Getting the Maximum on your Rentals in 2023
Whether you’re an experienced landlord, buying to let for the first time, or you have inherited a property - Kerr and Co advise all landlords a property portfolio health check. As we start 2023 now is the best time to make sure you are getting maximum profit on all your rentals.
Kerr and Co's Top Tips - get the most out of your buy-to-let portfolio in 2023
Review your rent(s) yearly. It’s a good idea to regularly check that the rent you’re charging is competitive. It’s also fairer to long-term tenants if rent goes up by a small amount each year, rather than staying the same for several years then increasing suddenly by a large amount
Keep costs and regular outgoings under control. As well as reviewing the rent, you should keep an eye on your outgoings and see if there’s areas where you can cut back. If you pay the utility bills, for example, shop around other providers to get the best deal.
Stay on top of maintenance. Keeping your properties well-maintained will make them easier to market when you need to find new tenants, and will also encourage existing tenants to stay in your property, reducing void periods (the time between tenancies when the property is empty) for you
Kitchens and bathrooms are key. Make sure these rooms look their best – freshly decorated modern kitchens and bathrooms will enable you to ask for higher rents
Invest in good quality appliances. It’s worth investing in high-quality appliances and white goods (if you’re supplying them), as you won’t have to spend money on frequent repairs or replacements
Consider allowing pets. The law now prevents landlords from automatically banning pets, although ultimately it’s still up to you whether you permit tenants to have them or not. Its also worth bearing in mind that tenants with pets are usually prepared to pay higher rents and are also likely to be financially stable and looking to commit to longer-term leases
Maintain a good relationship with tenants. If you have reliable tenants who look after your property, try and maintain a positive relationship with them. Void periods mean a loss of income for you, so it pays to do what you can to keep good tenants
Consider setting up a limited company. There are tax benefits to operating through a limited company as well as specific legal protections. There are also a couple of disadvantages so it’s best to speak to a financial advisor before you make any decisions.
The first step towards making sure your rental properties are at maximum profitability - is knowing exactly what they’re currently worth. Contact us today for an up-to-date valuation, and from there, we can offer expert guidance and help you start 2023 in the best possible position.
For more information and a free no obigation valuation please contact us on
Sales@kerrandco.com or firstname.lastname@example.org or alternatively give us a ring 0208 743 1166