What Should You Do With An Unoccupied Rental Property?
Investing in rental properties is a great way to generate income as well as increase your assets for the future. It’s a sensible way to make some money, but one of the downsides of being a landlord is that at different points in time, you could be faced with an unoccupied property. An unoccupied property can cost you money, which is why it’s important to take action quickly.
What should you do with an unoccupied rental property? Take a look at the useful suggestions below.
Freeze as many bills as possible
The first thing you’ll need to with your unoccupied property is to freeze as many bills as possible. From council tax to TV licences and other costs, you’ll want to reduce things as much as possible to minimise your outgoings. You should consider switching off the water, gas and electric too to bring your expenses down to a minimum while you wait to get your next tenants in.
Put it up for short-term/holiday let
If you can’t get long-term tenants in for the time being, why not let your property out for short term or holiday lets? You can start hosting on Airbnb in no time at all, and it could be a great way for you to make some money from your property in the short-term. If things pay off, you might find that your Airbnb venture is more profitable than long-term lets and could be the best way forward for your property.
Work on it
If you’re facing a period with no tenants for your property, why not take the time to do it up? Making some improvements to your rental property could help make it more desirable, but it could also increase the overall value of the property, as well as the rent you can charge. Make sure the basics are taken care of like protecting your property against mould, before you focus on those added extras. Having time for renovations can be rare when you’re a landlord, so why not make the most of it?
Keep it secure
An unoccupied property can be at risk of damage, unauthorised occupants and more – causing all kinds of problems for you down the line. Make sure your property is secure by carrying out regular checks on your windows and doors and consider using a timed lighting system to deter criminals. Installing CCTV camera systems is another way you can keep your property secure, especially if it’s not located near your own property. Make sure you’ve got insurance in place to cover you against damage or theft, and inform your insurance company that the property is unoccupied.
Dealing with an unoccupied rental property can be stressful, but there are opportunities and things you can do to make sure your property doesn’t become a drain on your finances. If things don’t pick up, you can rethink your advertising strategy, or consider enlisting a letting agency to find tenants for you. The rental market can be a tricky one, but hopefully things will pick up for you soon.