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In the current economic climate it is more important now than ever before that you maximise the rental income from your buy-to-let property. Below you'll find some useful tips to assist you.
Review the rent regularly in accordance with the requisite rules and regulations. If necessary, raise the rent.
Extra services. Consider arranging additional services for tenants, such as laundry, dry cleaning, pick up and collection.
Need to decorate, repair and maintain your property? If you have the necessary skills and expertise it may work out cheaper for you to do the work yourself rather than employing a contractor.
Tax, insurance, interest rates. Take advantage of tax incentives and regularly review the rates offered by your buy-to-let insurance and mortgage providers to ensure that you're getting the best deal. Change providers if necessary and possible.
Attract your target market. Understand your tenants' needs and tailor your property to their demands.
Lower purchase price for your property means lower mortgage payments. Additionally, consider buying off plan before developers increase the prices.
Invest in the long-term future of your property by ensuring that your property is well maintained, repairs are carried out in a timely manner and bathrooms and kitchens in particular are modern and up to date.
Need to know... understand why tenants leave your property and amend your working practices taking into account their feedback. Keeping tenants happy is key.
Car parking spaces, coin operated washing machines, sheds...consider hiring these out as a means of generating additional income.
Obtain as much information as possible about the buy-to-let market in the area where your property is situated before you purchase and ensure that you keep up to date with any market fluctuations. Be flexible and don't be afraid to adapt to changing times.
Minimise void periods. Keep a list of potential tenants from previous visits. Have a system in place to reduce changeover times. Network with other landlords with a view to 'trading' tenants.
Extra fee for late payment of rent. Inform your tenants that if rent is not paid on time they will incur a late payment fee. Follow up on this.
Uncertain economic times needn't necessarily mean financial difficulties for landlords. Hopefully these pointers will enable you to increase the rental income from your buy-to-let and act as a springboard for further ideas.
Related articles:
Attracting and keeping tenants
Legal tips for landlords
Dealing with problem tenants
General landlord information (DIY, Inventories and more..)
Energy-saving tips for landlords and tenants
Financial tips for landlords
Buying a buy-to-let property (auctions, location etc)
Insurance for landlords
Using letting agents
Mortgage information for landlords
The information contained within this article is for general information purposes only, it does not constitute advice. Direct Line for Business endeavours to keep the information up to date and correct but does not make any representation or warranties of any kind about its completeness, accuracy, reliability or suitability. Any reliance you place on the information is strictly at your own risk. Direct Line for Business will not be liable for any direct or indirect loss or damage arising out of or in connection with the use of this information.
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