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Why high quality equals high rent
Most landlords dream of securing the perfect tenant for a high rent and a good way to achieve that ideal is to bear in mind that high quality equals high rent.
As a landlord, you will want to stand out from other investors so that you attract the right sort of tenant. A person, couple or family that want to live in a high spec environment, want to stay put for a long time, are prepared to pay a premium for the privilege and whilst there will look after the home as if it were their own.
If you buy a new build most of the hard work will have been done for you but it is the little touches of quality that will differentiate you from the herd.
If you buy an older property more work maybe required.
Either way always keep in mind that the higher the quality the higher the rent that you can demand and the higher the quality of tenant that you will attract.
Here are some ideas about how you might achieve high quality and high rent.
Keeping the environment neutral so that tenants can make it the way they like is normally a good idea. Neutrality however doesn’t have to be bland. Include some strong statements (but not too many which will overpower the neutrality), this will give your place an initial “wow” factor and inspire tenants to want to live there –and pay a high rent.
Keep the walls white, but use high quality paint, and juxtapose with strong splashes of colour, maybe some exposed brick work in small doses. Adding a couple of special features, such as designer lighting, wood burning stove, designer radiators, can all be achieved without spending a fortune but will add a real sense of luxury to the environment.
Consider how to spend your money for maximum effect. To achieve an up market feel it is not necessary for every feature to be at the very top end.
For example, use standard kitchen units and white goods but spend extra on high quality tiling (walls and floors) and work tops. This achieves the maximum impact without making the overall cost that expensive. High spec accessories in the bathroom plus power shower and again high quality tiling will once again create an up market feel without needing to cost a fortune.
Aim to create a distinct personality throughout the property whilst maintaining a sense of space. Don’t go overboard with the number of items of furniture, buy fewer pieces but of better quality. Keep in mind that durability is important, avoid fabrics and curtains which will quickly deteriorate and need frequent cleaning. Understand how you can clean and treat soft furnishings and carpets before you buy them. When buying furniture and fittings try and visualise how they will look after, say, five years of wear and tear.
Offset against tax
Following the April tax changes Landlords can no longer automatically claim their 10% “wear and tear” tax allowance so keep all receipts for any money that you do spend getting and keeping the property in good repair such as roof repairs, replacement of white goods and decorating because they are tax deductible. (You can’t claim for renovations, extensions or improvements that add value to a property).
Maintain Good relations with Tenants
Keep on good terms with tenants, respond to any problems immediately, visit the property often (without being intrusive) and listen to what they are telling you. Problems nipped in the bud are normally much cheaper to sort out than if they fester.
At the end of each tenancy thoroughly inspect the property and put it back into the same pristine state as it was at the start.
Follow these rules and you should maintain your ideal of high quality property, high rent and high quality tenants for many years to come.
For more information contact our lettings team at https://thehomecloud.co.uk/contact-us/