Purchasing a buy-to-let property is a financial decision first and foremost. It is easy to get caught up in the emotional aspects of the purchase – but remember that this is business. In the long-term, it will pay to adjust your mindset; intricate flowerbeds you like should not take precedence over a garden which is easy to maintain.
However, there is no reason that being practical shouldn’t be the same thing as making a buy-to-let property appealing to prospective tenants. Making sensible decisions at the beginning will pay dividends for years to come.
Here are 4 simple tricks to help rent out your buy-to-let property…
Location
This is arguably the most important consideration of all. Buying in the right place can as good as confirm you a steady stream of renters over the course of the investment.
Study after study confirms that proximity to amenities and transport is a key concern for renters. Young professionals want to be close to city or town centres and all the amenities on offer there, whereas proximity to a good school might be more appealing for families. Whichever type of tenant you are aiming for, it will pay to take the location of your next investment into account from the start.
Dress the property well
Getting the look of your property right for renting out is a simple, but often overlooked, part of the process.
It is advisable to go for classic neutral tones for walls and carpets. Whites and magnolias help to make the best use of whatever natural light your property has, creating a bright living space which will appeal to the prospective tenant.
Always bear in mind that you are not the one who will be living there, and your personal tastes shouldn’t stand in the way of making a good business decision when it comes to redecorating. If you are into black walls and orange carpets then that’s fine, but you should recognise that most tenants will not be.
Finally, when one tenant moves out, consider redecorating before the next one moves in. Aside from being the decent thing to do, it is a good investment as the next tenant will feel looked after and is more likely to stay for a long time.
Make sure everything works
This might sound simple, but there are landlords out there who seem to view basic maintenance as somehow optional.
For some, it is surely tempting to cut corners and keep costs low – but in what field does cutting corners ever lead to a good long-term outcome? Doing only the bare minimum will only ensure that you have long void periods which will end up costing you more than any repair work.
For instance, rather than painting over mould in your property, why not call in a professional to fix the problem at the source? Or rather than get a friend who ‘knows a bit about plumbing’ to fix a leak, maybe call a qualified plumber with a track record?
Linked to this is the essential need to make sure all safety certificates, fire alarms and carbon monoxide detectors are in place. Tenants will not want to stay in a property which isn’t fit for purpose.
Choose a good letting agent
You may want to let and manage a property yourself, but the vast majority of investors work through a letting agent for the simple reason that property management is time consuming and stressful. Choosing a lettings agent with a good reputation for excellent customer service will save you time and effort down the line.
In addition to this, it can be a good idea to look for an agent with proven knowledge of the area, whether that is a local agent or a national one with a good track record. Aside from the fact that you won’t have to worry about explaining the local market to them, if they have a history of letting in the area then the chances are they will have a bank of potential tenants they can match. All of this speeds up the process and reduces void periods.
Looking for your next investment? Why not have a look at our available buy-to-let opportunities and see what we have that meets your criteria!
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