BUYAmidst a changing lettings landscape, landlords should be concentrating on improving an existing rental property’s value and income. Yield does vary from let to let – some types of property may be low in value but attract a better return, while certain property configurations are more appealing. Here are some ideas to improve your rental income and increase your let’s value:-
Convert to a HMO: If you have a large property, you may consider turning your let into a HMO (House in Multiple Occupation). HMOs produced the highest yields in 2017, according to the latest buy-to-let index from Mortgages for Businesses, with a staggering 8.9% average yield.
While perennially popular with students, HMOs are also being sought by young professionals looking to keep rental costs down. Aspire can help you make the transition to a HMO, which may involve building works, greater compliance, obtaining a licence, increased maintenance and a requirement for full property management.
Extend your property: Naturally, a two-bedroom property will command more rent than a one bedroom example, and a house appeals to a family more than a flat. As well as justifying a new rental level, extending a property by adding an extra bedroom or bathroom will usually increase the property’s overall value. We’d be happy to advise on the types of extension that get planning approval in SW London.
Make astute improvements: If your let is in an area where parking is at a premium, add a parking space, where possible. A new kitchen, bathroom or boiler will also add appeal when remarketing a property or selling up. Book a valuation appointment with your local Aspire branch and we can give you a current value and a forecast value for once any improvements are made.
