What to do if you are a Landlord

publication date: Dec 2, 2011
 | 
author/source: Kate Faulkner, Property Expert and Author of Which? Property Books
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What to do if you are a Landlord


Letting a Property


If you are a landlord, it is vital to make sure you maximise your rental income. Rents are not likely to continue to increase massively on-going. Rents are typically linked to wages and net income, and as this is being squeezed so much and with a pending recession on the way, there is already evidence that tenants can ‘only pay so much'.

Many landlords tend to try and skimp and save on keeping their property up to date, but this is usually a false economy. Tenants of today are not looking for somewhere cheap to rent for a short period of time, they are looking for a home to rent for some time to come. As such they want properties to have a ‘new' feel about them and if you don't invest in updating the property such as a new paint job, flooring and new kitchen/bathroom, not only will you end up finding it tougher to rent to good quality tenants, you could also end up in a situation where you are suffering unnecessarily high voids, which can quickly cost you thousands of pounds.

Finally if you don't ensure that the property is kept in good condition, lots of problems can occur which can cost you more than upgrading and your property could also lose value, making it more difficult to secure finance at the best rates.

READ MORE What's happening to Rents Winter 2011 and What to do if you are a Tenant

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