One of the most effective ways to maximise your property investment is to appeal to sharers as the combined price paid by two or three co-tenants can often be greater than the rent paid by just one.
Rising rents have priced out those who could not stretch to their ideal property without going halves with a friend (or even a stranger in many instances where we have been able to put willing tenants together!)
We are therefore often approached by sharers and we recommend that landlords embrace the concept. It certainly opens up the number of prospective tenants willing to pay top market rent, as the contribution of each is smaller. Importantly we are usually able administer things so that each tenant becomes jointly and severally liable for the whole of the rent and the condition of your property. This means that if one tenant fails to pay, you can look to the other tenant/s as well, thereby at least halving your risk. Tenants are also more likely to look after your property if they are accountable to their friends as well as to you.
One thing to consider when appealing to sharers, especially if you are converting a property in preparation for rental, is to aim for bedrooms of a similar size if possible as most tenant prefer to split the rent equally. Also, it is often preferable to have a larger kitchen at the expense of a smaller sitting room, thereby allowing sharers to do their own thing rather than always having to watch TV together!
Please feel free to contact one of our investment property experts on 01245 330500 for advice on how best to prepare your property to let – we might also have a tenant, or sharers, waiting for a property like yours, so you can see a return on your investment from day one.
