Every so often I’m asked by a 1st time landlord “Will I find tenants for my property?”
My answer to this question is always, without question, a big fat YES! I then proceed to tell the landlord that everything in Watford rents which leaves them looking a little confused.
Obviously that is not all I say when we’re having this conversation. There are of course a number of different property types in Watford. As well as a number of different areas (which each come with their individual appeal) and number of different demographics that fit into each area. All of these factors will affect ‘who’ will rent your property. An important part of the rental puzzle!
The other thing to consider is condition of the property. If your property is a 3 bed semi in WD18 and is in fairly good condition and well maintained there’s no reason why you shouldn’t get £1500+ per month for the property, from tenants who are likely to be a small family who are in well paid employment that you can rely on to pay the rent on time and look after you investment.
If that same property is run down, damp, mould growing up the walls, and in desperate need of updating then you are not going to get £1500+ for it or anywhere close. That said. Somebody will rent it. However it may not be the reliable, well paid family unit you are after. It’s more likely to be someone that will compromise on their standards as they are desperate and they are less likely to be able to pass the credit and reference checks you should be conducting before allowing tenants to move in hence meaning you have to compromise too.
Run down house.
And this is the same situation for all properties in Watford. It’s very clear that you have to find that right balance. I’m not suggesting you should overspend on rental properties décor, fixtures and fittings but at the very least they should be clean, tidy and most importantly safe.
A high spec finish will do wonders for your rental return in some areas but in others it will probably make little difference.
It’s unlikely you’d put granite or quartz worktops into one of the flats in Courtlands Close (WD24). The outlay on a high spec kitchen would not give you a good return on investment but ensuring the kitchen is clean presentable and if possible has a modern finish will ensure you get to choose your tenants rather than them getting to choose you!
However if you look at the flats in the Cala development in Nascot Wood you would expect them to have a quality finish to get the highest level of rent. At this point it’s probably worth mentioning location as if you’re in this development your kids have a guaranteed space into the fantastic Nascot Wood infant and junior schools so tenants would probably compromise on the décor or finish to get that desirable school place!
If you take an average 2 bed terrace in West Watford or North Watford the rental range can be anywhere from £1000 to £1300 per month depending on size and spec but if you are at the bottom end in quality and size and the property is not well maintained, don’t expect to get the middle end rent for it just because the property 2 doors down went for £1200 – you may have to settle for £900 if it’s in really bad condition. These properties are popular but tenants are also picky and if you want a nice couple of professionals in there they may not go for the lower end. A little property makeover can push you up to a middle ground without an excessive spend.
As I’ve said above, everything in Watford rents! You will find a tenant for any property but do the right things and you as a landlord get to choose the tenant. Do the wrong things and they get to choose you.
At Caley & Co we like to work with landlords who look after their investment. Afterall, how can you expect the tenants to look after it if you don’t look after it yourself?
If you’d like to discuss a property purchase or one of your existing properties that you think you may be able to get more rent for then why not get in touch. I love talking shop and will welcome your call!