Get Property Ready
Get set & get smart now for 2023
Preparing your rental investment property is important, not only to meet current legislation for landlords and tenants, but when it comes to upkeep and maintaining your property to guarantee you really do maximise the investment income potential.
There’s no doubt that as we wind up the year, lettings stock is woefully low, but there continues to be a whopping demand from professional and corporate tenants looking to secure their rental home before the beginning of 2023.
Such a strong demand from keen tenants has boosted rents to an all-time high, there are definite signs which point to this continuing throughout 2023.
The festive period gives time for a landlord to take stock and reassess your rental investment. Ask yourself and your managing agent – is it working for you, what maintenance work should be booked in, and what can you do to increase profitability?
TO HELP STEER CLEAR OF ANY VOID PERIODS, WE RECOMMEND MAKING SURE THAT THE FOLLOWING THINGS ARE TICKED OFF YOUR LIST:
• Update your EPC if it’s older than 10 years.
• Schedule in an EICR if your current one is older than five years (wiring dependent).
• Is your annual gas safety certificate due for a renewal?
• Give your property a fresh coat of paint if it needs one.
• Do you have any maintenance problems that need addressing, because now is the perfect time to tackle these.
• For exterior jobs, try to schedule tradespeople in before Christmas ready to start work in early spring.
Historically, Rightmove experiences its busiest day for tenant enquires on Boxing Day. Notoriously, no sooner has the 25th December passed, than thoughts turn to moving in the New Year, both for tenants and homeowners. Whether it’s a lifestyle change, upsizing to accommodate a growing family, wanting outside space, downsizing or sadly moving out and on. Everyone focuses on making a new plan for the year ahead. ‘New Year, New Me’ and top of the list usually starts with ‘New Home’.
So, whether tenants are organised and looking before Christmas or starting their search after the festivities, January can be a lucrative time for landlords to secure the best tenancy. To ensure you maximise this busy period, make sure your property is marketed before the arrival of the Christmas holidays and ready for a January move-in.