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The increase in demand for rental property is excellent news for landlords. However, there is no guarantee a property will be a successful let or provide a high return on investment. Therefore, before you start investing, check out these key strategies to maximise your rental yields.
Researching a location is one of the main strategies to maximise rental yields. A location with lots of developments is worth considering. In areas such as these, property values and demand can increase over time.
Another crucial part of your research is to identify who chooses or wants to live in the location. Once the target market is established, take time to understand what they want from a rental property. If most renters want a furnished property, allocate some budget to furnish yours. Or perhaps they expect high-quality finishes or new appliances; if so, invest in some for your property. Whilst this may eat into your budget, it can result in higher rents and fewer void periods. Although before you spend too much, check with a local letting agent (like John German!) what rent the property is likely to achieve.
Alternatively, give our instant valuation calculator a try! An instant valuation is based on past rental prices and algorithms in your local area. It isn’t always as accurate as a face to face valuation, but it’s a great way to get an idea of what a property’s rental value could be. To get started, CLICK HERE.
A clean and well-maintained home is what most people want. So, a run-down property is not easy to let out. Therefore, it makes sense to look after your rental property. It might necessitate some additional improvements, but ensuring your property is in good condition will maximise your rental yields.
A rental property that offers safety and security to tenants is more likely to gain a higher return. Therefore, put some safety measures in place. There is no need to go overboard with high-tech alarms or CCTV. Instead, make sure doors and windows are secure and lock properly. You could go a step further and invest in swipe card security measures.
This is just the start. Before you leave, don’t forget your free guide – 7 Ways To Maximise Rental Income. It is jammed packed with advice from our lettings experts! CLICK HERE.
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