Upgrade to increase rental potential
“There are three things that matter in property: location, location, location.” We have all heard this saying, and whilst location is undeniably important when it comes to property, it is not the only significant factor for rental properties. The condition of the property is also very important in determining how appealing your property will be to tenants and will therefore impact the rental amount.
We were contacted by an investor landlord who had recently acquired a 2 bedroom, 2 bathroom apartment in a popular North Oxford development, which was in need of renovation. The owner lived abroad, so they were looking for an agency to manage the whole process for them.
How Finders Keepers Helped
The owner contacted us, having been recommended in the past and after searching on our website. Deputy Office Manager James Reynolds says, “The landlord initially contacted us as the completion of their purchase approached. They knew that the property needed some renovation works, and I, along with our Bricks & Mortar team, was able to recommend what would suit the target market. I kept in close contact with the landlord throughout the process, often working around a significant time difference! The end result is a high quality apartment in a great location.”
Bricks & Mortar, our building and renovations division, managed the upgrade of this first floor apartment. Carrying out property improvements in-house means we can do so with a specific focus on making them attractive to the rental market. This project comprised:
- A brand new kitchen with integrated appliances
- A brand new en suite shower room
- Renovation to the main bathroom
- Full redecoration throughout
- New flooring to kitchen and bathrooms
The refurbishment of this property has turned a tired apartment into a highly sought after property, which went on the market at £1,450 pcm and let promptly. By comparison, a similar 2 bedroom, 2 bathroom property with modern decor, but dated kitchen and bathrooms had recently been let at £1,300 pcm – that’s 10% less rent without the improvements.
Importantly, the project was completed on time and within the agreed budget, with the landlord being kept updated throughout. They were relieved that they could trust Bricks & Mortar to manage the project from start to finish and delighted when a tenant was found for the property. They even left a great 5-star review:
Rental demand is very strong in Oxford and supply is struggling to keep up. Whether your property is market-ready or needs some work, we can help make your ideas a reality. Call James to discuss your property, 01865 311011.
t: 01865 311011