News
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Tired and Old-Fashioned Properties
April 23rd, 2010
Three years ago there was a rental market for rather tired houses. So long as the asking rent reflected the property’s condition, there were tenants who were prepared to do their own decorating and put up with older carpets or wallpaper in order to reduce their monthly spend. The market has changed though, and this type of tenant is almost extinct.
One reason for this change seems to be the popularity of property improvement shows on television. These have raised people’s expectations in terms of living conditions. Another possible reason is that the recent oversupply of property to let has simply allowed tenants to be more selective (or picky, depending on your point of view). It seems that this oversupply situation may be coming to an end (later in the North East than down south) but our view is that these raised expectations will not go down again.
The result of these changes is that it is now extremely difficult to let a house or flat which is not up to the mark in terms of décor and presentation. We’re not talking about cleanliness or safety issues here. All our houses are carefully checked on safety and all are properly cleaned. What we’re talking about most of all are properties that have not been redecorated for say four years (and some even need it sooner than that). Carpets are another problem area: the life expectancy of cheap carpet can be as low as three years. Many carpets do respond well to cleaning but, even without abuse, some can be beyond redemption even after that short time.
Last but not least, a particular victim of the property makeover shows are houses furnished in the kind of style which is popular with older people. Floral carpets (regardless of quality), floral wallpaper and wooden wall lamps with fringed shades make a property almost unlettable. Apologies to those who like that sort of thing, but this isn’t our judgement, it’s the market’s.
So, if you want to let your Durham property without a long void – get it clean and safe (of course) but also get it bright and (if possible) modern-looking. There’s no problem with older properties, they just need a reasonably modern interior. If you need any guidance, don’t hesitate to call us on 0191 374 1234.
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