apartment makeover - pavilion house
We often talk about landlords maximising their rental income from their property; but what does this actually involve? We give you a brief breakdown of the decisions you need to make as a landlord, and we demonstrate through one of our rental apartments, Pavilion House, how we can help landlords get the most out of their property.
Agent VS Self-managed
One of the biggest decisions that you need to take as a landlord, is whether you want to go down the agent route in order to let your property, or whether you think you can find tenants and manage it yourself. Consider letting fees and management fees, as well as which agent you believe can help you fill it quickly and with the right tenants. If you choose to manage the property yourself, remember to factor in marketing costs (i.e. cost of finding tenants), as well as your own time.
When to accept an offer
In theory all landlords seek to achieve the highest possible rental income from their property. Of course this involves finding a balance between how long you are willing to keep your property empty before you say “yes” to an offer, and how much you’re willing to invest into making the property as desirable as possible to begin with. In other words, you need to consider your set up costs and weigh up any offers you are not sure about with your void costs.
Who DO I WANT in my property
Few landlords consider who they would like to rent their property out to, but we strongly believe it is one of the first things you need to think about. For example, are you looking for family tenants, professional tenants, students, HMOs? Have you considered the fact that the more you invest into renovating and furnishing every room of the property, the more likely it is that you can rent it as an HMO to tenants who will subsequently most likely stay longer, and pay more to live there?
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