It’s Now Tenants Who are Calling the Shots

The financial meltdown and the resultant credit crunch have hit many prospective buyers across the UK. As a result an increasing number of people are now opting for rented property. This is quite rampant in parts of London where private dwellings are in abundance. Many of those looking for rented property have high expectations of their landlords.  Around less than a year ago the majority of people were still buyers but now the tables have turned.

 The vast majority are now looking to lay hands on rented property. Affluent singles and professional couples are keen to rent from private landlords, as it’s getting difficult to get mortgages and on top of that there is fear of house prices falling even further, which means the risk of going into negative equity.

Most of these renters are willing to pay higher rents but they want quality for the pounds they are going to spend. 

They expect quality renovated kitchens and bathrooms, and in some cases the latest electronic home appliances. Landlords, who are in a position to meet these expectations, stand to gain a lot in the otherwise grim property market.

 It’s generally advised to renovate when your old tenants have moved out, especially if they have been long-term tenants. When tenants are evaluating a property they tend to get more impressed with the quality of finishing in bathrooms and kitchens, so if you are a landlord looking to rent out your property, pay special attention to those two parts of your house. And try out lighter paint on the walls instead of the usual wall paper, it gives a fresh feel and makes rooms look spacious.