Tony Freeman’s top tips to maximise your property’s rental income potential9th May 2017
Property consultant Tony Freeman looks at how to maximise your property’s rental income potential with some top tips for the savvy landlord.
Investing in a rental property is a great way of making a return on your hard-earned money. With banks offering next to nothing in interest rates on savings, if you have any spare funds then investing in a rental property is a good way of making your money work for you.
Many people buy off plan, this way you are guaranteed a minimum income yield every year which is generally set at between five and seven per cent, but may be higher. The property is managed and let by a management company in charge of the property. It means all the stress and hassle is taken out of the rental property.
On the other hand, if you decide to rent out a room in a property, or an entire property, then there are ways of maximising the potential rental income. The key is getting to know your market, whether you are renting to young professionals or families, or to an older generation, make sure you tailor your let accordingly.
With more than 17 years in the property industry, Tony Freeman offers the following top tips to getting the most out of your rental property:
Add an en-suite
If you have the space to create an en-suite this will add to your rental potential and your room will be much more appealing.
By offering additional services free of charge it could put you ahead of competition. For example, a cleaning service once a fortnight which would have cost the client £15 to £20, or even something as simple as adding a TV on the wall or free Wi-Fi, can make your rental more appealing than a similar property at a similar price.
If you have space for a paved area it is worth speaking to the local council to seek planning permission to allow off-road parking. It will also help in insurance costs for tenants if you can offer an off-road space.
Re-fresh with paint and new furniture
Quite simply it is easy to refresh a space with a fresh lick of paint in a neutral colour to lighten and brighten any room. Likewise, any shabby looking furniture should be mended or replaced.
Add an extension
If you have the space then one way to add value is by adding a room to the back or side of the property. Ask experts such as Tony Freeman for ideas and seek planning permission.
Extend into the loft
If you can’t extend on the ground level, and you have a loft space, think about the potential in adding an extra room with an en-suite. It could turn a two-bed house into a three bed house, widening your market to young families and increasing your rental return.
Build down into the basement
If space is at a premium and you can’t extend upwards or outwards, you could consider building downwards into the basement. It could add serious value to a property and the long-term potential in revenue from extending.
11th September 2017Read more