Property values are influenced by some universal factors: size, location, state of repair etc. But leasehold properties are unique in their additional contributing factors.
These properties are home to multiple leaseholders, sometimes hundreds. Wear and tear in common areas and damage to common facilities is unavoidable which makes proactive upkeep very important.
Here we will be discussing how keeping on top of cleaning and general maintenance can go a long way to preserving or even increasing the value of a leasehold property.
How is Value Tied to Cleanliness and Maintenance?
You may think that the value of a property essentially comes down to its bricks, mortar and location. For many freehold properties this is largely true as owners will expect to make their own cosmetic changes and to bear the cost of doing so.
Leasehold properties are entirely different. Prospective leaseholders will view the common areas of the building as a litmus test for the management of the building as a whole. They know that the décor and cleanliness of the common areas will be largely out of their control.
Dusty, out of date interiors, a broken-down lift and a flickering lightbulb do not exactly paint a picture of excellence. Their first impression is key and they will need to feel that they can trust the building manager before committing to their lease and the resulting service charges.
External decoration and lighting as well as neat gardens will provide curb appeal. Well lit, clean and modern interiors will reassure leaseholders of the abilities of the management as well as providing a comforting home environment that existing leaseholders will be proud to help maintain.
Cleaning
Regular cleaning is an obvious necessity due to the footfall you would expect in the common areas of a residential block of flats. Regardless of the care taken by residents, these areas will be well used and put through some serious wear and tear.
Shared spaces should be cleaned at least weekly and shared facilities such as gyms or pools should be cleaned daily. Displaying visual confirmation of each clean on a notice board can be reassuring for leaseholders – especially in this post-pandemic era.
Maintenance
Effective maintenance will reduce your costs overall. Reactive repairs are sometimes unavoidable, but regular checks, surveys and inspections will root out any issues nice and early and before costs can skyrocket.
Of course you have the legal requirements to consider, but besides these obvious necessities you can check regularly for:
- Broken windows
- Uneven pathways
- Lifting or stained carpets
- Lightbulbs to replace
- Lifts behaving badly
- Woodwork that needs painting
- Marks on the walls
A simple walk around once a week could keep you on top of things and able to maintain the comfort of your residents and the value of the block.
You could also avoid huge costs if issues such as subsidence or structural instability are caught early. For this you need to keep an eye out for cracks in the wall of more than 3mm in width, cracks that appear on both sides of a wall and gaps in window or doorframes as well as windows or doors that can no longer close.
All Eyes on Deck
Proactive cleaning and maintenance schedules are effective in their own right, but they also mean you have more eyes on the ground (and walls, lightbulbs, fire doors… you get the gist).
Cleaners may spot a crack in the wall that looks concerning or a fire door that is not closing properly. Gardeners might alert you to a fence panel that needs replacing. Window cleaners can spot an overflowing gutter.
Each person that is taking care of the common areas of the building can keep an eye out for issues, allowing you to nip them in the bud before they cause a bigger issue or lead to complaints.
Making sure that your residents know how to contact you about little worries will also help. They can let you know if a lightbulb is out or if there has been a spillage – it all helps to create a harmonious relationship and a welcoming, comfortable space.
Residents that enjoy a clean and well-maintained environment are also more likely to treat that environment with respect, helping to reduce the likelihood of any issues in the first place.
