Whether you’re becoming a landlord for the first time or just looking to maximise the income from properties you already own, precautions can be taken that ensure your investment is safeguarded. There is a lot to consider when you own property and a lot more to consider if you have a database of tenants to deal with if you have more than one property. To help you out we’ve got a few tips to ensure your investment remains profitable.
Increase the energy efficiency
Maximising your property investment isn’t just about renting it out to tenants it’s also about knowing when the right time is to sell and making sure you get the best possible price. Upgrading aspects of the property are things you can do that make the property look more appealing to potential buyers, ensuring the property is as energy efficient as possible will be a big plus for a potential buyer. One of the very least things you should ensure is that insulation is installed, but really have a think about added extras which could increase the value of property, like heat pumps and solar panels.
Make sure you’re covered
Insurance for landlords covers everything from valuables to the bricks and mortar that hold the house together. You will also be protecting yourself from any seasonal occurrences that could damage the property – burst pipes or an attack of mould. Notices may have to be produced and served on bad tenants or you could lose your tenants through property damage caused by fire or an accident that results in structural damage. Protecting yourself from these potential accidents will ensure you are protecting yourself from a loss on your property investment. If your property houses tenants then insurance for landlords is the first thing to tick off.
Keep it fresh
If you’re looking to cash in on your investment by selling or keep the money coming in with new tenants it’s always advisable to keep the property clean, bright and lively in look and feel. If you keeping the property to house new tenants don’t go too overboard on fixtures and fittings, but do try to improve the look of the property with basic accessories and necessities. A professional carpet cleaning service or a quick run around the garden with a mower will create a good impression of the house. Selling the property may require a bigger investment from you, so look at what can be done in areas such as the bathrooms and kitchen.
Choose tenants wisely
When looking to maximise your income on your property investment it’s not just about getting people in who can pay the rent, you have to ensure they are going to be good tenants. Ask for references from employers, ask for a guarantor if these are not credible and run credit checks with official credit companies. Any estate agent would perform these checks so don’t think you are asking for too much, it may take a little longer to get the tenants, but this shouldn’t stop you from doing all you can to ensure your tenants can and do pay the rent on time.
We do hope you find the above helpful, for further related housing information you can read more at www.webuyanyhouse.co.uk Allan Freeman is the Comms manager who put this piece together.