Is your buy-to-let as profitable as it could be? Many aren’t.
There’s often more mileage in a rental home than many landlords realise, and some of the checks you can make to determine whether your property is a peak performer include:
Being a successful landlord is all about balancing capital growth, cash flow, and long-term planning. If you can optimise your investment now, it’ll work even better in the future as rental values increase.
With that in mind, this week’s blog is packed with tips for more profitable buy-to-lets, from cutting your costs to making improvements and even reviewing your business model.
So whether you’re thinking of becoming a landlord, have a rental property that will soon be empty, or want to negotiate a higher rent with your tenants in return for upgrades, all you need is right here.
One of the simplest ways to increase your profits with no cash investment is to reduce your outgoings, so take a look at the following areas for potential savings:
The easiest way to get a handle on all your expenses, renewal dates and opportunities for savings is to create a spreadsheet in something like Excel to lay everything out in front of you.
The best tenants will happily pay more for well-designed, stylish and comfortable homes, so they’re a no-brainer if you want to maximise your income. Details that make a real difference include:
Ultimately, the most successful rentals are consciously designed to attract high-quality tenants and keep them for the long-term, rather than being done on the cheap and full of tiny annoyances.
Regardless of whatever future laws are passed around minimum EPC ratings for rental property, higher utility bills are with us now, which makes energy-efficient homes a big deal for tenants.
It’s also worth remembering that improved energy efficiency will lift the sales value of your property, giving you more options in the future, whether that’s selling up or refinancing to expand your portfolio.
A proven buy-to-let formula takes a property that needs renovating and then adds value by unlocking its full potential. Some of the areas you could look at when carrying out major works include:
If you’re looking to renovate a rental property in the Wilton & Salisbury area, talk to us before you start for a chat about what local tenants are looking for, and take a look at our Buy, Revamp, Rent, Repeat blog for expert tips.
Sometimes, the way to greater and sustainable profits is to find another angle for your buy-to-let business model, and possible new directions to explore include:
Finally, switching letting agents can transform the management and performance of your rental property, and you’ll find lots of tips on choosing a new letting agent in our previous blog.
What’s your next step?
If you’d like to know the profit potential of a rental property in the Wilton & Salisbury area that you already own or are thinking of buying, we’re here to help.
Call us on 01722 580059 or email email@example.com for some expert, friendly and straightforward advice to maximise the performance of your investment.
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