front of the house is the first thing your tenants will see; and if they’re confronted with overgrown shrubs, peeling window-frames, and an ugly front door, this won’t create a great first impression. Invest some money into improving the front garden area; even if it’s just pruning back plants and cleaning the windows. A few tweaks can make a big difference.
- Remove the old carpets. Old, dirty carpets look dreadful in marketing photos, and even worse in real life. Consider ripping them up and leaving exposed floorboards in the rooms, or if this isn’t possible (i.e. if there are no floorboards, or they’re in a bad condition), putting down some wooden flooring. Even high quality laminate looks better than a shabby, stained carpet.
- Paint the walls. We say this all the time at our property investment seminars – it’s amazing what a lick of paint will do. Over time, painted walls get dirty, and this makes the whole room look unloved. A tin of paint isn’t expensive, and nor does it take long to do a bit of painting – it’s a worthwhile investment and will make your property so much more appealing.
The Buy2Let Shop Limited
If you’re thinking of investing in a buy-to-let property for sale, talk to The Buy2Let Shop team. We’re property investment agents in London, and we’re here to offer guidance, support and practical help at every stage of your UK property investment.
To find out more about what we do, visit The Buy2Let Shop website today.