Owning a rental property isn’t just about what happens while residents are in place; effectively managing periods when your property is unoccupied is equally important.
Every owner faces void periods as a natural part of property letting, making it essential to prepare financially and strategically to manage its impact.
Void periods mean not only the loss of rental income but also the burden of continuing to pay the mortgage, utilities (including standing charges) and council tax without money coming in from residents.
It was once common for local councils to offer a grace period for council tax on empty properties, but with budget pressures, these reliefs are increasingly rare.
Here are some ways you can manage and minimise void periods.
Financial preparedness: Always have funds set aside 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 any necessary decorative or remedial works to bring the property back up to scratch and make it more attractive to future residents.
Insurance considerations: Ensure your insurance covers void periods and consider additional policies for longer voids.
Tips to protect your property investment
Continuous maintenance: Keep your property in top condition to attract and retain residents.
Be responsive: A good relationship with your residents can encourage longer stays.
Professional assistance: Consider employing a letting agent to manage the property, especially if you’re short on time and need an experienced expert.
Seasonal planning: Recognise the challenges of letting during quieter periods, such as Christmas, and plan accordingly.
We’re here to help owners thrive, offering comprehensive asset management services to minimise void periods and maximise your rental yields.
