15 Feb

Landlords: How to make your property the preferred option

Landlords: How to make your property the preferred option

A new report released by the Council of Mortgage Lenders (CML) has shown that many more property loans are now being afforded to those in the market for rental homes, with landlords seeing the strength of the sector in 2012 as being a good reason to extend their offering.

According to the CML, some 11.5 per cent of all mortgages approved by banks and other financial services in 2012 were given to those with property to let, an increase from 9.8 per cent just a year earlier.

While this shows that the market is growing all the time and proves that there is still a strong base of demand from tenants, what it also means is that the level of competition for landlords is now at its highest level, and anyone looking to make sure they always have the sort of tenant they want will need to make sure they are as prepared as possible.

Decorating the property

This will be your starting point before letting any property, and it is important to remember that less is more, in more ways than one. For example, by having as little furniture as possible in the house or flat, you will maximise floor space and make the property appear bigger, which will help with the appeal to interested parties.

Next up will be the actual decorating itself, and again, subtlety is key. Do not use garish and bright colours, as these will appeal to some people, but will turn equally as many off. Use common sense when choosing hues – creams and beiges are usually the best way to go.

Hardwood floors are also a good addition to consider, rather than carpets. They lend a spacious feel to a room, and tenants often like the fact that they can clean them easily and have less risk of causing damage.

Take some time to plan the intricate details

Although the market is still thriving, it is not as simple as just advertising a property and seeing a tenant move in. Take the chance to consider pricing, bills and other details.

With regards to the monthly rental cost, it is important to strike a good balance. Aiming too high might see you pricing people who would live in the area out of the market, while going too low could mean attracting the kind of tenant you would rather not let to.

Asking around neighbouring properties might be a good way to make sure you are pitching your own home at a competitive price, while letting viewers know that you are flexible on negotiating would be a better way to get an offer.

Other little tips that could increase your chances of securing a tenancy could include putting fixed prices on things like gas, electricity and water. These are variable costs that residents might worry about, but by offering to pay a certain percentage, you take away this uncertainty and give them a stability from month to month.ADNFCR-1222-ID-801541166-ADNFCR

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