It is all about ROI!!
If you are not getting enough return on your investment, then you are not maximising your rental property in London. The good news is that you only have to make a few tweaks to get a better return on your investment.
To get those tweaks, just continue reading. Our article is full of tips and hints to help you get the most out of your rental property. There are no big secrets to learn; these are common tweaks that should not even get you in trouble with rental laws.
Take a few minutes to see what you can do to get a better ROI and feel like you are finally turning a profit with your rental property.
Your rental homes will not make any money if they are not rented all the time. This means you should strive to keep them rented and even try hard to keep good tenants once you sign them to a lease.
Before the lease is up, talk to your good tenants to see what their plans are. If you can sign them to another lease, that would be great. If not, you have notice so you can start marketing the house again.
Not always easy to do as some items in your home and property look good and are not in need of repair. But then something happens, and they break. Try fixing things before they get broken, so your tenants are happy and more willing to stay on when their current lease ends.
Also, make sure to do repairs in a timely manner so that your tenants do not become disgruntled and start spreading the word about your lack of repairs.
Nothing turns off tenants or prospective tenants more than having to pay too much for the home or flat. Make sure your prices are competitive or even a bit lower than your competitors to draw in and keep tenants.
Too high of rental prices tend to leave you with empty homes and no income.
One of the biggest threats to a good ROI is that you are either paying too much for your insurance premiums or you are paying for the wrong type of insurance. Get some new quotes and make sure you are dealing with an honest insurance agent, so you get the policies you need.
This can be a bit of a sticky situation as you may have some personal rules that may need changing to help you rent your properties. Here are a few suggestions for changes you can make when you are looking to maximise your rental income
Many landlords do not know all the tax breaks they can get. They do not know which expenses they can use to ease their tax burden. The following are some examples of expenses that may be deducted from your taxable income: regular maintenance and repairs, energy bills, council tax, insurance premiums, fees paid to an accountant or rental agent, and ground rents.
Talk to a good tax accountant to get the full details.
You may not like their different lifestyles but renting to students is one way to keep your rental homes occupied. Students usually stay for a year, and if they like the place, they may stay through their full degree term.
Plus, you can rent per room, raising your rental income accordingly.
You may have a personal rule about pets in the home, but often tenants sneak them in anyways. You might as well allow pets as that opens up the number of prospective tenants that you can rent to.
Plus, you can charge a pet fee that adds to your rental income. Then pet owners tend to stay in one spot longer, making sure your homes are occupied longer.
From either side of the rental issue, this is not really that hard to do. Also, both sides can use the same resources to find what they are looking for. It is a matter of budget that helps both sides determine which resources they can use.
If you are having trouble renting your home or finding a rental, then contact our company. We have over 10 years of letting experience, and we can either help you maximise your ROI or find that perfect rental home for you.
Our letting agents are some of the best in the city, and we can make sure you get the right deal for your rental situation.
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