#ResidentialRentalsNewsletter How Can You Use a Vacancy Period? Vacancy – no owner investor likes the word and with good reason. Vacancy means $0 rental income. How can a vacancy period be turned into a positive? There are many different ways to use a vacancy period proactively. A good practice for owners to get into is to service their properties on changeover. Wear and tear is a natural part of property investment, keeping your property up to date will ensure you are achieving highest possible returns and also getting the best possible applicants for your property. If the property is not presented well, it will attract a less then desirable type of tenant. If the property is presented well, it will attract better quality applicants. Some of the actions that could be taken include cleaning gutters, painting touch ups throughout, replacing lace curtains if necessary, carpet cleaning, tidying of gardens.Then there are improvements to the property that can be made to make it easier to market and let. For example; Could the property be fully fenced? Could the bathroom or kitchen be updated? Could a heat pump be installed? There are many different ways to use the downtime of vacancy at a property. Some preparation and time is required of course, but in doing so you can easily cut down your vacancy periods.
Posted on: Fri, 04 Jul 2014 01:00:00 +0000