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Real Estate

Rental cancellations: some more tips to avoid periods of inactivity

In order to become a smart investor, it is critical to avoid rental gaps. Here are some more tips to avoid downtime:

o If you are asked to furnish your property, prefer new furniture to second-hand. Also, buy cheap and stylish furniture that will make your property look attractive.

Or, it is advisable to hire a professional in addition to do the interiors for you. He can help you assemble faster and to a better standard.

o Make sure DSS tenants are screened in the usual way. They have to make up the shortfall and should also be entrusted with paying out the assisted funds.

o Owner references are strongly recommended. Longevity in your past rental history is essential.

If you want to rent ‘Room by Room’, your property would be classified as what is called an HMO (multiple occupancy home). That is, a dwelling that is occupied by three or more tenants who form two or more households and who share a kitchen, bathroom or toilet.

Typically, each council has an HMO officer. Running an HMO involves a lot of management, even after the license has been issued.

During the downtime, there are many other options you can consider. These are the following:

o If appropriate, convert your property into self-contained apartments so they no longer fall into HMO territory.

o Do a lot of research and market research to find out if it is better to sell and buy something with a higher yield in an area of ​​higher demand!


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