Instead of automatically selling, renting out properties is becoming an increasingly popular alternative for Leicester landlords to maximise the earning potential of their property. Landlords are able to secure the benefit of a steady, stable income whilst still having control over the future of their property in the long term.
Therefore, it comes as no surprise that those with rooms to rent are finding more ways to increase their income within Leicester’s competitive property letting market. Keep reading to discover the expert industry techniques that Leicester landlords looking to rent are continuously using to maximise their financial yield:
Investing in a Leicester property management service
Utilising a property management service could be the missing link in unlocking your property’s earning potential to the full – through taking care of every aspect of the letting process and allowing you to focus on other investments or aspects within your life. Property management agents are available to bring an expert, knowledgeable practice to various aspects of the letting procedure; including vetting potential tenants, dealing with the collection of rent, providing technical maintenance for your property and ensuring that any potential issues that are raised by tenants are dealt with thoughtfully and efficiently.
Houses to rent; but how much for?
Identifying your property’s value may seem very straightforward, however, being precise and accurate is a huge factor in ensuring that your property isn’t priced out of the market or undersold (potentially losing you money!). This is where the knowledge and experience of your Leicester letting agent is vital – so choose wisely.
There are numerous factors which are taken into consideration when valuing a property, all of which are going to be specific to you and your house’s precise situation. Because of this, we recommend that you don’t solely place your trust in an instant online valuation which many estate agent offer – it simply wouldn’t being doing your property justice. Instead, it will be undoubtedly beneficial in the long run to receive an in-person valuation from an experienced Leicester letting agent who knows your local area well and will be realistic about the rental income you and your property has the potential to achieve.
How to add further value to your property
Besides cosmetic improvements, there are various other ways of adding value to your Leicester property through home improvements, such as investing in more long-term refurbishments. This is a savvy method which many Leicester landlords use to add value to their property in ways which other houses are unavailable to and make it more attractive to potential tenants.
Some of the home improvements that can be made to drastically improve the value of your property include:
- Converting the loft into a larger or extra living space
- Paving over the front lawn (potentially adding another space for parking as well as minimising future maintenance)
- Getting a new kitchen (considered by most to be one of the most valuable and important rooms within a property)
- Maximise the outside space (clearing any unnecessary items is a cost-efficient, smart way of improving your property value, as the size of a garden is imperative for many when looking for a new home – especially those with young children)
- Create space (current buyers value a house where rooms flow into one another, so removing unnecessary furnishings and placing a lot of mirrors in your property are two cost-effective ways of effectively creating the feel of a light and bright open-space within the home)
Ensuring successful property viewings
Just as it is for those wishing to sell outright, hosting successful property viewings is still vitally important for landlords seeking tenants to let to. Not many tenants will want to move into a property without at least viewing it in person first. Here are some of the various methods we recommend for how to get the most out of your Leicester property viewings as a landlord:
- Preparation holds the key (remove any clutter – it goes without saying but is worth reinforcing – spring clean, it could make the difference)
- Bright is right (open curtain and blinds, make features out of mirrors, decorate with bright furniture – a dark and dingy property will struggle to find tenants in a competitive Leicester property market)
- Don’t neglect the front (it can be easy to forget about the front of the house as tenants probably won’t be spending a lot of time there, however, as the first thing that viewers will see, it is always worth investing time into making sure it is presentable, welcoming and that any front garden is well kept – first impressions last).
Rent or sell: still can’t decide?
If you’re a landlord who owns more than one property, then making the decision between renting and selling can be an extremely difficult one. The go-to option for some often appears to be selling, as you receive an instant injection of significant funds and can quickly reinvest this in something else, whilst not having to worry about the property again.
However, as many landlords are discovering, renting the property out could actually make you far more money in the long term, if you can afford your next investment without additional finances from the property straight away. This is an especially attractive prospect in the current high-value property market we live in – where the unknown effect of Brexit is yet to take full course.
Renting out a property ensures a sustained income over time for landlords – meaning they could make more money over a longer period of time than selling outright. Alongside this, landlords also get the added option of being able to sell, potentially for even more money, further down the line. Whilst still deciding what to do with the property long term – why not receive the extra income of renting it in the short term?
For those who are still unsure whether renting or selling is the best situation for them, we recommend speaking to one of our expert estate agents, who would be delighted to offer unbiased, expert advice to help make the decision which is the best fit for you.
At Open House Leicester we offer property consultancy services and property management, so talk to us today at firstname.lastname@example.org or 0116 243 7938 to find out how you should rent your Leicester home. Alternatively, simply complete our enquiry form below to set-up Your Free Rental Valuation now.