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Earlier this week the Julie Rugg Review was published on the ‘evolving’ private rented sector, which claimed that approximately 27% of all private rented homes didn’t meet the ‘decent homes standard.’
What constitutes a decent standard?
The definition of this standard is, to my mind, somewhat broad – so broad, in fact, that I would consider it to be misleading at its worst.
However, it serves as a good reminder to landlords of the importance of keeping all rented property in a good condition and of the value of making sure it stays up-to-date. In our hyper-competitive, fast moving London market I feel that this is even more the case than elsewhere in the country.
Dated and poorly maintained properties often suffer from longer void periods between tenancies, as well as a higher turnover of tenants. The costs of updating such properties result in little, if any, financial benefit to the landlord. Instead, it serves to undermine, if not outstrip, any savings generated. It’s always best to take on periodic maintenance work to keep a property in good shape.
If you are lucky enough to let a sub-standard property at a good rental rate, in our experience it’s often the case that you will pay at some stage of the tenancy. Neglected fixtures and fittings that remain untouched for too long can simply collapse from the strain of overuse. This causes widespread damage to everything around them – including the trust you have built with your tenant to that point.
Of course, the cost of renovating can sometimes feel daunting at the outset. Not least because you can uncover other issues that you weren’t aware of when works started. What you considered to be a surface-level project can reveal some major difficulties, particularly if you’re unfortunate enough to discover there is asbestos present, or your electrical set-up is no longer up to standard to be legal to work with.
However, once the work is done, you will enjoy the benefit of marketing a more attractive property. This gives the potential of securing a better rental figure to offset the costs, too.
Frank Harris’s property management team undertakes a wide range of renovation projects. From small studios like the one below, to larger projects. With the Barbican studio below, our client wanted the original, 50 year-old features of the bathroom to be given back their shine. It was also given a brightening repaint throughout.
On a bigger scale, the property below was given an extensive package of improvements. It was designed and overseen by the property management team throughout; the project was finished using individually chosen furniture items which were selected to attract the professional market. This also moved away from the student and sharers’ market which it had relied upon before.
Do you have a project you would like to discuss with our friendly and experienced property management team? Contact them on 0207 600 7000 and once connected, select Option 3.
To read more about Julia Rugg’s review of the rental sector, please click on this link below: nationwidefoundation.org.uk/wp-content/
Tags: Cost, Experience, Finance, Home Improvement, Homes, Julia Rugg, Landlord, London, Maintenance, Private Rental, Property, Property Management, Renovate, Renovation, Rent, Rental, Savings, Standard, Standard of Living, Tenant, Value