The global pandemic has touched all aspects of life, including the global real estate market. Being in lockdown has led people to abandon city homes for the country, seeking space and the outdoors. The number of listed properties has decreased. Whilst there are preliminary signs things are shifting as the world begins to reopen, there are still considerations to be taken if you plan on renting your property within the current climate. Quintessentially Estates lends five suggestions to protect yourself and maximise your renting potential right now.
1. Make sure to purchase landlord/tenant insurance
When beginning a new tenancy, it is always recommended to purchase landlord insurance—if it isn’t already required by your bank—and is even more critical now. Rental protection insurance will cover the rent for a set period should your tenant fall upon financial difficulties, due to the pandemic or otherwise, and be unable to pay their rent.
2. Invest in your outdoor space
Between rising temperatures and stay-at-home orders, your outdoor space will likely be one of the main selling points of your property. Pay extra attention to maximising the outdoor areas; hire a gardener to make it usable and show it’s full potential, and dress it properly. Properties with gardens or balconies have been in high demand throughout the pandemic.
3. The London pied-à-terre
As city dwellers retreat to homes in the country, the need for a city home hasn’t disappeared. Whilst most work can occur remotely, many have expressed the need to keep a pied-à-terre, so they have a base when taking meetings in the city. Putting some attention into your Zone 1 property can make it attractive to corporate lets—meaning also, less wear and tear on the property with guaranteed rental payments from corporate giants.
4. Create a workspace within your rental
Most homes have space that can be carved out to create a workspace. There might be a hallway or an area that was used as storage that can be tidied up to accommodate a desk to create an office space. Currently, many tenants are seeking properties with a space that can create a productive work-from-home environment.
5. More people are looking to move
Many people are seeking to move. Taking the time to update your property within any void periods you may have—completing renovations such as a kitchen or bathroom—will lead to higher rental values and fewer void periods, ultimately achieving higher rental incomes.
For further advice or professional assistance, please contact Quintessentially Estates.