Becoming a New Landlord?
This is a question asked by many new landlords when I first meet them. When planning a refurb, or merely preparing a property ready for the open market, it is difficult to find the right level to aim for. How you present a property largely affects and influences the type of tenant that takes it. If the property is scruffy or grubby you will normally find that the ‘fussy’ tenants discount it completely. You will therefore end up with tenants that are not so fussy about their surroundings, which is not ideal. You may have heard of the saying ‘scruffy property, scruffy tenants’. On the other hand if a property is in good order, with up to date fittings and presented in a clean condition, then you will find it will appeal to the more fussy tenants. These are the tenants you want as they will end up looking after your investment in a much better manner. Tenants also do tend to stay longer if the property is comfortable to live in.
Many landlords also make the mistake of over-doing their property. It is key to make sure a refurb is planned in line with the type of property and with consideration to the typical group of potential tenants it would appeal to. For example, a two bedroom maisonette in the centre of town is likely to appeal to a young couple or single occupant. This does not need a high end finish. A mid range finish will suffice in this instance. If you were renovating a large detached family home, the expected finish would be for a higher standard and specification and this would be appropriate to the market you would be aiming for, typically a professional couple with children. It is also important to ensure the fittings you install are of a good standard, as cheap fittings never last. You need something that is fit for purpose and will withstand wear and tear.
I see many landlords getting this wrong and we can help with any level of advice you may require, even down to managing the entire project for you. For assistance please call Sue on 01608 665473 or Michael on 01789 206760.