How to maximise profit on your property investment - Make Money Online

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How to maximise profit on your property investment

Are you looking to increase your investment profits? Many buy-to-let landlords believe the best way to do this is by upping their tenant’s rent. However, this can do more harm than good, especially, if you do not include a rental review clause within your tenancy agreement. Random rent surges can upset your current tenant's whilst also putting potential renter’s off.

To help you improve the return on your investment, you should consider the following tips. 

Good location

Liaising with buy-to-let experts like RW Invest will allow you to maximise your profits by helping you choose the right location with a high rental yield. This includes the north-west cities Manchester and Liverpool, where some of the most profitable investments are sought out. These locations are ideal for both student and residential investments.

Selecting a sought-after location will also attract more tenants, especially if you have student property investment, which is close to a university. This will interest a large number ofstudents who are looking for an affordable place to rent in proximity to their place of study. If you have purchased a residential property in the city-centre, then this will engage young professionals who will be interested in living in central-based apartments.

Tenant screening

Once you have invested in your property, you want to make sure that your tenants are reliable and will pay their rent on time. To make sure you receive regular payments, you should conduct tenant screening before deciding who will move into your property. This involves delving into your potential tenant’s credit report, which will showcase their payment habits regarding their housing bills. You can also check their income by requesting bank statements to establish whether they can afford rent in your property.

Tenant screening will also allow you to protect the property itself, as this will ensure that you sign a contract with a tenant who will look after your property. Although an initial security deposit is a good form of protection, more extensive damage can eat into your profits. Therefore, conducting an assessment of your tenant’s criminal background or behaviour in their previous accommodation will offer you reassurance. This will prevent the risk of property damage, which can significantly reduce repair expenses.

Regular maintenance

One of the main responsibilities of a landlord is maintaining the property. Although many landlords actually neglect this and leave it to their tenant’s — which can be detrimental to profit increase. The main reason many people rent is that they do not have the responsibility that a homeowner has. This means they will expect you, the landlord to conduct regular maintenance on home utilities.

Maintenance duties should be stated in the contract along with other tasks. This means you must keep your promise to upkeep the property to avoid backlash from your tenant’s. You should also implement a process for your tenant’s to submit maintenance requests, as this will ensure that your tenant’s feel looked after and can prevent additional property damage expenses.

Work with experts

Before investing, it is essential that you have all the facts about your prospective property, and the best way to do this is by seeking advice. If you are new to property investment, then the best way to increase your profits immediately is by consulting with property specialists, like RW Invest. They are qualified property professionals, who can help you make the right investment, while also offering you additional advice along the way.

Choosing to work with a company like RW Invest will offer you top-of-the-range property investment opportunities in prime locations in the north west. This will interest a wide range of tenants, whilst also offering you a steady flow of income, which will help to secure your future. 
How to maximise profit on your property investment How to maximise profit on your property investment Reviewed by RAWAT on 10:31 PM Rating: 5