When you buy a property to let out, there can be a lot of things that can sap money from your potential planned earnings from rent. If you regularly need to be helping your tenants with things that are going wrong with the property you will find this really eats in to your monthly rental income, so it pays to make sure things are done properly. Here are some tips for getting the most income from your property investment, with the least amount of effort and personal involvement!
You can’t really rely on your tenants to clean the outside of the windows, especially in flats that are several levels high. For this reason, to keep things well maintained and looking good, it is best to use self-cleaning technology on things like skylights and rooflights, and hire a window cleaning service to take care of outside windows from time to time. This doesn’t cost a lot but will make your property look better, prevent issues from lack of maintenance, and keep tenants happy.
You will of course have to decorate the property before any rental tenants can move in, and whether you are renting the property out as furnished or unfurnished, you want it to look as appealing as possible to attract the right kind of tenants! Decorating in neutral tones in terms of walls, ceilings, carpets and other things that residents cannot change to make the home feel more their own is important – it will allow anybody to impose their own taste on it as a living space when they move in without affecting your property itself. This doesn’t mean you have to go for boring, unfashionable ‘magnolia’ style colours. Consider things like greys or sand tones, which will give the neutral effect but look more modern.
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Some property owners find one of the main problems when tenants have been living in a place for a while is damp, or black mould. This can occur when there is a lot of condensation, which often happens in kitchens and bathrooms during cold weather when tenants will not naturally open the windows. Investing in extractor fans can really help with this, and can prevent you from losing money removing damp and mould later. Sometimes these things can be extremely hard to get rid of, so taking preventative measures now is always the better way of approaching it – and your tenants will be glad to use the extractors if you tell them why they are there when they move in.
Rental properties are still a very good way to make money while retaining an asset, even in these uncertain times. However, it is very important not to try and save by scrimping on the things your tenants will need, or which will cause the property to deteriorate over time. Treat it like a home you’d live in yourself, and make sure it is well equipped for life for the people who’ll be using it!