Helping landlords maintain a property’s appeal
Are you a landlord? Perhaps you own a studio apartment in London that you let out to professionals. Or maybe you have a portfolio of rental investments throughout the UK. Whatever type of buy-to-let property you own, maintaining the condition of the property should be a top priority for landlords everywhere.
In fact when it comes to being successful on the rental market, the saying ‘prevention is better than cure’ can certainly be applied, as maintaining the condition and appeal of a property will help prevent it from requiring hefty renovation and maintenance work at a later date.
With the pension freedom reforms making it easier for pensioners to get hold of capital, a buy-to-let boom is expected in the UK in 2015. With the value of buy-to-let properties set to smash the £1 trillion barrier this year, if you are joining or are already part of the rental market bandwagon, you may appreciate the following advice on how to maintain your rental property’s appeal.
Keep the outside of the property and garden in good condition
It is not uncommon for the exterior of rented properties to become neglected. An overgrown garden, peeling paintwork and weeds sprouting on the patio, will not craft a professional or desirable image to tenants.
In fact a shabby and neglected exterior could put potential tenants off or result in the landlord receiving a lower rental return.
Keeping the lawn tidy, weeding the patio area and painting any outdoor walls, fences or gates, is a cost-effective and fairly simple way to keep the property looking at its best.
Treat the property to a repaint
When beginning a career as a landlord or when an existing tenant moves out and before a new one moves in, are perfect times to give the property a new lick of paint.
Updating the colour scheme of a buy-to-let property will ensure the home stays contemporary and fresh. It will also alleviate issues that show signs of wear such as grubby or peeling paintwork.
A freshly painted living room, bedroom and kitchen can work wonders in attracting tenants and achieving maximum in rental yields.
Don’t leave damages and breakages unrepaired
Being a landlord is a 24/7 job and one downside is being called out in some unsavoury hour to repair a leak or some other problem.
Whilst it might be tempting to forget about the call until the following day, or, worse still, the weekend, getting to the root of the problem and making the necessary repairs as soon as possible, could save time, energy and money in the long-run.
What might be a small drip under the bathroom sink today can easily escalate into a full-on flood that potentially causes significant damage.
Give the property a thorough clean
Tenants, like landlords, come in all shapes, sizes and personalities. Some can be house proud and spotless, others can be less so.
Before you put the property on the rental market, give the house a good clean. Giving the house a thorough clean that includes replacing filters on heating units, dusting bookshelves and ridding cupboards of crumbs, will help the property stay in tip-top condition, and ultimately prolonging its appeal on the highly competitive rental market.
Following these simple maintenance tips will put you well on the road to a successful career as a landlord.