How To Make The Most Income Out Of Your Property?

Income Out Of Your PropertyAccording to the new fissures and statistics of the rental market research, the private rent sector raised even more in comparison to the previous statistics in February. This means that more people are tempted to give this type of income a try so more competition for the current landlords is coming. However, this does not mean that you won’t be able to let your property as easily any more, the reason that the rental market went up again is because more and more people are struggling to get a mortgage.

This article will show ways to make even more income out of the property you have or are about to buy. Over the past number of years an idea of renting a room in a house share has become very popular and we think, that it is because the rent is so much cheaper than if renting the whole house so if you are single and in need of a place only for few months or a year why not? This gives you a better opportunity to raise the deposit money for your own property. This is why landlords of 4 or more bedroom property should give it a try. Instead of getting £500 from a family you can easily get £800 letting 4 rooms out. Yes…this does not come easy as you do need to do 4 times as much work but at least your income almost doubles and let’s face it – if you want to make money you need to work for it.

Another important factor to consider is whether there is any room for extension? Or could we perhaps renovate the cellar?

Imagine that you are an owner of a 4 bedroom terraced property with a separate entrance cellar. First thing to do is to let the four rooms as soon as possible – let’s say they will all go for £200 each making you £800pcm. Ones some money is saved the next step is to convert the cellar to a self contained flat which if renting to a certain type of DSS tenant will bring you £425pcm.

Looking at the above figures we can see the difference clearly – would you rather pay £300 mortgage and get £200 income every month from your investment property or over £900 of income?

It is however very important to buy a property in the right location as the further it is from the City Centre Location the less likely you will get the professional tenant or if it is too far from the University none of the students will take it so it is important to do your primary research of the location to see if it will be possible to let to the type of people you want to deal with.

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