Tips on being a shrewd landlord
Lynsey Schipper, our Head of Lettings offers her advice on how to be a shrewd landlord
1. Invest well in the first place
a) The worst house in the best street will always be a wise buy – Similarly if there is soon to be a significant enhancement of travel services (that is the cross rail and/or one of the 24 hour tube lines) prices often shoot up, rents similarly improve as demand increases.
b) Access to central London – Traditionally commuters have sought to be within the golden 1 hour travel time. Locations offering shorter commutes direct into prime central London will always be desirable. Take for instance Petersham mews (reception room featured in the photo) in South Kensington which is located within easy reach of Hyde Park and Notting Hill.
2. Maximise the space available
a) Think about storage – Everyone needs some. If space is nominal think about clever storage ideas. All interior decisions you make should be less about personal taste and more geared towards limiting a tenant’s objections.
b) Use small but not unusable furniture to accentuate space and room sizes.
c) The use of cleverly positioned mirrors and light rugs for a dark and/or small sitting room really helps.
3. Image is everything for the shrewd landlord
a) It is a sad fact that tenants now rely almost solely on the internet for guidance when choosing a property. This means your investment needs to be super photogenic and well-lit.
b) People at every level of the market are influenced by the familiar, think about who your intended tenants are likely to be (age demographic, lifestyle etc.) and aim to reflect that in the styling of the property.
c) Whether you intend to let your property furnished or unfurnished always ensure you remember to ‘accent’ a property with something memorable to allow the viewer to remember the viewing. In a sea of beige boxes you can easily stand out from the crowd with a simple but effective memory tool such as a huge (fake) pot plant or an oversize super bright framed print on a wall.
d) By conjuring up just the right image, instructing the right agent to fulfil your intention, paying for professional lighting for photographs, it may be possible to consistently short let an investment property on a long term basis making the difference of up to 40% increase in headline rent.
We have some stunning mews properties for sale, which are excellent long-term investments and ideal buy to lets, given their prime location. Call us to book a viewing to some of these exquisite mews houses, several of which have rich pasts despite their humble beginnings.
This article first appeared on Deborah Battsek PR page.