When investing in the buy-to-let market, maximising your return on investment is crucial, especially if you have a mortgage to repay. If you are a landlord looking to maximise your rental yield, here are some easy tips to make your property investment as profitable as possible.
Define the profile of your potential tenants
This may seem obvious but it is essential to define the profile of tenants you want occupying your buy-to-let property. If you are aiming to attract professionals, they tend to be more attracted to an area with good transport links and a good range of shops, bars and restaurants near the property. If you’re targeting families, your potential tenants are likely to prioritise quiet areas with good schools and green spaces nearby. On the other hand, younger tenants and students want to be as close as possible to local amenities and tend to prefer urban, apartment-style living.
Cater to your tenants’ needs
As a landlord, you have to make sure that your rental property is inviting and presents value for potential tenants. The majority of them expect white goods as standard and the option to rent a property with a dishwasher and washing machine included can give you a serious advantage on the letting market. Tenants also usually prefer rental properties that have plenty of storage space. Make sure to provide enough cupboards and shelves throughout your buy-to-let property.
Freshen it up
Another way to improve the rental yield of a property can be through renovation. It can really add value to your property and increase its potential rental yield considerably. If your kitchen and bathrooms are looking a bit tired, you can revive them with a clean and fresh coat of paint. A contemporary and well-equipped kitchen is likely to help you attract tenants and can also bring you a considerable return on investment.
Provide quality furnishings
A furnished property usually has a high rental value and can also attract more renters. This will also make it more convenient for tenants who do not want to invest in furniture and appliances, making it easier for them to move in. Whatever furniture you opt for, make sure to select modern ones that match the style of your property and check that they meet all the fire and safety requirements.
Review the rent regularly
As the area where your buy-to-let property is located keeps on developing, it is essential to review your rent to match the changes. But be wary of important increases and keep in mind that having a tenant is better than having an empty property. You can also check rental prices in the neighbourhood to see what other landlords are asking for when it comes to similar properties in the area.
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Are you looking for a quick and easy way to calculate your rental yield? Our 3-in-1 app is coming soon and will combine rental yield, mortgage and stamp duty calculator for free on all iOS and Android devices – stay tuned!