Letting property in the capital is a rewarding proposition. The rental market is booming, interest rates are low and the constant trend of long-term professionals, students and first time home buyers looking for a London property to rent while saving for the home of their dreams augurs well for a steady rental income.
Bear in mind that attracting quality tenants at the right price means taking care of the finer details and maintaining your residential units at a certain standard. Before placing your property on the lettings market, check that your gas and electrical devices are properly installed and your safety certificates are valid (Example: Gas Safety Certificate).
Your tenants are likely to see these and with buy-to-let regulations tightening each day, it pays to have all safety checks done. If your property is an old one, consider updating the kitchen and bathroom and make sure all white goods and bathroom appliances are in working order.
Deciding whether to let your property furnished or semi-furnished depends primarily on the area it is located in and the type of tenants you wish to attract. Students, young professionals and tourists prefer part-furnished (sofa, bed, television) living areas while families are more likely to choose unfurnished homes, which they can decorate.
Dressing up your home places it on par with other rental properties and might even give it an edge. For tips on presenting your property at its best, let us know. If you'd like we can also assist with sourcing quality tenants and property management.
As first-time buyers struggle to get on the property ladder and interest rates remain low, financial rewards can be well worth the aggravation of doing up a flat in order to welcome in your new tenants.