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Those that entered the rental market hoping for long
term gains with little or no risk have had a severe
wake up call. Those with fixed mortgage deals at low
rates that are now having to remortgage face a significant
increase in monthly rental as new terms are much less
favourable than before. And that is if they can find
a fixed rate deal - many are now having to pay standard
variable mortgage rates and are exposed to the vagaries
of the money markets.
But there is always a silver lining to any cloud. For
those landlords able to weather the storm the rental
market has seen a strong upsurge in demand as consumers
find it hard to raise the necessary deposit required
to secure a mortgage. That means that many more are
looking to rent and that has fuelled a strengthening
of the rental achievable.
Whilst good news for landlords, the increased demand
from tenants means that there is a scramble to secure
the better properties at reasonable and affordable rents.
With the usual bills to be added on top of rental, it
would be more rewarding to have a mortgage and at least
see capital appreciation over the long term as opposed
to just outgoings.
But whilst the mortgage market remains closed to many,
landlords can at least be choosy as to their tenants
and can see capital and rental values appreciating.
To get more, landlords should not be greedy and be professional
about how they market and manage their properties.
Be
specific in your marketing and target the customers
to whom your property will most appeal. Consider a specialist
management company too since this added professionalism
can improve tenant relations and provide the proper
documentary and inspection services to protect your
property. Selecting the right company to market your
property can save you time and effort in the medium
term since even in this internet enabled age, many tenants
still work through letting agents.
Pre-emptive maintenance can save money in the long term.
Don`t wait for things to break before replacing them
- this annoys tenants and cost you emergency call out
rates. Today`s tenants look for modern and contemporary
white goods that have good efficiency ratings to help
them
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