When looking for a property to rent, Knight Frank asked tenants what do they look for?
The most important factor was affordability. Its worth considering that if you have a tenant that pays on time and stays long term, this is worth more than an extra few pounds every month from a tenant that is going to cause you a headache! A lot of tenants are "reluctant renters" and would prefer to buy if they had the choice, they will appreciate a well priced property which makes them feel they have value for money.
Look at the yield a property is going to achieve, this is the annual return on your investment. You must also take in to consideration service charges, does the property have a lift? This will increase the cost of the service charge. Are there lots of maintenance charges? What is the ground rent? Remember to factor in void periods when the property is empty, this is another reason to look for a long term tenant so that your void period is low.
In a recent survey carried out by LSL Property Service over 16% of renters also said that they would pay a premium for a property with a garden, this is something to consider when looking for a buy to let property. However be wary of getting a property with a large garden as not all tenants are as green fingered as they would like you to believe and a low maintenance garden will be more popular.
Knight Frank also asked tenants what they look for in a rental home.
Tenants want a clean, comfortable property decorated with neutral colours in a nice neighbourhood. Choose a property with a a straight forward layout which will appeal to the most amount of people.
They also asked tenants what makes them what to stay long term.
It seems that if as a landlord, you are willing to maintain the property and react swiftly to repairs then your tenants will want to stay longer and are more likely to look after your property. This is something that you will need to consider when becoming a landlord. We recommend that you keep a % of the rent aside each money in case of repair issues.
Finally, Over 45% of tenants said they would like to be able to have a pet and would we willing to pay an additional £24 a month to have one. Generally landlords are not keen to allow pets, citing the potential damage and noise problems. However its certainly something to consider when looking for a long term tenant and allowing them to have a pet may encourage them to stay longer term.
When viewing properties and considering a buy to let purchase keep all of these things in mind. Here at Ark Residential we would be pleased to discuss this in more detail or give a free valuation on any properties you are considering purchasing. Just pop in to the office or give us a call 01424 731731.
