Date Published 26 May 2018
Want to become a better landlord, making better profits and retaining long term tenants? Here are a few tips from the Fahren team...
Always seek advice when buying a rental investment property. What may look like a good deal might not always be. Always ask advice from an expert in property to help you make an informed decision, and avoid any pitfalls in buying property, such as ground rent surges, badly run apartment blocks or clauses which make a property difficult to rent.
Get an inventory / check out report done every time a tenant moves in and out. An impartial inventory done by a third party gives you the best chance of making a deduction from a deposit for any damages sustained to the property within a tenancy. It's an extra cost, but without an official record of the current state of a property, it would be very hard to claim for any repair work.
Choose the best time to increase the rent. An established and knowledgeable letting agent should advise when the best time is to put rents up. It's about finding a balance between achieving a good rental figure and not losing a long term tenant (incurring moving in/out fees) by putting it at a level they cannot afford. You can also look online at 'Let Agreed' properties to see current values.
If you want advice or a valuation of your Bournemouth property then contact one of the team at Fahren Estate Agents, Bournemouth. We are more than happy to offer advice, guidance and professional practice with you.