18th May 2022
Letting a property in Chester: 10 considerations to get the best rental income
Demand for rental property in Chester remains very strong, but it’s also a highly competitive place. Letting a property in Chester involves much more than just buying a property and finding tenants. It requires regular maintenance, and you also need to understand who your target market is for the property and then cater for its needs.
Investing some thought and money on your rental property will allow to yield higher monthly rents. This, in turn, will eventually recoup the cost of any renovations you had to make – and it will also add value to your property in the longer term.
- Hang on to your best tenants
Void periods (where the property is left empty with no tenants) is a disaster for landlords. When you find good tenants who pay their rent on time and look after your property, you want to do your best to keep them.
Carefully weigh up whether you can justify a rental increase and invest in repairs and maintenance to the property regularly to keep your tenants happy.
- Remortgage options
If you have a mortgage on your buy-to-let, consider reviewing your deal to get the most competitive mortgage deal so that you can yield more monthly income.
You can speak to our mortgage adviser, Ross Paterson from Sphere Financial Services who is able to provide expert and tailored advice for our landlord clients.
- Be open to pets
A total of 3.2 million households in the UK have acquired a pet since the start of the pandemic, so being open to having pets in the house may boost interest in your rental property and widen your pool of prospective tenants.
- Use a good managing agent
Using a good letting agent will help speed up the process of finding the right tenants for your rental property. A full management service will allow to relax in the knowledge that any issues with the property will be dealt with quickly and smoothly, and ensure regular inspections are carried out to ensure your property is well maintained.
- Meet your tenants
If you decide to manage your property yourself, it is advisable to meet your tenants before deciding to let to them. Meeting in person will help form an open and honest relationship with your tenants that will hopefully be reciprocated.
- Comply with relevant safety checks
There are various legal checks required and certificates to be in place before you can let a property. For example, the Landlord’s Gas Certificate and a Domestic Electrical Installation Condition Report which we can arrange for you if required.
You will also need an Energy Performance Certificate which will give detailed information about your property’s energy efficiency and carbon dioxide emissions. Remember that the government have proposed that all rental properties will need an EPC rating of ‘C’ or above by 2025 so it’s worth thinking about this now if your property doesn’t meet the minimum standard.
- Make essential upgrades
Replacing tired and outdated kitchens and bathrooms will generally help you attract a higher rental income and encourage tenants to stay longer. These rooms are vitally important to tenants and investing in them will add real value to your rental property.
- Offer added extras
Try to make your property home from home by giving tenants those little added extras that can make all the difference to their tenancy. Things like adding a garden shed, installing a burglar alarm or even fitting more storage shelves. All these not only help to enhance your property in the long term, they can also help attract good tenants.
- Look after the garden
A well-tended garden can help your property look cared for and well maintained. At the end of each tenancy, make sure the grass is mowed, and the borders are free of weeds. If the garden looks well kept at the start of the tenancy, your tenants are more likely to make a concerted effort to keep it that way.
- Deep clean your property in between tenancies
It goes without saying that a clean property will most definitely attract more discerning and respectable tenants. Deep clean your property in between tenancies, including a full carpet clean as this will help the property look and smell fresh ready for your next tenants to move in.
If you want to discuss any aspect of letting your Chester property with us, including a free valuation, please contact us today. If you are not happy with your current letting agent, switching to Matthews has never been easier. Call 01244 346226 for more information.