What You Need To Know About Letting Multiple Properties
Becoming the landlord of several properties dotted around different locations is one of the most effective ways to earn additional income from a property.
It is especially true if you are letting homes in major cities, such as London. Although landlords face a number of challenges, particularly when it comes to keeping up to date with alterations in legislation, it can still be a very lucrative venture.
However, before you begin laying the foundations for your rental empire, there are several things you need to consider when it comes to renting out multiple properties. Read on to find out more.
Location, Location, Location
When it comes to maximising your earning capacity from the property, you are probably already aware that location plays a significant role in determining the rental value of the home you are letting. But what does this mean in practice?
While you may imagine that London would offer the most lucrative market, there are other cities that research has revealed to offer particularly substantial rental prices. Nottingham is foremost among them, and Bradford has also become a prime business location, meaning there will be plenty of young workers seeking accommodation. Meanwhile, Manchester and Newcastle Upon Tyne are not far behind, giving you plenty of options when it comes to choosing the ideal cities to purchase your buy-to-let properties.
Becoming a landlord of multiple properties can be stressful, with many hoops to jump through. You also have to worry about potential damage to your properties, caused by anything from fire to theft to water damage.
In order to ensure you are well-protected, it’s a good idea to take out multi property landlord insurance, which can cover not only your buildings but your contents. When it comes to choosing the specific package, there are a number of different elements you can add, from loss of rent insurance to landlord liability insurance and malicious damage cover, to name a few.
Staying On The Right Side Of The Law
As a landlord, there are a number of laws you have to abide by and procedures you need to follow. This is to ensure you are providing appropriate living conditions for your tenants.
This includes making sure that there is no overcrowding in your properties, conducting thorough health and safety checks, installing smoke alarms and obtaining gas safety certificates, and using a deposit protection scheme.
Finding the right tenants for your properties shouldn’t be difficult, but if you are not sure how to get started, the easiest way is to list your properties on an estate agent’s website. The majority of prospective tenants search for their next home online. However, you should bear in mind that certain sites will appeal more to certain demographics, so you should take this into account when you create your listings. For instance, sites such as SpareRoom will often be used by university graduates.
In order to help your properties stand out from the crowd on these sites, invest in some high-quality photographs and provide detailed descriptions of each building’s assets. Once your listing goes ‘live’, it shouldn’t be long before the first requests for viewings begin pouring in.