Anticipating changes can give you time to prepare, maximising your income and assessing your choices ahead of a deadline. For example… do you know:
- how long your current tenants are intending to stay at your property?
- the internal condition of the property - will flooring or decoration be needed soon?
- whether your rental agreement can be improved?
All landlords can be certain of one thing: change is inevitable.
“Investors need to be aware of their properties locations,” explains Jason Dyer of JTM Homes. “Keeping an eye on developments such as new transport links, changes to the local amenities and the performance of the local schools can help plan what demand there will be for your rental property – and what rental income you can expect.”
He adds: “Most investment properties are smaller. These work especially well as whilst they may offer a lower income they have less maintenance costs than larger properties. The transport links from north London to the City make north London especially desirable area for property investors.”
7 Questions that Property Investors should ask themselves...
Property Reporter states key questions that will help you determine whether your investment property is ideal for you, or if a different property would work better for you.
1. Is your property attracting the right type of tenants?
2. Is the rental return financially viable?
3. Is your property keeping up with current market conditions?
4. Is the property easy to let with no periods of void?
5. Is your property's resale value still rising?
6. Is your property still easy to maintain?
7. Is your current tenant happy and intending to stay long term?
If your answer to some of the above questions is ‘no’, this could be the right time to review the property you are investing in. Have a chat with the specialist lettings team at JTM Homes. We can discuss the options with you and guide you through your next step. You are welcome to contact us at our Highgate or our Archway office.