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Getting The Most Out of Voids

Thursday, 17th April, 2014

Although the rental market is currently strong, nearly all landlords have to deal with a void at some stage. Although voids are an unwelcome risk, they can be viewed as an opportunity for catching up on maintenance and repairs work as well as a chance to refresh their property.

It makes good business sense to plan and budget for voids, and to set your rents accordingly. By planning ahead for the end of a tenancy you can reduce the risk of any significant periods when your property is empty. Repairs are significantly easier to carry out when a property is empty. Even if the previous tenants have kept the property in excellent condition, a void may be a good time to replace appliances, clean carpets and in general carry out an all over makeover and paint job. Tastes change over time, appliances become old-fashioned and obsolete, and even a well-looked after property can end up looking tired. Bathrooms and kitchens in particular may need replacing or at least enhancing after a long time on the market. Although rent is not coming in, a void period allows you to consider how to add value to the property, which could mean you can set a higher rent and/or keep tenants in the property for longer periods of time.







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