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TURN A RENTAL VOID INTO A PROFIT BOOSTER
Every rental home needs updating at some point, from simple wear and tear to evolving technology and design, or changes in the law around living standards and energy efficiency.
Although rental voids are usually viewed in a negative light, they’re ideal for enhancing your investment and elevating its appeal, just as a top athlete spends their off-season refining their performance.
With thoughtful planning, you can use the time between tenancies to significantly increase your rental income and improve the quality of tenants you attract, by focusing on areas like:
- Minor fixing up
- Major renovations
- Future-proofing measures
- Marketing makeovers
- Reviewing your rental strategy
Given that renovating is almost always cheaper and faster than selling and buying again, let’s explore how you can maximise the time between tenancies to boost your long-term returns.
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ARE THEY ALL BAD, AND WHAT CAN YOU DO?
While most tenancies run their course without a major hitch, ending up with difficult tenants is a real concern for landlords, and we're often asked how we spot and avoid potentially troublesome candidates.
Years of experience and a rigorous referencing process help us eliminate most of the risk, but you can never really know how someone will react to a problem or dispute until one comes along.
Often, the ‘difficult’ label is pinned on a tenant who behaves or communicates in a way that feels jarring or tricky to handle, which can spiral into a yucky mix of frustration, exhaustion, and resentment.
Fortunately, there are ways to minimise the chance of difficulties in the first place, and to diffuse the drama if it ever occurs. With that in mind, let's dig a little deeper into:
- What does ‘difficult’ look like?
- Creating contract clarity
- Handing over for harmony
- Cooling down conflicts
- When ‘difficult’ turns to ‘bad’
Hopefully, you can already see that it’s a lot more nuanced than “a difficult tenant is automatically terrible”, and our guide is here to help you handle any situation with greater confidence and control.
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SHOULD YOU RENT TO FAMILY OR FRIENDS?
Renting out your property to someone close can seem like an easy win. You can dispense with marketing and viewings, and even skip the tiresome paperwork and background checks.
Well, take a moment’s pause. Renting to family or friends does indeed have its upsides, but it also brings its own unique challenges, so it’s wise to weigh up the pros and cons before diving in.
Whoever rents your property — friend, relative, total stranger — has the same rights, and every landlord has the same responsibilities. So it's vital not to put yourself at risk by being overly accommodating.
It’s a bit like having an angel on one shoulder and a devil on the other — every advantage has a potential pitfall. And with that in mind, let’s explore:
- What could go right?
- What could go wrong?
- The risks of relaxing your rules
- Where boundaries can blur
- Saying yes with confidence
Renting to someone close can work out beautifully for everyone, but without the right foundations, even the best relationships can come to blows. So here’s all you need to ensure that never happens.
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15 HIDDEN WAYS THEY TRIP LANDLORDS UP
Margins matter when you’re a landlord, and keeping an eye on your costs as well as your income is an essential part of any successful business strategy.
But what about savings that cost you more later on? Just as buying cheap taps or appliances inevitably means paying for replacements or repairs before too long, cheap letting fees can equally backfire.
Cheap fees are never sold as coming with a reduction in service or protection, and many of the hidden costs of bargain rates only reveal themselves when it’s too late. The usual areas are:
- Inadequate tenancy setup
- Flawed rental contracts
- Small print surprises
- Lax legal compliance
- Substandard communication
Your choice of letting agent affects you and your property’s legal and financial well-being, so read on for tips on spotting these rental red flags before you make any decisions.
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HOW MUCH RENT SHOULD YOU SAVE EACH YEAR?
Finding the sweet spot between saving for a rainy day and actually enjoying your rental income is every landlord’s dream for a peaceful and profitable life.
Maintenance and repairs come with the territory of owning a rental home, but a smart approach can really protect your property, maintain a healthy cash flow, and even create happy tenants.
But how much should you set aside each year?
Well, that's the tricky bit, as much depends on a property’s age, type, location and condition. There’s no ‘magic number’, but let’s uncover the right formula for you by delving into the following areas:
- Factors that influence your budget.
- What exactly are you budgeting for?
- Essential protections and costs.
- The golden percentage rules.
- Building a maintenance plan.
There’s plenty to unpack, so stay right here as we break everything down to keep your rental property profitable, protected, and ready for anything.
Why sell or let with us?
Here are some of the reasons why you should choose Homelets to sell or let your property:
- Dedicated Local Experts
- 24/7 Contact
- No Commission
- No Sale No Fee
- Accompanied Viewings
- No Let No Fee
Submit a valuation opposite or call us on 0151 280 4047.
