Maximising rental income

European model could become more commonplace

The UK property market could be heading towards the European model where it is commonplace for people to rent, as opposed to buy somewhere to live. So what should landlords consider to maximise future rental incomes?

Improve your property:
There are a number of simple, low-cost measures landlords can take to improve their properties, to save both them and their tenant’s money.

These include, installing energy saving light bulbs, checking the thickness of loft insulation, fitting lagging to pipes and water tanks, draught proofing and turning down thermostats.

Maintain your property over the winter
Be prepared for burst pipes, boiler breakdowns, leaking roofs and make provision for these.

Buy-to-let mortgage rates.
Rates are beginning to come down so consider getting a mortgage agreement in principle up to six months prior to your current mortgage ending.

Maintain close contact with your tenant
This is likely to lead to greater sharing of information, and your tenant paying the rent in full and on time.

Be aware of the changes to household benefits payments
New changes were introduced in 2008. The Local Housing Allowance (LHA) applies to new claims for Housing Benefit (HB) for tenants renting accommodation from private landlords.

Carry out market research
Make sure you price your rental charges accurately and according to market rate.

Energy Performance Certificates (EPCs)
These became a legal requirement for all new lets in October, 2008. Make sure you are on top of this, and don’t be caught out by your tenant.

References
Make sure you request references for new tenants.

Locking in longer
Where possible, try to lock in good tenants to secure a longer tenancy period.

Emergency procedures
Provide your tenants with emergency telephone numbers, either for yourself or to enable them to contact a maintenance professional, which could save you, and them time and hassle.
Source: upad