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Tips>Property>Maximising profit for Buy to let landlords

 

Property to Market

If you are just entering the buy to let market, you have come in at a good time. 

   

The hardest part is over; getting a mortgage is tough at the moment, even for well-established landlords. Banks are reluctant to lend and are charging high fees and asking for large deposits and offering rather average interest rates. So if you have made it passed all this, you are on you way to making your living from property.

   

Now it's time to get your new property on the market. This may take some amount of property development. If you are keen to add value to your home for maximum profit here are a few tips to follow.

    

The Kitchen

   

The kitchen is generally the room that 'sells' the property. Whether your prospective tenants are a family of four or a young, single professional, the kitchen will play an important role in achieving maximum rental. 

  

Buy To Let Insurance It's important to know you market when doing renovations, particularly in the kitchen. When it comes to families, size is key; most are looking for eat-in kitchens with plenty of light and space. They probably aren't as fussed about the taps, handles and work top as a single young professional; however, a young professional won't want as much space, so you won't need to knock any walls down.

   

Bedrooms

   

Adding a bedroom is the best way to add value to your property. You need to remember your market once again, as a two-bed flat for young professionals will need double rooms, so don't bother adding just a single, it will end up being wasted space and won't increase the sale price. However, if you market is families with young children, adding smaller rooms will add value as children only require single beds.

   

Bathroom

   

The bathroom is another room people inspect with detail when buying a property. It can add value but it needs to be to a standard that suits the house. There's no point adding a massive bathroom extension when an extra bedroom would be better, but if you have a large house with several bedrooms it is worth converting one room into an extra bathroom. Remember large houses are often rented to friends not families and they don't want to queue for the toilet every morning before work.

   

Make use of the space effectively. Families will want a bath, but professionals will be happy with just a shower.

   

Remember that once you have done all the changes and are ready to move some tenants 

in, you will need landlord specific insurance. 

     

   

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