No matter how many properties there are, or are not, available in your local area, the biggest question is always ‘How do I find good Tenant’
This question is also asked in reverse by many prospective tenants who have had problems with bad Landlords.
So if your thinking of investing in a rental property here are some considerations that may be useful.
- Area – Is there a demand for property in the area, check and see if there are many others available, it is worth doing this over a few weeks, checking how quickly the properties are renting or if they’re sitting for a while.
- If you are thinking of a suburban area, things like parking, public transport, schools, local shops and neighbour proximity should be taken into account. Usually areas outwith the cities walking distance are more attractive to families whereas flats in the city are more attractive for younger people looking for access to work, university, bars, etc.
- Kerb Appeal – Are the surrounding properties being looked after, clean and tidy, free from litter. It may be worth buying in a block with a factor, this ensures the property and the grounds are being looked after, it may cost a bit more but this can be taken into consideration when setting the rent. We offer a Factoring/Block Management Service please visit our website for further details http://www.faircityletting.co.uk
- Security – More and more tenants are taking into consideration security when looking at a property, does the block have a secure entry system? is there sufficient lighting and how safe is the internal stairwell? Are handrails in place or missing? It is always worth returning to the property in the evening and checking to see the security door is not being left open.
- Internal Fittings – The better the inside the property is the easier it is to rent. Modern fittings in the Kitchen and Bathrooms are very important and can make the difference between a property being let quickly or sitting for a while. Fresh decor, clean carpets, gas heating, double glazing and above all a clean property can make all the difference. We have also found that providing a tenant with a property in good order can mean they are more likely to look after it, regular inspections should be done to make sure the property is being kept in a good condition. We can do these for you visit http://www.faircityletting.co.uk
- Furnishings – There is less demand for furnished properties, should you be considering letting furnished the furniture must meet the fire safety standards and have fire labels on any soft furnishings. This should be modern and matching, mismatched furniture and old sofas do not appeal to most tenants. Even when letting unfurnished most tenants now expect white goods, cooker, washing machine and fridge freezer, a dishwasher and microwave will also appeal but the more items provided in the property the more the landlord is responsible for repairing/replacing.
- Outdoor Space – Although Tenants quite often think they would like a garden it is not always the case when it come to maintaining them. The garden should be made as maintenance free as possible. If there is grass, a lawnmower should be left for their use, often it better to include the cost of a gardener into the rent to make sure it is kept in reasonable order.
If you would like further advise on a property you are considering buying or any of our other services which include Tenant Find, Property Maintenance & Refurbishments, Factoring, Inventory/Condition Reports, Check-in/Check-out Inventories, Regular Inspections please contact us 01738449295