8 tips for preparing your property to let
So you’ve decided to let your North Fylde property. How do you make it attractive to reliable tenants and profitable for you? Here’s our guide.
1. Target your tenants
It’s tough to be all things to all people, but when you use your property’s strengths to target a specific sector of the rental market, you can find you’re able to rent for more, and faster.
Once you’ve identified your target, consider in what ways you can add extra appeal to your property for that specific audience. Your 4-bedroom townhouse, for example, could be made more appealing to families if could convert that single parking space into a double one. And the apartment you’re targeting at young professionals will be snapped up much faster if you switch the jaded country-style kitchen doors for something sleeker and more contemporary.
2. Finish the building work
Few tenants are in the position of being able to wait. If they’re looking for a home, they’re looking for it now – so they’re unlikely to be enthusiastic about waiting for building work to be finished. Nor are they likely to be convinced by a promise that “It’ll be finished by the time you move in.”
Make structural work a priority, and make sure the builders, electricians, plasterers et al are gone (along with their rubbish) before you consider trying to let your North Fylde home. Better still…
3. Complete the décor
Neutral is good. Keep your personality and flair for the home you’re living in – because the more you stamp your personality on the home you’re planning to let, the less a prospective tenant will be able to see themselves living there.
4. Make sure fixtures are fixed
Shelves, kitchen units and the like should all be safely and solidly anchored. It’s worth checking between lettings that your fixtures are fixed because if they’re not:
You can bet your new tenant will spot the problem within minutes
It creates a poor impression, leading a tenant to wonder what else is wrong and setting them on a trail of hunting for every last issue
In serious cases where harm results from an incorrectly fixed item, you could leave yourself open to a claim
Choose hard-wearing surfaces where you can. Wood and tiling are less likely to deteriorate – and much easier to clean – than carpets.
6. Furnished or unfurnished?
You’d probably still expect to find white appliances supplied, even in an unfurnished property, so the fridge, cooker, washer/dryer and dishwasher should all be present and correct.
If you’re providing the other furnishings, be aware that accidents happen, so don’t put anything in the property you couldn’t bear to lose. Any furniture you supply should be in good condition.
Unless your property is in multiple occupation (where different rules apply), consider installing prepay gas and electricity meters. That way you’ll never be left with outstanding bills when a tenant leaves.
Remember emergency alarms and lighting should never be connected to meters, and if the property has gas heating, you’re legally obliged to service it every 12 months.
Tenants are usually responsible for arranging their own phone, TV and internet services, but their choice will be limited if the appropriate cabling doesn’t reach your property. As internet speed is increasingly important to tenants, you’ll boost your property’s attractiveness if it’s broadband/cable ready.
8. Keep control of costs
Letting a Fylde property is a business decision. You’re doing it to make a profit. Of course you want to provide a quality product, and of course you want to make your tenants happy, because happy tenants stay. But quality is relative – to the rest of the market and to the audience you’re targeting – so it’s important to spend the ‘right’ amount of money.
What does ‘right’ look like? Do your homework. Visit a handful of similar properties to get a feel for what the market is offering at your intended price point. You don’t have to create a palace. Instead, invest sensibly in creating a property that’s at the top end of what the market’s offering for the money.
As an example, a mid-range family home needs robust quality, but it doesn’t necessarily need the freestanding bath and waterfall taps. If you’re the sort of person who finds it difficult to resist spending a little more for extra features, get someone else to keep a tight rein on expenditure.
Planning to let your Fylde property? We’ll help you every step of the way. Get in touch here.