It has become evident over the years which types of properties are going to attract tenants straight away. Occasionally the timing makes a big difference to the interest a flat receives however, in the vast majority of cases the properties where landlords reinvest by painting, refurbishing and replacing furniture get rented before those that don’t. All too often we see landlords buy a property and think it can just run itself, unfortunately that is not usually the case. After a period of time wear and tear will begin to show. As a result of deposit rules landlords are unable to deduct a whole refurbishment out of a tenants deposit, most of the time it’s just a nominal amount. At Vesper Group we believe there is real benefit with reinvesting in the property each year. We tend to advise our landlords to invest at least one weeks rental revenue back into the property – this maybe to replace some worn furniture or to repaint the property.
Vesper’s top tips for successful reinvesting are:
- Repainting – remember if you touch up in one area you will probably have to do the others so it all matches therefore this should be factored into the cost.
- Old and worn shower curtains that clearly haven’t been replaced in years are extremely off putting to potential tenants. These can be replaced for as little as £10 and the benefit of replacing these far outweighs any cost incurred!
Our Let and Managed/ Premium Let and Managed service includes an inspection of the property. Based on this we will recommend any changes that we believe could add value.