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Lettings: How to Maximise Your Property to Let

Posted on: Tuesday, September 6, 2022

As a buy-to-let landlord, you have made a significant investment in a highly valuable asset, so it makes sense to maximise your rental income and make a profit. Here are our top tips to help you achieve your goals.

Expand your market

The key to any investment is understanding your market and potential demographic. When it comes to buy-to-let, you’ll need to gain a keen understanding of who your potential tenants are and how to reach them. This could mean investing in marketing (including professional photos), determining a correct rental price with the help of an agent, and being readily available to receive calls and emails.

Keep the property updated and fresh

Improvements do not need to be elaborate or expensive to attract higher-paying tenants. A well-presented home that has clearly been kept clean and maintained well is endlessly more attractive to prospective tenants than the opposite. Consider how you can up the appeal with interior design, for example, neutral and simple colours are fairly commonplace in rented properties due to it being cheap. Set your property apart from the rest with bold or warm colours and increase the home’s implied value.

Maximising income

To maximise your rental income, you will need to stay competitive by regularly checking rent prices for similar listings in the area. Rent can increase due to rising demand for the local area, so keep watch and make sure you aren’t undercharging for your property.

Minimising damage

Damage to your property will harm your return on investment and is likely to deter higher-paying tenants. Routine check-ups on your property, thorough research into prospective tenants and their rental histories, and clear agreements on maintenance requirements will all help safeguard your property’s condition.

Renovations

Investing in renovations such as an up-to-date kitchen, adding an extension or fixing structural issues is the best way to add value to your property. Many renters are willing to pay extra for better facilities including kitchens and bathrooms with plenty of storage and modern design will be a big draw.

Managing your finances

To maximise your return, you must ensure that your financial foundations are sturdy in case of any unexpected outgoings such as repairing damages. Work out your typical monthly yields and balance this against regular outgoings such as mortgage payments, to make sure you can sufficiently manage your investment. It is also important to have an overflow in your fund as a safety net in case the property becomes vacant for a period of time.

Contact us

Are you looking for a buy-to-let property? Contact your local Guild Member today for expert advice and guidance.

 

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I would highly recommend Hardings Estate Agents. They have excellent knowledge of Windsor and the surrounding areas, and are extremely professional, responsive and courteous. I would not hesitate to using them again the future. I recently dealt with Milica who was instrumental in securing us our new home in Windsor as well as the sale of our existing property. She was a fab negotiator and a real pleasure to work with from beginning to end. Thank you!

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Hardings of Windsor managed our purchase with complete professionalism and went over and above in my opinion to manage the transaction and chain, resulting in a really smooth purchase. Milica at Hardings constantly provided timely updates and managed respective solicitors and the chain effectively, always responding quickly to queries. The whole transaction would not have happened without Milicas' focus on making all parties comfortable and satisfying all queries, not only professional but a delightful and welcoming personal approach that was a constant throughout. Thanks Hardings! Thanks Milica!

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We recently purchased our new home with Hardings Estate Agents. The whole team there were very helpful and flexible with us, arranging viewings quickly on the same day. They were always quick to respond and if ever our point of contact was not there, the service did not change as they work well together as a team. We received a personalised service, which allowed the sale to proceed quickly. Thank you all and we recommend Hardings Estate Agents without hesitation.

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How Much is Your Property Worth?

How Much is Your Property Worth?

A senior member of our sales team will visit your property to discuss current market trends and how your home; based on size, condition and location should be pitched to achieve the best possible price and buyer. Coupled with an excellent understanding of the local market we do a detailed analysis of what else has sold and what is coming onto the market so we can give you the best chance to capitalise on your biggest asset.

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