Many of our nation’s cities represent prime opportunities for those hoping to invest in real estate. And as a thriving hub of commerce housing one of the country’s most prestigious red brick universities, Leeds is a great investment for first time and veteran landlords alike. With students and professionals alike seeking accommodation within easy reach of the city centre’s amenities, there’s an excellent chance of a healthy return on your investment. With average monthly rentals in excess of £1,400 a month there’s great scope for healthy monthly yields. And as the city makes way for a wealth of exciting new developments in 2020 the city is more full of promise than ever.
That said, those new to the world of property investment might benefit from some guidance when it comes to managing their obligations to their tenants while also ensuring a healthy return on their investment. Here are some useful tips on letting a property in Leeds City Centre…
Manage your expectations in terms of rental income
Before you list your property for rent, make sure that you carry out extensive market research to find out how much other properties go for in terms of rent per calendar month. You certainly don’t want your property to sit empty for months because of your prohibitive pricing. At the same time, however, you don’t want to say goodbye to your profit margins for the sake of being competitive.
Know your obligations
A landlord’s obligations are many, and you can read a brief recap of them here. Generally speaking, however, they are obliged to ensure that their property is safe and habitable for their tenants. And that includes everything from ensuring that the property is structurally sound to repairing loose carpets that could represent a trip hazard.
Decorate with a neutral colour palette
Whether you offer your apartment furnished or unfurnished, you should ensure that it uses a neutral colour palette both in terms of the paint you use on the walls and the shades and textures you use in your carpeting and furniture. This will broaden its appeal and allow prospective tenants to make the place their own.
As much as you have an obligation to your tenants, you also owe it to yourself to protect your investment. Hence, you should ensure that your tenancy agreement protects your interests as well as those of the tenant. The UK Gov website has a good model template which you can amend to your own needs. You should also carry out background checks after interviewing tenants to ensure that they’ll be able to pay their rent and live up to their side of the agreement.
Carry out regular inspections
You should carry out inspections as regularly as possible (every 3 months is recommended) to ensure that the property is being looked after, check that there are no maintenance issues (which need to be rectified asap) and that there are no breaches of the tenancy agreement (like the keeping of a pet).
How we can help?
We can assist in all of the above, with our suite of property management solutions for landlords and investments. We take care of the day to day management of your property, taking care of your tenants while protecting your investment. To learn more about our services get in touch with us today.