28 November 2022

We know that being a landlord isn’t always easy, or cheap, especially in the winter months. That’s why we have put together this article as a way to guide you on how best to maximise your return on investment .

Here are our top tips on how to maximise your return on investment (ROI) as a landlord in Yorkshire.

Get a property valuation booked in annually

Frequently having your property valued is the only reliable way to know its true worth. With the market ever changing at present, we recommend valuing your property close to your tenancy renewal date, or if your tenants have served you notice of their intention to vacate the property upon the tenancy end date.

Want to know what your investment is worth? Use our free online property valuation tool today! https://www.linleyandsimpson.co.uk/instant-valuation

Keep on top of small maintenance jobs

Major repair jobs can hit your bank balance hard, so make sure to not fall behind on little maintenance jobs that are quick fixes. This prevents issues from developing and growing in severity, and shows your tenants that you care about not only the property itself, but their standard of living. We offer a wide range of landlord services, including fully managing your property whilst offering tenants a 24/7 maintenance platform, meaning you needn’t be worried or contacted about any maintenance reports.

Improve the EPC rating

Because of the current cost of living crisis, properties that boast a healthy EPC rating, say ‘A-C’, will fetch a much higher monthly rent figure than properties that have a low rating. This is because tenants’ bills will be much lower as a result, while also indicating that their home is well taken care of. Additionally, it is now illegal to let out a property that has an EPC rating lower than ‘E’.

Communicate with your tenants

Regularly communicating with your tenants not only shows your attention to their experience living in your property, but also helps you stay informed on what they do and don’t about their home. While you may not want or be able to make suggested changes right away, it gives you a picture of what future tenants will be looking for in their search for a new place to live.

Add a home office

Since the start of the pandemic, a home office has continuously ranked as one of the most sought-after features of any home – permanent or rental. If you have the capacity, adding a home office – or converting an existing room into one – is a sure-fire way to increase the monthly rental figure and up your ROI.

Offer the property furnished

With the price of rental properties increasing with every passing month, tenants are becoming more and more reluctant to pay for an unfurnished home. Having their new home already kitted out and paying a bit more each month for it still saves them more money than if they had to pay thousands of pounds just to have the essentials. Furnishing your property is another easy way to achieve a higher monthly income.

Follow market trends

Void periods are a landlord’s worst nightmare. To help avoid months where you see no return on your investment(s), adapting your property and catering it in line with what tenants are looking for is crucial. Be sure to research recently-let stats and properties specific to your local area, as this gives you a much more precise, reliable view than if you follow national findings.

If you have any remaining questions, please contact your local branch and we will be happy to help! https://www.linleyandsimpson.co.uk/contact-us

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