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A fall in house prices means a rise in the number of larger properties to let, say the experts at Belvoir Lettings...
With the fall of house prices by 13.5% in 2008 and valuations set to continue to slide throughout 2009 it’s not surprising that more and more people are looking to rent out their homes rather than sell.
While it’s not been unusual for the rental market to be flooded with two-bedroomed houses available to let, the current credit crisis now means that many larger homes and country piles have also been added to the rental mix.
“There has been a sudden increase in larger properties to rent mainly due to the sales market collapsing,” says Proprietor of Belvoir Camberley Craig Walker. “People still have to relocate, move or downsize and upsize despite having a large property therefore they have to make it work for them rather than leave it empty, thus renting is often the only option - in the market they are known as ‘accidental landlords’.”
Proprietor of Belvoir Peterborough and Corby Terry Lucking agrees. He says, “lack of sale demand, sellers not being prepared to accept a low sale value, valuations coming in below mortgaged value and therefore the vendor is unable to sell, plus many sellers believing values will increase so they want to hold on to their properties mean that there’s been a rise in larger rental properties available.”
The good news for landlords with larger properties to let is the increased tenant awareness that larger homes are often cheaper to rent than buy. But, with more large houses available to rent than ever before, competition for the right tenants is stiff.
“There are too many larger properties and simply not enough tenants,” says Craig Walker. “Tenants can easily be put off by larger fuel bills, running costs and council tax etc.”
“There are certainly more large properties available than there are renters,” agrees Terry. “The market will balance one day but until then you have to take action to make your property more attractive than the others available.
“Many default landlords (non buy-to-let) do not believe a tenant should enjoy the home in better condition than they lived in,” he continues. “But, wake up! It is a competitive market and action is needed if you want yours to be in the top 20% of any short list.”
So, how can landlords give their large property appeal in an already saturated lettings market?
“Be realistic with your rental figure, be open-minded to the tenants’ position (ie pets) and have a flexible attitude, wherever possible, to long-term renting,” advises Proprietor of Belvoir Bourne Gary Legge. “Alternatively, you could even turn it into an HMO (House of Multiple Occupancy) or divide it up into two or more smaller properties,” adds Craig Walker.
Proprietor of Belvoir Peterborough and Corby Terry Lucking agrees. Plus, he says that investments need to be made to ensure a speedy rental return.
“Most larger properties are not BTL (buy-to-let) or were ever planned to be retained as a BTL so often are very personal and many are dated when compared to purpose-purchased modern or new BTL properties,” he says.
“Invest and make the property neutral and bright. Lose old-fashioned light fittings how ever much you may love them and fit plain soft colour curtains - lose those heavy curtains that might have cost thousands. Fully redecorate in soft beige/magnolia emulsion and fill in all the holes left by your family prints. Remove large trees and hedges that obscure vision and block natural light too.
“Also, look at what else is available in your area and make sure your property is more attractive to look at from the road, more attractive when you walk in and the price is attractive or lower than the others.”
“Meet the viewers with the agents and talk to them about schooling and the neighbours,” continues Terry. “Demonstrate a helpful attitude now and it will help win them over. Ensure the house communicates a message you care about it and no obvious maintenance issues are left outstanding too.”
So, what type of tenant is a landlord with a large property likely to attract?
“If you set the standards right from the start and make the rent level realistic but also high enough as a barrier to those below a certain income you should attract company lets, job re-locators getting to know the area, and professional types, such as doctors and engineers,” says Gary Legge of Belvoir Bourne.
Terry agrees. “If presented to a high standard you will attract a higher income-type tenant. However, if you leave the property too personal or dated, with poor routine maintenance, you’re most likely to attract sharers or mums with kids claiming Local Housing Allowance.”
“To ensure you attract the right tenant for your property go through a reputable property management agent, such as Belvoir,” advises Craig Walker.
• To find your nearest Belvoir office, visit their website at http://www.belvoirlettings.com/
Top tips for letting a large property...
• Be realistic about your rental figure
• Stay open-minded to a tenant’s position (ie pets)
• Have a flexible attitude to long-term rental
• Update and modernise throughout
• Make the property neutral and bright
• Offer to visit for garden and swimming pool maintenance throughout the tenancy
• Lose old-fashioned light fittings and curtains – how ever much you may love them
• Turn your property into a HMO (House of Multiple Occupancy)
• Consider dividing the property up into several smaller properties
• Fill all the holes left by your family prints
• Redecorate in soft beige/magnolia emulsion
• Research the competition and make sure your property is a more attractive option
• Remove large trees and hedges that obscure vision and block natural light
• Sell a lifestyle by meeting the viewers with the agents and talking to them about schooling, neighbours and the surrounding area
• Leave no obvious maintenance issues outstanding
• Ensure the house communicates the message that you care about it
• Get a reputable property management agency, such as Belvoir, to market the property for you
With the fall of house prices by 13.5% in 2008 and valuations set to continue to slide throughout 2009 it’s not surprising that more and more people are looking to rent out their homes rather than sell.
While it’s not been unusual for the rental market to be flooded with two-bedroomed houses available to let, the current credit crisis now means that many larger homes and country piles have also been added to the rental mix.
“There has been a sudden increase in larger properties to rent mainly due to the sales market collapsing,” says Proprietor of Belvoir Camberley Craig Walker. “People still have to relocate, move or downsize and upsize despite having a large property therefore they have to make it work for them rather than leave it empty, thus renting is often the only option - in the market they are known as ‘accidental landlords’.”
Proprietor of Belvoir Peterborough and Corby Terry Lucking agrees. He says, “lack of sale demand, sellers not being prepared to accept a low sale value, valuations coming in below mortgaged value and therefore the vendor is unable to sell, plus many sellers believing values will increase so they want to hold on to their properties mean that there’s been a rise in larger rental properties available.”
The good news for landlords with larger properties to let is the increased tenant awareness that larger homes are often cheaper to rent than buy. But, with more large houses available to rent than ever before, competition for the right tenants is stiff.
“There are too many larger properties and simply not enough tenants,” says Craig Walker. “Tenants can easily be put off by larger fuel bills, running costs and council tax etc.”
“There are certainly more large properties available than there are renters,” agrees Terry. “The market will balance one day but until then you have to take action to make your property more attractive than the others available.
“Many default landlords (non buy-to-let) do not believe a tenant should enjoy the home in better condition than they lived in,” he continues. “But, wake up! It is a competitive market and action is needed if you want yours to be in the top 20% of any short list.”
So, how can landlords give their large property appeal in an already saturated lettings market?
“Be realistic with your rental figure, be open-minded to the tenants’ position (ie pets) and have a flexible attitude, wherever possible, to long-term renting,” advises Proprietor of Belvoir Bourne Gary Legge. “Alternatively, you could even turn it into an HMO (House of Multiple Occupancy) or divide it up into two or more smaller properties,” adds Craig Walker.
Proprietor of Belvoir Peterborough and Corby Terry Lucking agrees. Plus, he says that investments need to be made to ensure a speedy rental return.
“Most larger properties are not BTL (buy-to-let) or were ever planned to be retained as a BTL so often are very personal and many are dated when compared to purpose-purchased modern or new BTL properties,” he says.
“Invest and make the property neutral and bright. Lose old-fashioned light fittings how ever much you may love them and fit plain soft colour curtains - lose those heavy curtains that might have cost thousands. Fully redecorate in soft beige/magnolia emulsion and fill in all the holes left by your family prints. Remove large trees and hedges that obscure vision and block natural light too.
“Also, look at what else is available in your area and make sure your property is more attractive to look at from the road, more attractive when you walk in and the price is attractive or lower than the others.”
“Meet the viewers with the agents and talk to them about schooling and the neighbours,” continues Terry. “Demonstrate a helpful attitude now and it will help win them over. Ensure the house communicates a message you care about it and no obvious maintenance issues are left outstanding too.”
So, what type of tenant is a landlord with a large property likely to attract?
“If you set the standards right from the start and make the rent level realistic but also high enough as a barrier to those below a certain income you should attract company lets, job re-locators getting to know the area, and professional types, such as doctors and engineers,” says Gary Legge of Belvoir Bourne.
Terry agrees. “If presented to a high standard you will attract a higher income-type tenant. However, if you leave the property too personal or dated, with poor routine maintenance, you’re most likely to attract sharers or mums with kids claiming Local Housing Allowance.”
“To ensure you attract the right tenant for your property go through a reputable property management agent, such as Belvoir,” advises Craig Walker.
• To find your nearest Belvoir office, visit their website at http://www.belvoirlettings.com/
Top tips for letting a large property...
• Be realistic about your rental figure
• Stay open-minded to a tenant’s position (ie pets)
• Have a flexible attitude to long-term rental
• Update and modernise throughout
• Make the property neutral and bright
• Offer to visit for garden and swimming pool maintenance throughout the tenancy
• Lose old-fashioned light fittings and curtains – how ever much you may love them
• Turn your property into a HMO (House of Multiple Occupancy)
• Consider dividing the property up into several smaller properties
• Fill all the holes left by your family prints
• Redecorate in soft beige/magnolia emulsion
• Research the competition and make sure your property is a more attractive option
• Remove large trees and hedges that obscure vision and block natural light
• Sell a lifestyle by meeting the viewers with the agents and talking to them about schooling, neighbours and the surrounding area
• Leave no obvious maintenance issues outstanding
• Ensure the house communicates the message that you care about it
• Get a reputable property management agency, such as Belvoir, to market the property for you
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