A Landlord’s Guide to Maximising Rental Income

In the current economic climate it is more important now than ever before that you maximise the rental income from your buy-to-let property. Below you'll find some useful tips to assist you.
By: Simon Macsis
 
Feb. 18, 2010 - PRLog -- A Landlord’s Guide to Maximising Rental Income

In the current economic climate it is more important now than ever before that you maximise the rental income from your buy-to-let property. Below you'll find some useful tips to assist you.

Review the rent regularly in accordance with the requisite rules and regulations. If necessary, raise the rent.

Extra services. Consider arranging additional services for tenants, such as laundry, dry cleaning, pick up and collection.

Need to decorate, repair and maintain your property? If you have the necessary skills and expertise it may work out cheaper for you to do the work yourself rather than employing a contractor.

Tax, insurance, interest rates. Take advantage of tax incentives and regularly review the rates offered by your buy to let insurance and mortgage providers to ensure that you're getting the best deal. Change providers if necessary and possible.

Attract your target market. Understand your tenants' needs and tailor your property to their demands.

Lower purchase price for your property means lower mortgage payments. Additionally, consider buying off plan before developers increase the prices.

Invest in the long-term future of your property by ensuring that your property is well maintained, repairs are carried out in a timely manner and bathrooms and kitchens in particular are modern and up to date.

Need to know... understand why tenants leave your property and amend your working practices taking into account their feedback. Keeping tenants happy is key.

Car parking spaces, coin operated washing machines, sheds...consider hiring these out as a means of generating additional income.

Obtain as much information as possible about the buy-to-let market in the area where your property is situated before you purchase and ensure that you keep up to date with any market fluctuations. Be flexible and don't be afraid to adapt to changing times.

Minimise void periods. Keep a list of potential tenants from previous visits. Have a system in place to reduce changeover times. Network with other landlords with a view to 'trading' tenants.

Extra fee for late payment of rent. Inform your tenants that if rent is not paid on time they will incur a late payment fee. Follow up on this.

Uncertain economic times needn't necessarily mean financial difficulties for landlords. Hopefully these pointers will enable you to increase the rental income from your buy-to-let and act as a springboard for further ideas.
End
Source:Simon Macsis
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Tags:Household Insurance, House Insurance
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Page Updated Last on: Feb 18, 2010
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