Being a landlord and renting out property is just one way of making money. When you first start out then working out the best ways to make as much money as possible from your can be a tricky task, but there are many things that you try and implement that might help you make some extra cash.
Renting out your property so that it comes partly or fully furnished
Depending on your target rental market, then you could think about renting out some furnishings with your property, although exactly what you decide to offer could depend on who you are hoping to attract as some tenants.
For example, if you are renting to students, they may not have any furniture of their own to bring with them, so they may need the home to be fully kitted out for their needs, but they might be happy for it to be basic. If you’re wanting to rent to families then they might bring a lot of their own things with them, but expect what you provide to be able to withstand the demands of family life.
Some businesses provide packages of furniture for landlords to put in their properties that will meet whatever funds you have to spend on it. Having furniture will mean that you can charge more money on the rent and the furnishings will pay for themselves after a while, although you will have to replace these when they start to show signs of wear and tear.
Set a longer notice period
Setting a longer notice period that your tenants have to give you before they have to move out so that you have longer to advertise for new ones could help to improve the amount of money you make. You might not have as many empty months where you do not have anyone living in your property.
Allow people to redecorate
If you feel happy to do this, then you could also consider allowing tenants to redecorate while they are living in your property. While this might mean that you charge a slightly lower amount on the rent prices, if the people who live there do decide to redecorate, then it could help to keep the property looking fresh. As long as you are happy with the style they choose. It could save you money on materials and the fees of labourers to come in and do the work for you in inbetween tenant cycles.