If you are a BTL landlord you will undoubtedly want to maximise the value of your asset in both rental yields and capital value. The best way to ensure that you get the most back is to maximise the space you have, keeping it well maintained, and by keeping running costs to a minimum.
- Make sure you do your research – check out the area, making sure that there is high demand for rental properties. Keep one eye on the overall investment, make sure that the property is not too quirky, if you invest in an HMO, House with Multiple Occupancy this could be difficult to sell in the future, unless you sell to another BTL investor, which will also minimise your property’s overall market appeal.
- If you can think about adding more space to your property by building an extension, building into a loft space or turning a basement into a useable space. More habitable space will result in a higher rental price and capital return.
- Make sure you rent out your property at the correct rental price for your area, as this will ensure that tenants stay for longer and that you will have less empty periods. Make sure you keep your rents in line with inflation.
- Keep the property well-maintained this will make for happier tenants and will also keep your property looking at it’s best which will make it easier when you come to sell it.
- Minimise your on-going costs; check every couple of years.