Maximising rental income
We have long advocated that a high quality property in a great location will let well. However if you are a landlord who is looking to re-evaluate and enhance your portfolio with the intention of maximising its capital value, upgrading your existing assets could be just as profitable as acquiring new ones, as this 2 bedroom, 2 bathroom apartment in Oxford exemplifies. The owner – a portfolio client who uses Finders Keepers to let and manage their properties – refurbished the property, resulting in the rent increasing by an impressive 15%.
The property has never been unoccupied since Finders Keepers started managing it in 2011 and so the main objective was to increase the rental value of the property within a reasonable budget. The landlord did not have the time to oversee the project in detail and so chose to use Bricks & Mortar, the project management division of Finders Keepers. The team was able to apply their expertise and manage the project through to completion, including coordinating their work with Decorum Interiors (our furnishing division).
Over the period of a month the team carried out a full kitchen upgrade with integrated appliances, which suited the target market and worked for the client’s budget. They also installed a new bathroom and en-suite shower room selecting tiles to suit the property and best show off the space. The property was redecorated throughout and the heating fully upgraded (including the installation of 5 new electric storage heaters) and works were also conducted to keep the property compliant, including the installation of two new mains-powered heat and smoke alarms in the property.
Decorum Interiors installed new flooring, window treatments and furniture throughout the apartment. Shades of taupe/grey were chosen for the furnishings in the living room to tie in with Bricks & Mortar’s kitchen choice. This was highlighted with brighter tones of aqua to bring some colour to the room.
The stylish apartment, which is located a short walk from the Said Business School and Oxford train station appealed to a young professional couple who applied for the property as soon as it was completed and moved in within a couple of weeks.
Finders Keepers offers the full 360° service from acquiring investment property to renovating and furnishing it then letting and managing the tenancy. If you need any or all parts of this service call Charles on 01865 302350 to get started.