Many investors who purchase property for the purpose of rental do so as a retirement plan. But this can only work if you are successful at it – this can be tough when there are so many factors that will change during the duration of your investment. So what do you need to do to make sure you are investing in the future, if you don’t have a crystal ball to hand?

Secure long term tenancies

One of the best ways you can future-proof your property is by finding yourself a long term tenant. The most common length of contract for rentals is 12 months, however, this has been slowly increasing over the last ten years. With more and more households turning to the private rental sector now is a great time to offer longer tenancies. Long tenancies are seen as beneficial by tenants looking to put down roots, as it means long term stability in terms of housing.

It’s not just about offering a longer-term tenancy agreement though, it’s about thinking how a property could serve a tenant long term. Is it near transport links? Does it have good outside space? It needs to be somewhere someone could happily live for a long time.

Keep your property to a high standard

If your rental is dull, a bit dated and lacking in shine consider updating the facilities. It can really make a difference to someone looking to rent. For example, according to a study recently carried out, almost a quarter of people that were asked would pay more a month for higher-spec kitchens. This is not surprising as most households view the kitchen as the heart of the home.

This may sound like an expensive option. However, keeping your property well maintained and up to date will not only benefit you with a higher monthly yield, but could also bring a higher profit to a resale value.

Key rooms to keep fresh are the kitchen and bathrooms. To keep the cost down, try and look for simple looking units, made from something easy to maintain. Add splashes of colour using paint on the walls or with small areas of tiled splashback. This will help to keep spending and upkeep to a minimum resulting in a space that looks fresher for longer.

Consider the use

There is no denying that COVID 19 has really changed the way we view our homes. Not least because of the spike in demand for property with a private outdoor space. When looking to purchase a property consider what you want it to be used for.

As above, outdoor space is a selling point for a household looking to have a space to enjoy the seasons. Considering this change in demand is one of the keys to unlocking future potential.

Another way to better use your rental is by considering short term lets. COVID-19 has not only shifted the way we see our homes but how we holiday. With many of us avoiding going abroad, now is a great time to consider if your property could work as a holiday let. With the virus and travel restrictions seemingly here to stay for a while, why not make use of all the holidaying here in the UK and list your place as a holiday let.

So to summarise there are lots of things that you can do to help make sure you are thinking about the future of your rental. Keep in mind the user, the location and use for the property and do your research. This will help keep you ahead of the renting trends securing your future in the private rental sector