Small Bridging Loans to Prepare a Second Home for Tenants
If you own a second home you might be interested in renting it out to tenants on either a short-term or long-term basis. Owning a number of properties provides you with the flexibility to have an extra income flow to add to your finances, but you will have to make the second property ready for your prospective tenants to move into.
There are a number of reasons why you would benefit form acquiring a small bridging loan to help you get your second home ready and liveable.
Furnished or Unfurnished – You always have options as a landlord and it is up to you whether you want to fully furnish your property for tenants, or leave it unfurnished. The decision will impact your rental yield potential, but either way you will often find that the majority of rental properties have white goods present and you will also have to ensure everything is fully decorated and up to scratch in terms of health and safety standards.
Clean and Tidy – Once the framework of the property has been concluded the landlord is responsible for brushing up the property so that it is ready to view. Providing the property with a deep clean and ensuring that the exterior, as well as the interior, is clean and tidy will make it more enticing to prospective tenants.
Maintenance Issues – Once you have tenants in place it is your responsibility to take care of regular maintenance issues and be at hand to fix any problems that take place. Insurance will cover you in the most extreme cases, but you might require a small bridging loan to take care of a problem immediately, whilst you are waiting for a payment to be sent through.
Speak to our experienced team at First4Commercial about a bridging loan that will help you perfectly prepare your second home for prospective tenants, whether on a short-term or long-term basis. There are a few factors to consider and you always have options, but a small bridging loan will help you prepare your second home to be lived in.