The cruelest word in the dictionary for a rental property owner is “Vacancy”. The mere mention of tenants leaving and a rental property being vacant even if it’s just for a week or two sends shivers down the investor’s spine.
However property vacancies can be the perfect time for a make over, or a ‘service’. It’s the time when you can get ‘inside the house’ have a good look around – and do the tasks you’ve put off for an age like cleaning the carpets, painting the interior walls, replacing the curtains etc. Essentially anything broken or near collapse would be replaced whilst the property is vacant. And all going well you won’t get this opportunity again for some time….a very long time!
Achieving higher rental income is more of a challenge when the property is tenanted. Therefore you can look forward to the down time a vacant rental provides. Property improvements can help secure more rental income.
Our renovation business (Stake Property) say the ‘vacant’ property time is when their business really comes into it’s own. Whilst our property management clients don’t welcome their properties being vacant ever – they realise it’s an opportune time for doing the odd jobs or tackling the bigger tasks like adding a fence or creating an extra bedroom which is frankly impossible to do under the tenants feet!
There you go – what’s not to like about a vacant rental? I know lost rent – at least you can now view property vacancies in a more positive light. They present the opportunity to add value so you can put the rent up! Let’s not forget rental income is never far from an investor’s mind.
Speaking of rental income – have you read this blog post?
“Property Maintenance Secured More Rent”
Visit the website for more information on Stake Property Rentals