Follow these 10 simple tips from experienced Landlords to keep your costs down too …

1.) Maximize Presentation ~ a few pounds spend on a lick of paint or a professional clean before letting will generate a hansom return to you in the form of rapid letting to the better tenant and fewer void periods. Photos for press release should show a tidy, well managed property especially lawns, kitchens and bathrooms. Choose a letting agent who knows their business well in the area you have/want property (see Blog n News, The Danger of Unwary Landlords, 12th May 2010). 

2.) Cheap Can Be Costly ~ a cheap carpet with a cheap underlay won't last long and you'll have to do it again.  You can get away with a lower-end carpet but use a very good quality underlay that cushions wear from beneath.

4.) Get Comprehensive Insurance ~ Rent, Legal and Deposit Protection is essential to your peace of mind. A good letting agent will advise you.

5.) Study Those Reports ~ you will only know if maintenance or end of tenancy reports are accurate if you study them. They should include before/after photos and inventory together with comment on any damage that may have been caused during tenancy as the tenant could be responsible under the AST for repairs or replacement costs.

6.) Before You Buy ~ think carefully about the type of tenant you want.  Buying a low-end property in an upper-end area is better than buying an upper-end property in a low-end area. 

7.) Think Annual Rental Income ~ do your math! You need to cover any expenses especially your mortgage.  Then add a margin for the unknown such as interest rate increases plus your profit and you have minimum rent required. Though rental demand is currently accelerating, doing a deal to let your property keeps it occupied but remember to cover costs [Our BMV deals illustrate minimum rental yield at least 1% (often +3% or more) higher than the mortgage interest rate].

8.) Regular Maintenance ~ is essential for a happy tenant, happy landlord and, the logevity of your investment.  Fix small jobs quickly and without fuss.  Engage a reliable maintenance man/company if you can't or don't want to do-it-yourself. 

9.) Regular Inspections ~ lets your tenant know you care about the property and them giving them a chance to suggest sensible improvements. Some of which they may be willing to pay for.

10.) Rent Appliances ~ a good,new washing machine, cooker and fridge/freezer can set you back nearly a thousand pounds.  Why spend your cash when hiring means you pay from monthly cash-flow?  With servicing, repairs and upgrading inclusive from about £10 per month per machine you can let some else worry about reliability and it's their emergency call-out at 3 o'clock in the morning!

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