Property investment void period
Void periods is the period in time where your property is unoccupied usually because you are between tenants. Empty properties can cause problems if you have a mortgage to pay.
Maintain Your Property
Ensure your property is tidy, clean and in a liveable condition. Bathrooms and kitchens are key selling points of your property – Update them or revamp them if they need updating. Up to date properties attract the best tenants at a higher rate. Presentation of your property matters.
Start marketing early
Work with legitimate agents and if you are trying to market your property yourself then advertise at reputable websites and places. This will reduce void periods, it’s important to advertise your property as early as you can. As soon as your tenant has given their notice then you must start to advertise your property immediately.
Check the market rental value and market it at the correct rate
Do your market research and find out the average rent values for the area. Check how your property compares to the area’s average, charge a fair rent.
Select good tenants
Selecting good tenants will save you a lot of hassle in the long run. If you can let to good tenants you’ll reduce the risk of sudden changes in circumstance. Unfortunately even the best tenants can have unpredictable lives. It can be tricky to tell which tenants are genuinely ‘good’. The best tenants are steady and secure in their careers and lives.
Keep an open mind
Your tenants may offer to decorate parts of your property or have pets. This is definitely worth considering. A tenant who wants to redecorate will likely see themselves in the property for an extended period of time.
HMO can be an option
If you rent in an area popular with students or young professionals, it may be worth considering turning your property into a house of multiple occupation. You will need to follow specific fire, health and safety regulations and also possibly obtain a license. This way, when one tenant moves out, you’re still making money from the other occupants.
Upgrade your furniture
Back to what we said earlier about how you present your property is very important. If you are offering a furnished property, it may be worth making a few special purchases. It could be the difference between attracting new tenants.
Be approachable and professional
It is vital that you deal with all property matters with professionalism and taking your tenants well being into account.