Thanks to its inviting property market, as well as its proximity to London, Bath has recently become a favourite for investors looking to buy-to-let in the UK. But what if you already own a house or flat in or around the city? What steps should you follow in order to prepare the property for viewings and eventually find the best possible tenants?
These are the three most important steps to take.
Step 1 – Prepare the Property
To get the most value from your property, you first have to make sure that it looks its best. Consider the exterior, to begin with:
- Are the front and back garden tidy? Make sure the lawn is pristine, the hedges are trimmed, and all dead plants are removed.
- Are there any blemishes in the walls or driveway? Is the house number visible?
- Do the window and/or door frames need a new coat of paint?
- Is all rubbish out of sight?
Once these issues are dealt with, you can move to the interior of the home:
- Are the rooms cluttered? It’s a good idea to move any unnecessary furniture into storage and to empty most cupboards and wardrobes. Books, knick-knacks, and other clutter should also be removed.
- Are any repairs needed? Think leaky taps, broken light bulbs, and cracked walls.
- Is the property clean? This will be one of the most important details for possible tenants.
- Could you revitalize one or several rooms with a new coat of paint? If so, the investment will be well worth it.
Step 2 – Consider Your Target Market
Take a moment to consider who is most likely to be interested in your property. Is it students, young adults, families, or tourists from abroad looking for holiday homes? The answer to this question should give you a good idea about how you should advertise the house or flat.
For example, if the property has three rooms, you could either present them as three bedrooms for students or you could make them into two bedrooms and a study. The more specific you are, the more likely you are to find the right tenants.
Step 3 – Organize Viewings
Once you’ve prepared the property and began advertising it, you’ll start to receive phone calls from potential tenants. You will then have to organize viewings that are convenient for both the interested parties and yourself, which is likely to take up a good amount of your time. Finally, you’ll have to meet potential tenants, show and describe your property to them, as well as negotiate the price and house rules.
Alternatively, you can look for and hire an experienced estate agent to help you with advice in terms of advertising and to organize property viewings for you. Needless to say that if you pick a reliable estate agent such as Pritchards, this can significantly reduce the time and effort you have to dedicate to finding tenants and negotiating your price. Most importantly, the letting agent can ensure that you get the best possible offer for your property.