Buy-to-let is undergoing a massive transformation right now. Poor-quality homes are getting squeezed out by tightening legislation, and short-term profiteering has fallen away through changing tax laws. As a result, many landlords have sold up.
But if you’re in it for the long term, buy-to-let can still be a highly profitable route to financial security, particularly if you can serve an overlooked segment of the local rental market.
Finding a speciality has many sides to it, including:
There’s plenty to unpack, and we’ve broken it down here into snackable chunks of inspiration and expertise to give you a head start on creating the perfect niche.
Every neighbourhood has at least one gap in the market, from the supply of rental homes to the quality on offer, so a good start in identifying your niche is to look at where there’s room for improvement.
Local letting agents are a great first port of call for insider knowledge, so ask them what homes they’re sorely missing, and what features will make you stand out and give you more rent.
Most buyers will modernise a Victorian terrace or three-bed semi because it’s a safe bet, but anything less classic tends to be less popular, which creates an opportunity for the imaginative landlord.
Any home that looks plain or unremarkable from the front can be made more attractive, but the job is perceived as complex and costly. However, changing the windows and front door, or repainting the outside in a new colour, can really change things up, and often for less than you’d think.
Work is more fulfilling and fun when you’re interested in what you do, and that includes being a landlord. Having a connection to your chosen market is a great start, so think about things like:
When you can find connections between the local rental market and your experiences, strengths and passions, you’ll find it easier to create popular and profitable homes that give you a warming sense of pride.
Property is a people business, and the key to being a successful landlord is getting called about the best listings when they come up for sale. So try the following when dealing with local estate agents:
Estate agents are human beings with a job to do, and it’s the straightforward and purposeful landlords who go to the front of the queue when potential rental investments hit the market.
When you offer rental homes that people instantly fall in love with and are happy to pay a premium for, you’ll naturally attract the cream of the crop of tenants.
By going for the best of the market, you’ll pull in the tenants who truly appreciate high quality and can comfortably afford the extra rent without stretching themselves.
Are you looking to build your landlord niche?
Then let’s talk! Whether you’re an experienced landlord with a portfolio you want to reposition or expand, or you’re just starting out and looking for your first buy-to-let, we’d love to help!
From what tenants want from a property to rent in the Wilton & Salisbury area to helping you maximise your yields and stay ahead of ever-changing lettings law, call us on 01722 580059 or drop us a line at email@example.com for a chat with our team.
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