A recent survey conducted by specialist mortgage broker ‘Mortgages for Business’ produced a fascinating insight into the plans of many of the UK’s property landlords. Perhaps unsurprisingly, given the current strength of the UK rental sector, the results revealed that of the landlords surveyed, 55% planned to expand their property portfolios in the first six months of 2013. 36% of those who took part are looking to buy flats/maisonettes and another 36% expect to acquire terraced houses.
A variety of factors have resulted in more and more people looking to the rental market for accommodation across the UK. Late last year the 2011 Census results were released and the increased popularity of renting became apparent. Comparison of the 2001 Census to the 2011 Census showed the number of tenants renting privately increased from 9% to 15% in England and Wales.
Listed below are some brief tips to help build your existing property portfolio this new year:
More property often means more work. Think to yourself whether or not you need another property in your portfolio. If you have already built a substantial property portfolio then knowing when to stop and enjoy the many positives a healthy portfolio can bring is important.
If you join the majority of the others surveyed, in choosing to add to your portfolio, a scrupulous approach is recommended. Research is key: Research all aspects of the property thoroughly so that an accurate rental potential can be drawn up. What’s the use of securing a bargain property that nobody will be willing to rent?
Letting the Property
Ensure you have all the correct legal requirements taken care of including an Energy Performance Certificate. Have the property in it’s best possible state before tenants arrive, to set the standard and get your relationship off to a positive start. As with many things in life, communication is key. Frequent communication between landlords and tenants is essential in creating a healthy professional relationship.
Managing property can be both time consuming and concerning at times. If you feel like removing yourself from the commotion, property management services provide an excellent means of alleviation. A property management team can administer all stages of the letting process from start to finish, including finding new tenants and dealing with any maintenance issues. This allows you to concentrate on any other projects, knowing both your properties and tenants are in good hands.
by the Property Management Team at Hera Management Services.