Tuesday, 24 October 2017

Out with the old and in with the new? Lets!

Out with the old and in with the new? Lets!

A BARCLAYS Mortgages survey into the features most detested by UK house buyers showed that the likes and dislikes of buyers and tenants had a natural correlation.

Top of the list came the outdated Seventies avocado-coloured bathroom suite, closely followed by woodchip wallpaper. (Although it’s now been so long out of fashion it’s said to be the next hot trend!)

In a nutshell, tenants and buyers alike would prefer to have a bath in a bathroom which they dont find visibly repellent — even if it is only over a short-term period.

So if your rental house is looking a bit tired or worn, take a leaf out of this year’s Chinese zodiac year of the rooster and get busy...

“In many respects, tenants are probably more particular about the aesthetic quality of a property than a buyer,” says Adrian Moody, the head of residential lettings at Savills’ Henley branch. “There is an acceptance with most buyers that they will want to make changes to a property they are buying, but these changes will occur over time and at a point when they can best afford to do the work. This is not the case with tenants. If tenants are paying a fair market price for a rental property, they expect an updated property in return.”

Indeed, Savills’ country lettings departments have found that having both a new kitchen and bathroom — as opposed to a 20-year-old equivalent — would increase the average rental value of a house by as much as 28.9 per cent and help to reduce void periods (times when the property is not being rented).

“Obviously, this is an extreme example of a new versus very old kitchen or bathroom, and landlords couldn’t expect the same uplift if simply replacing a tired-looking five-year-old white bathroom suite with the equivalent brand new,” adds Adrian. “However, what it does demonstrate is the importance of aesthetics within the lettings market.

“Tenants need to be tempted into a property — they want to make it their home, albeit for a short period, and landlords want tenants to stay for as long as possible in order to reduce void periods and, by so doing, their costs. A good example is a property I’ve recently rented in Fawley — at £2,200 per calendar month for 12 months. Among other things, including the fact that it is at the top of a hill with a peaceful rural outlook, it was specifically the quality of finish that made them choose to rent this property.”

For more information on lettings available through Savills, call Adrian on (01491) 843039.

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