Here are a few top tips:
If we consider rental income first, then it’s obviously sensible to charge a realistic rent, particularly if you want to attract loyal tenants and minimise periods between tenancies. So, it pays to research the market and find out what are typical rents for your area, given the type of property you own.
If you have done your research correctly, you’ll also know what kind of property attracts that level of rent and in this, you should be ruled by your head, not your heart. In other words, you want to buy properties that appeal to your target market. You might not choose to live in a 20-year-old flat in the centre of Cheltenham, but for tenants, the convenience it offers to shops and nightlife might be just what they need.
In terms of outgoings, maintenance will probably be among your biggest expenditures, ranging from a new showerhead to new carpets, damp-proofing, or even a replacement boiler, so ensure you have enough income to build up a fighting fund that will cover day-to-day niggles and occasional big-ticket items.
You may be able to lower your maintenance costs by buying a newer property but there could be a trade-off. For example, newer builds may not have the kerb appeal of a Regency property (or high ceilings) which can be a big draw for prospective tenants in a Spa town.
It’s probably not necessary to furnish your buy-to-let flat or house. In fact, sometimes (particularly for houses) furnishings can either put off tenants, or attract sharers.
Meanwhile, families tend to prefer to bring their own furniture.
The situation is slightly different for white goods in flat. Most flats are typically let with fridges/freezers, dishwashers, and washer/dryers, mainly for practical reasons: allowing tenants to bring their own washer/dryer, for example, increases the risk of a leak into the apartment below, particularly when they remove them at the end of the tenancy.
Décor is very subjective, but colour schemes do play a part in attracting tenants.
Magnolia, for example, is seen as dated, while at the other extreme, a multicoloured scheme that resembles a bag of Skittles is probably best to avoid. Essentially, it’s better to restrain your deeper creative instincts, not to mention your inner Laurence Llewelyn-Bowen, and apply these instead to your own home. Stick with neutrals, such as greys, or warm and light schemes.
Overseas families, particularly Americans, often gravitate toward large period properties with classic architectural features and spacious rooms that can accommodate their larger furniture.
While original fireplaces and light fittings add charm, replacements don’t always have to be antique – contemporary fixtures can enhance the overall aesthetic and complement period details.
Similarly, kitchens and bathrooms don’t need to adhere strictly to traditional styles; modern, high-spec finishes can create a striking contrast while maintaining the property’s character.
For more advice on maximising yields in your rental property, contact our expert team at Morgan Associates; we’re here to help!
