I am asked on a regular basis by my landlords, when they feel works are required, what should I do to my property before offering it to the open market and my response has always been along the same lines, are you prepared to absorb a minor upfront costs to create a better long term return?
Allow me to elaborate on this by first using a real example which sums up the above very well and it starts with a simple one bedroom apartment in an average location in Bognor Regis. One of my landlords purchased this property with the simple view of creating some additional income on a monthly basis, something which has become more and more common, and creating another well needed home for the mass of tenants searching for their next or first home. Upon meeting him at the property we discussed the minor works required to bring this up to a lettable standard but possible additional extras that would see an even quicker result and for a much improved monthly rental to which he chose the latter and began to redecorate, clean, install branch new electric panel radiators and even commence works on the communal areas that he did not own – all to set the best impression from the front communal door to the apartment. Needless to say, the interest we had was amazing and from four viewings on day one we came away with two offers, both over the asking price and we accepted a year’s tenancy from a professional working couple who were searching for their first home together.
The moral of this story is the landlord absorbed the minor upfront cost with the view of creating a better than average return of his investment, attracting a higher class of tenant and creating the feel good factor of knowing what he has done was what the market needed, as evident by the outstanding result achieved. So in summary, if you own an investment and you think that works are required, why not go the extra mile and create something above average – set the 20L magnolia paint aside and create a warm and inviting environment, you will reap the benefits over the long term.