With Nationwide Building Society launching a mortgage specifically for landlords signing 3 year contracts with their tenants, landlords are edging one step closer to the Holy Grail of longer term tenancies and guarding against the void.
Ben Hall MD of LOFT Interiors (www.loft-interiors.co.uk) - shares his views on how landlords must adjust their approach to property maintenance, presentation and furnishings to attract quality, longer terms tenants and ensure the tenancy is problem free.
When one tenancy comes to an end and your property needs some love and attention, take stock by considering each room through your potential tenants’ eyes. Tick all the maintenance jobs of your list – it can be little niggly jobs like sorting out dripping taps or ripped wallpaper that could change your property from tired to aspirational for potential tenants and make up to a 20% difference in the rent you can command. If you’re fixing rates over the term that’s a big deal over a three year period.
Tenants looking for a long term contract want somewhere to call home. Whether your property is geared towards families, young professionals or students keen to banish the hassle of moving throughout their university career, get into their mindset to consider what ‘home’ might mean for them.
At this stage it’s all about the furnishings. If you can promise that they will be the first person ever to have slept in the bed you’re providing, for example, then you’re instantly exceeding expectations. Great quality beds don’t have to cost the earth – http://www.loft-interiors.co.uk/beds-and-mattresses come fully assembled and the choice ranges from orthopaedic memory foam divans to leather bedsteads at prices from £180.
Think about the way your tenants will live and furnish the property with foresight: plenty of furnishings for work rest and play hit the mark for students, whereas families will want a dining table for organised mealtimes. Once the big pieces of furniture are in place – and it’s always worth calling in the experts if you’d like input on the look you’d like to achieve – then it’s time to think about creating the ‘wow’ factor as soon as potential tenants walk through the door.
You can also ensure you attract more tenant enquiries in the first place by investing in professional property photography from Upad.