Void periods are inevitable. A void period occurs when your property is unoccupied and receiving no rental income, and will happen to most landlords during the lifetime of their investment.
Excessive or lengthy void periods can significantly impact the viability of your investment.
Many property experts agree that landlords should never take for granted that their property will always be occupied.
Tips to Avoid Void Periods
Maintain Above Standard
In new build properties, standards are generally not an issue, but in older properties, make sure your property is the best it can be. Kitchens and bathrooms sell a property so it’s worth investing in them.
Tenants’ expectations of rental property standards are increasing all the time.
Your property needs to be of a high standard to attract and retain tenants.
Get good tenants and keep them
Invest in tenant referencing to give you reassurance about your potential tenants. If they are moving on, ask them why? You might be able to resolve their issue or have another property that suits their changing needs.
Every area has its ceiling rent
Make sure you set a realistic rent for the area your property is in. It’s more cost effective to get the property rented quickly at a slightly lower rent than holding out for a higher rent and risking a void period.
Invest in your property
Use any void periods to invest in your property or to do essential maintenance work. Consider redecoration, refurnishing or upgrading the property to maximise rentability and rental income.
Budget for void period
The rule of thumb is one month per year. If you have accounted, and planned financially for it, it won’t be an unexpected expense.
Protect your property
Ensure your landlord insurance covers your property if it is unoccupied and consider uninsured risks.
The Complete Zeitgeist 2017
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