10th January 2018 ::
By David Waterhouse
Maximise your BTL Investment
If you are a landlord and are looking to maximise your BTL investment, here are some tips on how you can achieve the best returns on your investment.
Here are our top 12 tips:
- Make sure your property is well maintained as tenants are more likely to stay for longer periods in somewhere they like to call home.
- Ensure that all tenants are properly referenced as good tenants are more likely to pay the rent and less likely to cause damage, keeping maintenance costs to a minimum.
- The bathrooms and kitchen are the most important rooms in the house so make sure these look good as it will encourage renters to stay longer.
- Consider a small extension to increase the size of the property and your potential rental income.
- Talk to your local property experts such as Angus Roberts to see if you can target specialised markets.
- Look after your existing tenant – having void periods in your rental property can have an impact on your BTL investment yield, therefore if you are thinking about putting up the rent to existing tenants, weigh this up against having to find new ones and the costs involved.
- Avoid costly void periods – a specialist letting agent such as Angus Roberts will market your property quickly and efficiently.
- Use the services of an ARLA Protected letting agency to make sure you do not fall foul of regulation.
- Get good advice on tax issues concerning your BTL – many landlords are now using Limited companies to rent out properties, but check what is right for you.
- Make sure your property is well insulated, this will improve its Energy performance making tenants want to stay longer and it being more marketable to new tenants.
- Buy a property with good transport links and good internet access, as this will be more attractive for professional tenants.
- Wherever possible take advantage of the notice period to plan and prepare for remedial works, or updating your property as soon as the tenancy ends, to minimise the void period.