The landlords guide to letting a city centre property
For those in the buy-to-let market, developing a portfolio of city centre properties can sometimes prove the best approach. For one, the prime location means you may be able to charge higher rents, leading to a more lucrative monthly income.
Having a number of properties close by each other - perhaps even in the same building in the case of flats - can also make maintenance far simpler, but there are a number of considerations that should not be neglected.
Market your property appropriately
High rent rates can be off putting for many potential tenants, with some favouring a home on the outskirts of a city or in the suburbs. This means that highlighting the vibrancy and - perhaps more importantly - the proximity could be key to finding someone who is suited to the premises.
If the property is being targeted at young people, making clear the options they have close to them in terms of bars, clubs and other leisure facilities is a must.
Similarly, students may be keen to know what they have access to in terms of local libraries, workspaces or quick transport links to their university.
Discussing potential issues
There are some aspects of city centre living that some don't find as desirable. Properties might be in close proximity to a lot of noise during the weekends, as well as pollution from traffic at rush hour through the week.
While it might seem like common sense that interested people should expect this in such a built up location, it is always best practice to give them the clearest possible impression of the premises before they commit to avoid any future conflict.
City centre homes are sometimes perceived to be a higher security risk, but many have extra measures in place. For example, coded outer gates and fenced off balconies could be the types of features that will give tenants the peace of mind they need.
Secure parking can be another selling point, relieving drivers of the scenario whereby they have to leave their car parked on a public road. However, some developers may require tenants to pay an extra charge for secure parking facilities.
Being situated in a prime location often means that tenants demand fast action in an emergency. Landlords should assess the road access for maintenance vehicles and consider hiring a letting agent to deal with any issues if their own residence is outside of the city.
In addition, encouraging tenants to invest in Landlords Home Emergency Assistance cover could help minimise the damage if any issues unfortunately arise.
Carrying out the correct research and devoting enough time and effort to a city centre property can at first seem like an extra effort, but getting it right can create a situation that gives the best outcome for both the landlord and the tenant.
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