{"id":2693,"date":"2016-07-08T08:45:12","date_gmt":"2016-07-08T08:45:12","guid":{"rendered":"https:\/\/dev.withcreative.co.uk\/lforl\/?p=2693"},"modified":"2016-07-21T10:28:14","modified_gmt":"2016-07-21T10:28:14","slug":"void-periods-can-avoid","status":"publish","type":"post","link":"https:\/\/dev.withcreative.co.uk\/lforl\/void-periods-can-avoid\/","title":{"rendered":"Void Periods: how you can avoid them."},"content":{"rendered":"

\"shutterstock_436010227\"<\/a>Void periods are inevitable.\u00a0 A void period when your property is unoccupied with no rental income will happen to most landlords during the lifetime of their investment.\u00a0 Yet excessive or lengthy void periods can significantly impact the viability of your investment.\u00a0 Many property experts agree that landlords should never take for granted that their property will always be occupied.\u00a0 As soon as a property is empty and you have no rental income your investment is costing you.\u00a0 Therefore landlords should actively manage their property to limit void periods at all costs.<\/p>\n

Cost of Void Periods <\/strong><\/h2>\n

\u00a0<\/strong>New research has shown that tenants stay on average 16 months in a property in Manchester and Liverpool.\u00a0 The research also revealed that it takes northern landlords approximately 30 days to fill a vacant property.\u00a0 Void periods between tenant occupancies can end up costing landlords up to \u00a3850 every 16 months<\/a>.\u00a0 Over the lifetime of a buy-to-let investment void periods can add up and become a significant loss for many landlords.<\/p>\n

Although property experts claim that void periods are inevitable, we here at LegalforLandlords, believe they can be managed to limit the risk to your investment.\u00a0 If you are renting your property for the first time, or dealing with a change in tenant occupancy, adopting a void period strategy can keep your investment property earning rather than costing you.<\/p>\n

Tips to Avoid Void Periods <\/strong><\/h2>\n
    \n
  1. Void proof your property<\/strong>.\u00a0 Make sure your property is the best it can be. \u00a0Kitchens and bathrooms sell a property so it\u2019s worth investing in them. \u00a0Tenants\u2019 expectations of rental properties are increasing all the time.\u00a0 Your property needs to be of a high standard to attract and retain tenants<\/li>\n
  2. Get good tenants and keep them.<\/strong> Invest in tenant referencing<\/a><\/u> to give you reassurance about your potential tenants. If they are moving on, ask them why? You might be able to resolve their issue or have another property that suits their changing needs<\/li>\n
  3. Every area has its ceiling rent. <\/strong>Make sure you set a realistic rent for the area your property is in.\u00a0 It\u2019s more cost effective to get the property rented quickly at a slightly lower rent than holding out for a higher rent and risking a void period<\/li>\n
  4. Offer a deal.<\/strong> A discount for the first month\u2019s rent or including amenities can help clinch the deal for a potential tenant or help retain an existing one<\/li>\n
  5. Offer good customer service to your tenants.<\/strong> Be open and accommodating to reasonable tenants requests.\u00a0 Your reputation as a landlord depends on it.\u00a0 You can always include a clause in the tenancy contract to ensure property is returned to its original condition when your tenants leave<\/li>\n
  6. Consider letting on a multiple occupancy basis. <\/strong>Renting by room means if one tenant leaves you still have rent coming in while you find a replacement<\/li>\n
  7. Actively market your property even when it is let.<\/strong> Family and friends may know of someone looking for a rental property when the time comes to re-letting it<\/li>\n
  8. Invest in your property.<\/strong> Use any void periods to invest in your property or to do essential maintenance work<\/li>\n
  9. Budget for void period.<\/strong> The rule of thumb is one month per year.\u00a0 If you have accounted, and planned financially for it, it won\u2019t be an unexpected expense<\/li>\n
  10. Protect you property.<\/strong> Ensure you landlord insurance<\/a><\/u> covers your property if it is unoccupied<\/li>\n<\/ol>\n

    Every tenant moves on at some stage.\u00a0 Our tips are not exhaustive, however, we hope it has got you thinking of the practical steps you can take to avoid void periods.<\/p>\n

    \u00a0<\/strong>We Can Help<\/strong><\/h2>\n

    \u00a0<\/strong>Here at LegalforLandlords, our aim is to ensure your occupancy rates are high and your investment keeps working for you.\u00a0 \u00a0We can help by providing the best tenant referencing, legal and insurance services for the rental property sector. Call us anytime on 0333 577 9050 or find us online at www.legalforlandlords.co.uk<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"

    Void periods are inevitable.\u00a0 A void period when your property is unoccupied with no rental income will happen to most landlords during the lifetime of their investment.\u00a0 Yet excessive or lengthy void periods can significantly impact the viability of your investment.\u00a0 Many property experts agree that landlords should never take for granted that their property […]<\/p>\n","protected":false},"author":2,"featured_media":11204,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[1404,3],"tags":[],"yoast_head":"\nVoid Periods: how you can avoid them. - Legal For Landlords<\/title>\n<meta name=\"description\" content=\"All landlords experience void periods when renting their property, adopting a deliberate strategy to manage the risk of void periods can seriously pay off.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/dev.withcreative.co.uk\/lforl\/void-periods-can-avoid\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Void Periods: how you can avoid them. - 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