As a landlord making an income from property lets, the last thing you want to have is rental voids. But if they do occur, then here are some ways in which you can make the most of them, before new tenants arrive.
Give the Inside of the Property a Thorough Check
If your property has been off the market and let for some time, for example with long-term tenants in residence, then now is the perfect time to get inside and do a thorough check.
You’d expect there to be at least some maintenance that needs to be attended to, for general wear and tear, and with tenants moved out you can check the property from top to bottom. It’s also a good time to do any decorating or simple touch-ups that might need attention, such as painting skirting boards replacing floor tiles and generally making the property presentable.
Do Outside Maintenance Tasks
It’s not just the inside of the property you need to be thinking about – don’t forget the outside too. If everything had been ticking along well, then the chances are that the property hasn’t had much attention for a while, but simple outdoor maintenance tasks, like giving the property a lick of paint, cleaning the windows, painting the window frames or clearing out the gutters can give it a new lease of life.
If the property has a garden, then give it a tidy up, mow the lawn, cut back any overgrown hedges or plants. Tidy the area around the front door too, re-paint the door and make sure the entrance area looks appealing.
First impressions count and, when you’re trying to promote the property for new tenants, it will look more appealing if the property looks clean and tidy, inside and out, and could help influence how quickly you get a tenant.
I put my property on the market in July and by September I had no tenants. I went to see the property and I was horrified to see the driveway overgrown wit weeds. As part of the refurbishment, I cleared the weeds and put a ton of shingles on top. The weeds simply grew through shingles.
I had a builder redo the whole thing at a cost of 1500. Within a week I had a many offers one of them a definite but hadn’t signed the dotted line. My other property which was professionally done, rented within 24 hours of it going on the market and again within a week of the previous tenants leaving.
Presentation is everything. If you cut refurb costs, you’ll lose it in mortgage payments during long void periods. So, get it done properly and it’ll pay for itself. Besides, it increases the value of the property so that you can get a bigger further advance. I was due for a 10K further advance before the refurb; now I’m due 28K after spending 13.6K.