In recent weeks, a series of property specialists have voiced their predictions in relation to the price of UK houses this year. While there is some discrepancy over the exact statistics, it is generally assumed that there will be a rise of between 4 and 8%.
Across the pond, property prices are also set to increase at roughly the same rate as in the UK. Over the past few years, the US has seen house prices skyrocket, with increases well into double figures in many areas. This year’s increase is therefore set to be much steadier.
In light of this year’s anticipated increase, landlords ought to be considering how they can maintain the attractiveness and profitability of their property and ensure that their value does not dip. Here are six suggestions of our own:
1. Rectify small issues
While it may seem trivial, keeping on top of small issues, such as clearing the gutters, is well worth your while. Failure to do so can often result in unexpected and often costly damage that is an inconvenience for both you and your tenants.
2. Ensure the availability of a high speed internet connection
Given the fundamental importance of the web in today’s society, both for business and pleasure, access to a high speed internet connection ought to be a deciding factor when making your next property investment. As it happens, according to an article published by europasat, the absence of a fast broadband connection in the area can decrease the value of a property by a fifth
3. Keep it looking fresh
It goes without saying that the majority prospective tenants will not be impressed by a tired, run-down property. Give it a lick of paint and replace all those things that have seen better days between each new tenancy. After all, a property which is well-maintained by its owner is more likely to be treated with far more respect than one that is in a state of disrepair.
So, you’ve got your deposit and found your first rental property along with the mortgage offer. What’s next? Here are a few essentials:
ü Know the legal stuff: Gas & Electrical Safety Certs., EPCs, Deposit Protection, Tax implications and possible HMOs (House of Multiple Occupation)
ü Landlord Accreditation
ü Where/how to find tenants
ü How to maximise your rental yield
ü Have a buffer to cover void periods, rent arrears and boiler break downs.
5. Do your research
Getting clued up about the market in the area you’re buying in is essential. Find out how much surrounding properties are being let for and set your rates accordingly. Distinguishing the demographic living in the area is equally as important.
6. Assess noise levels
If there’s a busy road or railway tracks in direct proximity to the property, consider moving the bedrooms around so that they are least affected by the noise. While purchasing a property in close proximity to either of these things may not seem like a wise idea, if you are buying to let, then there is little need to worry. More often than not, they are cheaper to buy and the noise won’t usually be the most pressing of issues for prospective tenants.
For further tips, the telegraph has compiled an enormous set of tips for Landlords.