If you are Peterborough landlord you may be noticing the rising costs for your tenants, but also the rising costs for you. It’s understandable that you might not want to raise your rent when your tenants may be struggling with rising costs as it is. However, in between tenants there are more ways that Peterborough landlords can maximise their income than just putting the rent up.
Below we share some of the best ways that Peterborough landlords can maximise their income. Don’t forget, if you need any help letting or managing your properties – we are here to help. Call our property management experts to see how we can take the stress away of being a landlord.
- Offer Furniture
Dependent on your property, it could be the first home for some tenants. This means that you could offer furniture and increase your rent to cover these costs. The tenant will be grateful that they don’t have to spend out for furniture that they need. Meanwhile, you’ll be getting more rent from your property. It doesn’t need to expensive furniture. You can pick up some high-quality furniture extremely affordably.
- Property Maintenance
It’s a good idea to keep a close eye on the maintenance of the property. Prevention is always better than cure. If you can repair an issue before it gets serious, you will often save a lot of money in the long run. The regular maintenance checks will also mean that you get to keep an eye on your property and ensure it’s being looked after by the tenants. Further to this, if the tenant sees that you care the for the property, they will too.
- The Local Market
When you work with a local property management company, like our team, you can rest assured that the local market will be examined. We will take the time to view your property and similar properties in the local area. If we can see small changes that you can make to increase your rent, we will recommend these to you. The local market will be examined regularly to ensure your rented property is in keeping with the current state of market.
- Check Your Taxes
When you are a landlord, you will find that there are expenses that you will be able to claim tax back on. We would recommend that you work with an accountant to ensure you don’t miss out on any of these tax savings. By speaking with an accountant or tax specialist you will be able to claim back for a wide range of expenses for running and maintaining your rented property.
Looking to make the most of your rented properties in Peterborough? Call our team now to see how we can help you – 01733 748031.
