With property prices remaining at an all-time highs, more and more people are finding it difficult to access mortgages or raise the money themselves to buy a property.
The rising demand for rental homes puts landlords in a favourable position by giving them more opportunities to increase the income they make from a property portfolio.
As a landlord, buying a property to let is a huge investment. For this reason, you must consider the location of the property. A renter will look for a place somewhere close to their job, but if a flat in the centre of town is too expensive, they might be inclined to set their sights on the commuter belt. After all, people don’t just call the moving company and take a scattergun approach and instead they carefully plan their move.
If the location is right for renters, you might want to consider adding a extras to your property to increase its rental value. If your tenants intend to commute to work by car, they might accept on-street parking but your rental property will be even more desirable if you offer them a garage for rent.
This is certainly a smart investment for landlords wishing to enter the rental market as a long-term investment, which is becoming an increasingly common trend.
However, if there is anything that history has taught us, it is that nothing is certain in economy. Long leases are what many people will look for, but landlords should also explore other options – especially if they want to take their investment off the rental market and live in it themselves. Our advice is to make sure you are flexible with your property.
But by making improvements that will appeal to all sectors of the market, landlords have a lot to gain.