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If you are about to lose your tenants, it might be time to consider a buy-to-let tune up – talk to a buy-to-let mortgage adviser about making your property investment go further.

Now you are on the lookout for a new tenant, it might be time to up your rent. Talk to a local estate agent or letting agent and see whether you could be making more each month for your rent. Recent statistics from LSL Property found that average rent increased by 8.2% over the middle of this year – so it might make business sense to demand more from your next tenants.

Of course this is a tricky move – too much of a rental increase may mean that you cannot find a new tenant. This would mean that your property may be left empty for months and you miss out on precious rental income. No landlord wants to cover their own rental income, so make sure any rental increases you decide on are in line with local levels and will not deter potential tenants.

One way to be sure of rental demand is to improve your property. A good landlord doesn't put their all into decorating the property – the more cost effective the investment the better – but a good landlord will make sure that their investment is running smoothly. if you think you need to repair or renovate your buy-to-let residence, talk to a mortgage adviser about using the equity within your property to reinvest into its upkeep. This will better guarantee tenants and it will help you ask for a higher rent.

You may also take this opportunity to look into a new buy-to-let loan. You may be coming to the end of your term and you might need some professional mortgage advise to get hold of a remortgage or a new loan. This, on top of any realistic rental increases could mean your buy-to-let profits are dramatically increased in the future.

All landlords dream of increasing their rent, but now could be the time – first-time buyer mortgages are scarce, housing supply is low and people are uncomfortable about getting a mortgage themselves. Talk to a buy-to-let adviser about all you can do with your property right now.

SOURCE: LSL, 28/09/09

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