SNIPPET How buy-to-let investors and accidental landlords can increase the amount of income they receive from the private rental sector
With Generation Rent occupying an increasing share of the housing market, landlords in the private rented sector are looking for cost-effective ways to maximise their rental income.
This has led to a wide range of ideas being floated by both buy-to-let investors and accidental landlords. But before you start fitting out every bedroom with three sets of bunk beds or converting the under-stairs cupboard into a separate shower room, Tim Cork from You Choose Windows shares five great ways to maximise a landlord’s rental income.
1 Look After the Tenants
Every landlord’s worst fears is a void period. This cannot be covered by increasing the rent for the next set of tenants, so the best way to ensure they stay put is to build a good working relationship. This will ensure that any issues with the property that arise do not become a source of dispute.
2 Keep up a Programme of Ongoing Maintenance
All homes require maintenance if they are to retain their rental value. Do not consider this an unnecessary expense, rather treat it as an investment that will deliver a return. While legislation requires you to carry out certain duties relating to gas and fire safety, keeping an eye on the property’s exterior and interior condition can save you a considerable amount of expense in the long run.
3 Pay Close Attention to the Property’s Security
A tenant’s worst fear is a burglary. Although your rental property might not be in the best part of town, one of the most effective burglar deterrents is secure exterior doors and windows. Even if your property has specialist Crittall or sliding sash windows, replacing frames that have seen better days can pay for itself very quickly.
4 Make Full Use of Exterior Space
You will have almost certainly rearranged the interior of your buy-to-let property by turning a living room into a bedroom or turning a conservatory into a dining room, but what about the outside? With off-street parking becoming increasingly desirable, turning a front garden into a space for a car or two will add value to the property. And have you considered providing a shed in the rear garden space for cycle storage?
5 Talk to the Taxman
Take advantage of tax incentives and regularly review the rates offered by your buy-to-let insurance and mortgage providers to make sure you’re always getting the best deal for you.