Making properties available for rent in this day and age can be pretty lucrative in both the United States and United Kingdom, but why is it the case? In both countries, this can be attributed to rising property prices, which are forcing many house-hunters to look to rental properties instead. In the UK, the property market has been on the rebound for the past 18 months or so.
Across the Atlantic, the same can be said of the US market, although growth has been a little slower. Right now, this isn’t a good market for house buyers, so renting is the only option for many on modest incomes. If you own a rental property, you might want to follow these tips to make your property more attractive.
Add a parking space
To add value to your property, having a designated parking space or even a garage would be ideal. Many tenants will want somewhere safe and convenient to leave their vehicle, so a basic parking space would help to make your property a little more attractive than most. It’s possible to charge extra for a parking spot on top of the initial rent payment.
Keep your flat clean and tidy
A clean flat free from cracks, condensation and mould would be instantly more saleable than a dirty one. If there are a few grimy spots in the property, try to clean it wherever possible. Hiring a professional cleaner is worth the extra money if you can’t get the cleaning done yourself for whatever reason.
Get broadband up to speed
A fast broadband connection is almost a pre-requisite for most households. However, it can’t always be guaranteed for reasons such as remote rural locations, obstructions such as large trees and a lack of appropriate wiring can get in the way. According to this blog post, slow or non-existent broadband could send property prices plummeting.
Removing or pruning trees and rewiring the property are two possible solutions to this problem, while satellite broadband could work in rural areas.
A lick of paint
In some cases, rental properties can seem a little stale or like they’re stuck in a time warp. If this is the case, a little renovation can help to work wonders. A lick of paint can make a flat feel brand new, while the exterior could use some attention too, particularly the garden if it’s been neglected over the winter.
Add furnishings sparingly
A part-furnished property is likely to be far more attractive to tenants. While there is such a thing as too much furnishings, there are a few things you could include to make it easier for the tenant – a bed, wardrobe, coffee table and sofa would be ideal. A few appliances such as a fridge and oven would be useful too, but too many might make it seem too good to be true.
Julia Benham who works as the manager of Living Quarters Wales. Her expert tips are these top 5 essentials:
– Know the legal stuff: Gas & Electrical Safety Certs., EPCs, Deposit Protection, Tax implications and possible HMOs (House of Multiple Occupation)
– Landlord Accreditation
– Where/how to find tenants
– How to maximise your rental yield
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– Have a buffer to cover void periods, rent arrears and boiler break downs.