According to an article on the This is Money website, landlords of rental property in Leeds can earn the highest rental yields in the UK.
The piece also states that if you own property in the LS6 postcode, you could be in line for ‘bumper’ yields of up to 11%!
And this is true – as long you know what you’re doing. As we’re a Leeds letting agent right in the heart of Headingley, we receive many calls from local landlords. They’re often looking for help with property management after their DIY attempts don’t work as well as they’d hoped.
So, if you want to increase the rental value of your student or professional lets, you can start by upgrading it. Here are five steps to do just that:
1. Prepare for the future
Renovating a property is a time-consuming and often expensive business. For this reason, it can be tempting to cut corners.
However, the key to upgrading your property is to create a space which your tenants will happy living in for a long time. This means fitting high-quality fixtures and fittings that don’t wear out within a few months. You want to avoid having tenants complaining to you – or worse, moving out.
Your aim is not just to attract tenants to your property, but also to ensure they want to stay there. This lower tenant turnover means higher rental yields as professionals or students queue up to pay top market value for the best rental properties in Leeds.
2. Spend most time on the bathroom and kitchen
Bathrooms and kitchens are usually the rooms that make the biggest impressions potential tenants – and it’s not hard to see why. Let’s face it – who wants to prepare to food in a mouldy kitchen, or wash in a dirty bathroom?
To avoid such issues, install an A-rated boiler with a long warranty (of at least 10 years). Add kitchen appliances that come with warranties of up to five years (but no less than two years). You may wish to add LED lighting for greater energy efficiency and to create a more inviting atmosphere.
Also be sure to properly fit all units, shower trays, basins and taps to avoid leaks and to stop mould from rearing its ugly head.
Install positive ventilation units to reduce the risk of damp and condensation. Back-to-back houses in Headingley and across Leeds are particularly prone to these issues. So if you own one of these houses, pay attention to the ventilation to help keep tenants content. Proper ventilation also has many health benefits and it stands to reason that healthy tenants are also happy tenants.
3. Keep your rental property clean and in good condition
Find a team of tradespeople you can trust. Have professionals on hand to maintain your property and fix issues as they arise.
That way you’ll help to keep the rental home looking as good as new for longer. The most common issues arise from faulty plumbing, dud electrics or the spread of damp, while floors tend to suffer the most natural wear and tear.
4. Create more space
Space is another key factor in rental property valuation. To create more space, think about whether you can add an extension, knock down a wall, or simply rearrange the furniture, fixtures and fittings.
Before you undertake any work, seek the advice of an expert to make sure you get the most from your rental property.
5. Hire property managers
As we say earlier in this article, upgrading and managing a property takes a lot of work and can put a lot of unnecessary weight on your shoulders.
While you may have concerns about landlord management fees, the return on investment is well worth the initial cost. The best letting agents in Headingley know the best tradespeople in the area. They also understand what it takes to realise the full profit potential of your rented accommodation.
Need advice on how to upgrade your property from an expert Leeds letting agent? Please call the sbliving Headingley office on 0113 278 8651.