Top Tips for Letting Out a Property

Top Tips for Letting Out a Property

The buy to let market is currently booming, making property investments particularly lucrative. However, letting out a property for the first time can be daunting. There are so many things you need to know before listing your property to let.

If you’re considering letting out a property, below you’ll discover some top tips you’ll definitely want to follow.

Choosing the right investment

When you’re searching for a property in the Leeds area you can let out, you’ll need to take into account different factors than you would if you were buying a property for yourself. For example, you may prefer a large garden and a bold colour choice, but prospective tenants may prefer a small, easy to maintain garden and a neutral design.

The area you invest in will also make a huge difference to the tenants you attract, and the rental prices you can charge. So, it’s really important to do your research and establish which areas of Leeds would be better suited for you. If you’re hoping to rent to professional tenants Leeds City Centre and North Leeds would be a great option. If you’re looking to rent to families on the other hand, you may be better off investing in properties with excellent schooling nearby.  These are just some of the things to consider before investing in a buy to let property.

Factor in rental yield

Of course, one of the main things you’ll want to look at is the rental yield of the property you’re investing in. Don’t forget to take into account the stamp duty too, when working out total costs.

To work out the yield, you’ll need to divide the annual rent total by the property’s capital value. So, divide how much you think you’ll receive per year for the property, by the amount you paid for it. The total will give you the rental yield. However, you’ll also want to factor in other annual costs, such as repairs and insurance.

Optimise the property’s appearance

Once you’ve found the ideal property and you’re happy with the rental yield, you’ll need to make sure it’s attractive to potential tenants. Consider both the outside and the inside of the property. How does the exterior look? Is it inviting? Remember, that’s the first thing potential tenants will see when they go to view the property, so the outside should always look clean and attractive.

Inside, you’ll want to make sure there’s a fairly neutral theme; a blank canvas for potential tenants.

Choose the right letting agency

Now you’ve invested in the perfect property, it’s time to get it listed. Letting agents are an excellent option, but it’s vital you choose a reliable, respected agency if you want to get the best value.

At Cassini Properties Estate and Lettings, we offer an 8% Full Property Management service. Your property will be listed on all of the major portals. We have an extensive range of tenants waiting and we provide a No Fee, No Let service. For a free property appraisal, call Cassini Properties Estate and Lettings on 0113 2497313