In light of the Brexit vote, the UK economy has become nervous and the real estate market has not been left out. The fears concerning the UK economy have now become further worsened by the handling of the Brexit negotiations and the fear that the EU might choose to punish the UK with a hard Brexit.
A hard Brexit might inconvenience a lot of UK business owners and investors. But as the owner of a rental property in the UK, you can maximise and better enjoy your investment with the five simple Do-It-Yourself chores listed below;
- Regular assessments and inspections.
By taking a walk through your properties as often as you can, you will stay abreast of any developments that might be affecting the property or its tenants. Scrutinising your property ensures you are aware of the condition of your vacant properties and how well tenants are using the occupied ones. This way, damages that might negatively affect a property’s value are nipped in the bud and tenant grievances can be immediately dealt with.
But it’s not just the physical structure and its tenants that should be monitored. You should also keep an eye out for any government legislation that might impact your property.
- Keep it Attractive
The best way to profit from your property is to keep it constantly occupied and avoid prolonged vacancies. Thus, be sure to keep the property attractive with proper maintenance. Cleaning and painting are little chores you can do yourself to maintain the visage of your property. With a fresh and appealing look both on the inside and outside, it will be much easier to get people interested in renting and living on your property.
Also, don’t postpone the repair of little faults. By procrastinating the repair of faults such as leaky pipes, broken windows, or leaking roofs, you are only compounding faults which might end up resulting in a much more expensive and tedious fault to fix. These faults can lead to unappealing blemishes that might negatively impact your property’s value.
- Invest in Advertising
With social media, this can be easily and cheaply done. But you can go the extra mile and invest in websites that specialise in advertising UK properties. The benefit of using social media or these sort of websites is you get to advertise your property to the right audience and get results as soon as possible.
- Quality tenants
As a rule of thumb, never let out your property to an individual you do not trust. To identify the quality of a tenant before taking them in, be sure to meet them in person and carry out some form of background check. Asides from not causing problems when the time comes to pay rent, a quality tenant will also take care of your property and will cause little to no damage before moving out.
- Be insured
Getting landlord insurance is essential because it protects you financially in the event your property suffers damage. Substantial damage to your property can negatively impact its value. But with proper insurance coverage, you are able to comfortably afford restoring your property and protect your investment.
With these simple five DIY steps, you can protect and enjoy the value of your UK property regardless how Brexit turns out.