The time of year is upon us where we start thinking about getting organised; whether it be tidyin...
The time of year is upon us where we start thinking about getting organised; whether it be tidying things away around the home or sorting personal financial affairs. I want to concentrate on the latter.
Now is the time to review your existing property portfolio in terms of its performance. Is your property getting you the best return? If you’re reading this and thinking that improvements could be made then it is worth addressing the situation.
Would-be investors tend to ask us the same sort of question, which is somewhere along the lines of: “Is there much demand for rental properties?”. Of course what is being referred to here is if their particular property would be desirable to tenants. Our response tends to be along the same lines also: as long as the property is well presented and that it is competitively priced then you’re going to be successful.
At Belvoir we like to be honest and transparent when appraising a property for the rental market, after all there’s no point in giving someone false expectations as it [the property] will only sit empty and not be earning the return required. If a property isn’t shifting then it is likely to be that it is looking tired or the price is over-inflated. Tenants these days demand high quality properties that are well-maintained with modern fixtures and fittings. If your property has just become vacant it may be worth going to have a look at it and deciding whether it would benefit from renovation or perhaps even a lick of paint and tidying the garden up. With the better weather hopefully just around the corner we’re more inclined to tackle these jobs ourselves. You’d be surprised how just re-decorating can enhance the appeal.
In terms of pricing you really need to do your homework before buying a property to see what the likely rental you would achieve on it. People sometimes buy a property without doing the necessary background research simply because they like the look of it. This maybe down to them looking at a property and thinking about themselves living there, which is the wrong way to go about it. You need to ask yourself why would a tenant want to live in this particular property, which comes down to a few key factors.
To find out more about how you can unlock the potential from your investment then why not get in touch with us as we’d be more than happy to help. Rather like taking you car for its annual service, the same can be said for your rental property. Fine-tuning things here and there can really pay dividends in the long run. Please call us on 01260 272737 or pop into our office on Lawton Street.