Posted by Admin - 31/08/2016
Avoiding periods where your property is vacant is paramount to achieve the best return on your asset. Therefore, there are steps you should follow to ensure you do not lose out.
In the UK a tenancy runs for 18 months on average before the tenants move out. The key is to only allow good quality tenants to rent your property and ensure that the lines of communication are accessible for both parties so that no issues arise without being resolved. Evidently if a tenant enjoys where they live and have a good relationship with their landlord they are more likely to stay in the property, as the saying goes ‘If it ain’t broke, don’t fix it’. If you know that you have sustainable tenants who are there for the long-run this will not only ensure your asset is as profitable as it can be but it will also give you peace of mind.
It’s inevitable that the tenancy will come to an end at one point or another and your tenants will move out but its the ability to take on another tenant in the move out time frame that ensures the rental property stays lucrative. If there are decorative works that need to be done in order to attract quality tenants then get these done before re-marketing the property. You should also do some research into what the appropriate rent is for the property in the current market as it may differ from the previous tenancy.
It is important to formulate a contingency plan and be ready for any scenario. You might have an amazing relationship with your tenants and be so sure they have no plans to move out then the next day you receive their notice to end their tenancy. Therefore, be prepared. Ideally, you should be in a position to aim to have a new tenant fully referenced before the previous tenant has even moved out.
This being said, sometimes it can be beneficial to have a short void period so that you are able to carry out any necessary maintenance and as previously mentioned decorative works. This will ensure your property is achieving its maximum possible return and therefore will continue to be a good investment for you. You should also take void periods into consideration when looking into the financials of owning a rental property.