Instead of immediately looking to grow your portfolio, you might want to boost the monthly and annual yield on your current properties instead.
Simply focusing on the basic upkeep of your properties can help propel growth (or at least prevent a fall in value):
Schedule these in monthly and include it on the tenancy agreement so there’s full disclosure before they sign.
Bring in the professionals
Arrange for a cleaner to go in regularly to keep your property in top condition or at least before viewings.
Take advantage of no tenants
If you’re transitioning between tenants, simply repainting rooms and installing new carpets and appliances can increase the rental value.
A garden can add up to 20% onto the value of a property depending on its size and style. When letting somewhere, no matter how big it is, a garden is a fantastic asset. It needs to be well maintained and suitable for the space. Simply adding decking or some plants in a concrete yard can make an outdoor area much more welcoming.
Whose responsibility it is to take care of the garden needs to be clear and included in the tenancy agreement to prevent any problems.
When transitioning between tenants, including a few bonuses can be a great way to attract high end renters. This can be done by introducing a few new commodities, including:
You could also include a welcome hamper of essentials like coffee and biscuits, or a bunch of flowers and a card. This instantly gets your relationship off to a good start. These extras should appeal to tenants willing to spend more and stay longer, increasing your yield. Make sure whatever you spend may be covered by rental gains though.
When it does come to expanding your portfolio, identifying good deals in the market is crucial and being on the hunt for the next upcoming area is a strong place to start.
Even finding a property that needs some work can be a good investment if it’s in the right area. Usually you’ll be able to grab a bargain and quickly increase its rental value with a lick of paint and some fresh carpets.
Whatever quick wins you make to boost your yield, it’s important you protect the property with specialist landlord insurance . Standard home, buildings and contents insurance is not enough, as it doesn’t account for third-party risks. Plus, some insurers might refuse to pay out if this insurance is on a rented property.
When you’ve spent time and money upgrading your rental, the best landlord insurance will ensure all your hard work is protected. Accidental and intentional damage can include many factors, such as fire, storms and floods, which are out of your control.
Consider LV landlord insurance to protect your rented properties and for greater peace of mind after making an adjustment.
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