A recent report valuing Britain’s rental sector shows that it has increased, in just five years, from £302bn in 2009 to a massive £930.7bn in 2014.
Assets controlled by Britain’s landlords are now 3.5 times the levels in 2001, and according to Mortgage lenders, Kent Reliance, the assets could surpass £1tr during 2015.
You won’t be surprised to learn that London took the number one spot when it comes to share of the value with 41%, while the South East followed with 15%. This isn’t surprising when you take into account that a quarter of London’s population rents their homes.
This might signify a move to a more European way of living, where long-term renting is a more viable option than buying for some people. All of which means that the rental market is still a pretty decent way to invest your money and it is showing no signs of slowing down.
So when you’re operating in such an intense market, where you might be looking to attract long-term tenants, including families, how do you make your property stand out from the crowd?
Putting aside the money matters for a while – you should of course carry out detailed research and work with an agent to ensure your property is valued at the correct price – to focus on the cosmetic, here are some bombproof tips to help you rent your property to the tenants everyone wants – i.e the dream tenants!
Assuming that property is empty or there’s a decent gap between tenants, you need to ensure that your property is spotless. Invest in a professional deep clean service, touch up skirting boards and if you have the time and the money, paint the property in neutral colours – white, ideally. Get the windows cleaned inside and out. If your property has a garden, make sure it’s clean and tidy. No one’s expecting to arrive at a property and find Kew Garden outside the kitchen door, but it needs to look manageable at the very minimum. If a gardener moves in, they’ll make their mark. But anyone else will want something low maintenance.
Stage the property
If you’re renting to long-term tenants, they’ll usually have their own furniture and you’ll be renting unfurnished. But that doesn’t mean you can’t give people the idea of what their new home might look like. Clean is good, but barren with that weird echo might not be that appealing. A staging company will furnish your home from floor to ceiling to give it that lived in field that might make potential tenants sign on the dotted line. They’ll also make the good parts of your property look better, and cleverly hide and down play the bad parts. Although this is an investment, it can make a real difference, especially if you’/re moving out of a larger property and are taking your belongings with you.
Secure your property
If you’re renting to families, giving them a feeling of safety and security will be hugely beneficial when trying to rent your property. If the property is a house – terrace, semi or detached – installing a decent security system will give people a feeling that their home could really be their castle. If the property is in a complex, you need to reassure them that the all the relevant building security is in place. Simple things make a big difference.
It really is worth investing in all these things, especially if you’re seeking to squeeze out the maximum return.
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