Top ten issues that will devalue your London rental property

With an increasing amount of choice for tenants, it is important to make your property stand out. That said, there are things that can make a property stand out for all the wrong reasons. Here’s the top ten things that can be off putting for tenants.

Kerb appeal

It’s a property agent’s staple phrase but its importance shouldn’t be underestimated. According to a survey by Barclays Mortgages, prospective buyers and renters take just 10 seconds to decide if they like a property from its exterior. That means peeling paint, litter, untidy bins and dead or overgrown plants will most likely lose you a potential tenant. Money and time spent of the exterior’s upkeep is money definitely well spent.

Learn how to give your property extra kerb appeal

Slime and grime

Once the prospective tenants are inside, there are few things more likely to make them run for the hills than a dirty property. If they feel as though they don’t want to touch anything then they definitely won’t be able to imagine themselves living there. Having the property professionally cleaned when a tenant moves out is a must. This is also true if the property is new to the market; even a new build will have the last evidence of builders’ mess and your attention to detail won’t go unnoticed.

Cleaning is the most common dispute in cases brought to the Tenancy Deposit Scheme (TDS) – learn how to avoid with our guide to tenant deposit disputes and how to prevent them.

Horrible histories

If the property isn’t a new build then a professional clean will also remove any trace of pet’s, smoker’s, unsavoury cooking and even children’s smells who may have lived there before. A bad smell makes totally the wrong impressions and tenants won’t forget. Equally, simply using air fresheners will arouse the tenants’ suspicions – what is the landlord trying to cover up? Are there issues with damp?

It might be a good time to carry out any required maintenance on a buy-to-let property – here’s our Advice Clinic on maintaining your rental property.

Daring decor

Bold statements with colour or pattern may help prospective tenants remember the property, but not in a good way. They have to be able to see themselves living there and if each room has too much ‘personality’ then it can send them packing. A better idea is to opt for neutrals but ensure it is on trend for interior design and furnishing. An accent wall in a stronger yet neutral colour like a dark taupe is a great way of making yoru property stand out for the right reason” That way tenants can picture themselves living in a high-end, cutting-edge apartment without having to go to the effort of thinking through its interior design.

Learn what tax allowances you can claim when redecorating your rental property

Ban the mess

The same advice is given to sellers as to landlords – declutter before showing the property. Too much furniture or too many knick-knacks will make tenants feel hemmed in or that they can’t make the space their own. Seek professional design advice on simple touches to make the property feel homely while making the best use of space and providing plenty of storage. Mortgage provider ING Direct noted that a messy child’s bedroom for example tended to knock at least £8,000 off an asking price in a house sale. It just goes to show that people can’t see past mess when making a decision.

Discover what makes the perfect rental home

DIY don’t

Poorly thought through improvements will cost you in the long term. Always use registered tradespeople and make sure the changes are sympathetic to the building. Tenants will have picked that building for a reason, so a Georgian townhouse shouldn’t look like a modern open-plan studio inside for example. A mistake that many make is to ruin the proportions of the property. Trying to squeeze an extra bedroom out of a space that is too small won’t do you any favours. Nor will an astro-turf ‘lawn’ in a property with an advertised garden, you may think its low-maintenance but tenants looking for a garden are likely to be keen gardeners.

We say ‘take property management seriously or watch your rents go down’

Transport links

Good transport links are vital. This is especially true in London where most people commute to work. Luckily, you are rarely far from a bus or tube stop but even so tenants will do their research about how reliable the tube line is or how frequently the bus service runs. Providing a simple pack of information with timings to local transport links in the area will wow prospective tenants, unless the nearest bus is a 40-minute walk and the service only runs once an hour that is. Often overlooked in London (because of the public transport) is parking but many tenants will appreciate good local parking, if not for themselves then for their visitors.

As a side note, air pollution is increasingly becoming a hot topic in the capital so having a property that doesn’t overlook a busy road will win points with tenants.

Is a parking space worth the extra investment?

Good neighbours

Become good friends runs the theme song from the eponymous soap opera. The converse however can feel like all out war. Anything from serious issues of noise and anti-social behaviour to disputes about untidy gardens and noisy dogs can make life a living hell – and tenants won’t be under any obligation to hide their discomfort from the authorities or other prospective tenants. One in four will avoid a property with nightmare neighbours so to avoid losing business, pursue the matter with the authorities yourself.

Read the RLA’s guide to landlord’s responsibilities to tenant nuisance

Crime stoppers

In a survey by Direct Line, half of the 2,000 people polled would check the crime statistics of a neighbourhood they were moving to; 47% wouldn’t move somewhere with a high crime rate; and 36% expected the cost to reflect the crime rate of the area. So landlords beware, if your property is in a crime hot spot your returns could be adversely affected.

Energy efficiency

Since April this year it has been illegal to rent a property with poor energy efficiency (an E rating or below for example). Prospective tenants will often check the property’s energy efficiency before coming to view it, moreover agents legally have to provide the EPC document at every viewing and if it isn’t A-C rated tenants may not even bother looking any further. Tenants want to make their money go further and don’t want to be paying out to live in a draughty apartment or for appliances that cost more to run. The Energy Saving Trust can give some worthwhile tips on improving the energy efficiency of your property and make sure you buy the highest rated white goods. Keep in mind point 6 too, ensure that windows and doors are sensitive to the property – modern UPVC windows replacing Victorian sashes is likely to disappoint tenants who may look elsewhere.

Read more about EPC ratings.

All in all, there are many things that can put off tenants, some are easy to change and others less so. Change what you can and make the best of the situation with others. If the property is stunning but overlooks a busy road then use house plants and window boxes as much as you can. If the property is in a high crime area then put in state of the art security systems – these touches will likely win over tenants.

For more advice on improving your rental property and return on investment, get in touch with the team today.