As a landlord, it’s crucial that you do what you can to maintain value in your rental property. This process can be made much easier by having reliable tenants in the home. In this blog, we’re letting you know 5 things that might devalue your rental property.
Things that may devalue your property
Poor maintenance and repairs
Landlords need to ensure that they maintain their properties and act quickly when tenants report issues. Another really important step to this is ensuring that your tenants know how to report maintenance issues effectively.
At Intus Lettings, we ensure that tenants are aware of how to report issues so that they can be rectified quickly.
Low quality DIY projects
While completing DIY projects on your rental property can be tempting to save money, it can often cause other issues in the long run.
Landlords must ensure that the homes they rent out are suitable for tenants and that they allow for a positive renting experience.
Poor quality projects can also cause issues when landlords come to sell the homes in the future, as the prospective buyers will have to pay to fix the issues.
Poor external appearance and kerb appeal
First impressions are so important and not prioritising the home’s external appearance can cause issues in the future and with potential tenants. Tenants may be reluctant when it comes to high rental prices and may spend longer looking into the rental market.
Many prospective tenants, including young professionals and families will look into rental value, considering factors such as space, whether they need their own furniture, amenities and location.
Over-personalised decoration in the home
Some landlords choose to have neutral decor in the rental home, which is usually a wise and safe option. Other landlords may have bolder decor choices, which can make it difficult for many tenants and future buyers to visualise themselves in the home with their own belongings and decor styles. When selling a property, you rely on the estate agent to advertise the home to a high standard.
Lack of legal information for home improvements
When building extensions or making some other changes to the home, it’s vital that landlords attain the correct legal documentation, such as planning permission. Without this, future buyers may not want to buy the property.
Landlords must ensure they adhere to legal obligations, which will need to be reviewed on a regular basis.
Why looking after your property is so important
There are many financial, legal and strategic reasons why landlords must take care of their rental properties.
- Landlords have a duty of care to tenants and may face penalties if homes are not up to standard.
- Maintaining a property can preserve its value and help landlords to maximise their income through a high market rent.
- Addressing issues early can be more cost-effective in the long run.
- Ensuring a great experience for tenants can increase their happiness, build trust and reduce tenant turnover.
- A well-presented home can lead to a higher rental income and high demand.
How Intus Lettings can help
Intus Lettings is a nationwide letting agency that supports landlords and tenants. We offer a professional and streamlined service, making your investment as hands off as possible.
We provide a wide range of high quality property management services, including all legal, management and advertising services.
We offer two primary services for landlords: a fully-managed service for those who want a completely hands-off investment, and a let-only service for those who want to deal with their tenants directly. We’re here to answer all of your questions, from how much rent to charge to the rental rate in your area.
Are you a landlord searching for a trusted letting agent to manage your property portfolio? Then look no further. We will be more than happy to help, so get in touch today.
