𝗦𝗹𝗮𝘀𝗵 𝗬𝗼𝘂𝗿 𝗣𝗿𝗼𝗽𝗲𝗿𝘁𝘆 𝗩𝗼𝗶𝗱 𝗦𝗽𝗲𝗹𝗹𝘀

Owning a rental property isn’t just about what happens while tenants are in place. Effectively managing periods when your property is unoccupied is equally important.When your property is empty, you won’t have rent coming in, and you’ll have to pay out to cover the mortgage, utilities (including standing charges) and council tax.Here are some ways you can manage and minimise void periods.

𝗙𝗶𝗻𝗮𝗻𝗰𝗶𝗮𝗹 𝗽𝗿𝗲𝗽𝗮𝗿𝗲𝗱𝗻𝗲𝘀𝘀: Set aside funds to cover expenses during unoccupied periods.

𝗖𝗼𝘂𝗻𝗰𝗶𝗹 𝘁𝗮𝘅 𝗮𝘄𝗮𝗿𝗲𝗻𝗲𝘀𝘀: Stay informed about your local council’s policies on empty properties to budget effectively.

𝗣𝗿𝗼𝗮𝗰𝘁𝗶𝘃𝗲 𝗺𝗮𝗶𝗻𝘁𝗲𝗻𝗮𝗻𝗰𝗲: Use the notice period to enhance the property and carry out remedial works to make it more attractive to future tenants.

𝗜𝗻𝘀𝘂𝗿𝗮𝗻𝗰𝗲: Ensure your insurance covers void periods and consider additional policies for longer voids.

𝗣𝗿𝗼𝗳𝗲𝘀𝘀𝗶𝗼𝗻𝗮𝗹 𝗮𝘀𝘀𝗶𝘀𝘁𝗮𝗻𝗰𝗲: Consider employing a letting agent to manage the property, especially if you’re short on time.

𝗦𝗲𝗮𝘀𝗼𝗻𝗮𝗹 𝗽𝗹𝗮𝗻𝗻𝗶𝗻𝗴: Recognise the challenges of letting during quieter periods, such as Christmas, and plan accordingly.

𝗚𝗲𝘁 𝗶𝗻 𝘁𝗼𝘂𝗰𝗵 𝘁𝗼 𝗹𝗲𝗮𝗿𝗻 𝗺𝗼𝗿𝗲 𝗮𝗯𝗼𝘂𝘁 𝗼𝘂𝗿 𝗽𝗿𝗼𝗽𝗲𝗿𝘁𝘆 𝗺𝗮𝗻𝗮𝗴𝗲𝗺𝗲𝗻𝘁 𝘀𝗲𝗿𝘃𝗶𝗰𝗲𝘀.