While tenants who have struggled to pay their rent have been afforded protection from the government, many of those with a UK property portfolio will have had to continue paying mortgages and other buy-to-let related expenses. If you have found yourself in this situation over the last 12 months or so, you may naturally find that you’re a little concerned about the future of your property investment.
As rental property experts, we are urging landlords to hold on and weather the Covid-19 storm. While brighter days are coming, you can also take proactive steps now to create more certainty and future proof your portfolio during what is an uncertain time for all.
Attract and retain the best tenants
To remain profitable during a period where more financially secure renters are attempting to take the first step on the property market themselves, you need to have a strong strategy in place for attracting and retaining the best tenants. This means those able to meet their rent payment responsibilities and take good care of your property.
Having a team of time served estate agents on your side can help you find the best tenants and secure a regular income as well as doing all of the paperwork and referencing on your behalf, giving you more time to commit to other aspects of your business or investment.
Know the market
Covid-19 has significantly changed the rental market, with tenants now looking for well-decorated accommodation that affords them some outdoor space as a priority.
Knowing what tenants want and need from a rental property can help you tailor your offering to the market and highlight any stand-out features that your portfolio has to offer. It pays to have expert insight into the local rental landscape if you want to protect your rental income in the long term.
Best to invest?
With economists predicting a 4% increase in house prices across the UK, those with a little wiggle room might be tempted to add to their current property portfolio.
This may not be such a bad idea in the short term if you want to buy now and sell on after say 12 months and use the funds to finance improvements to the rest of your portfolio.
If you are thinking of investing in a new rental property, talk to the Paramount team today. We’ll be happy to provide you with a range of purchase opportunities to suit your budget and needs.