The value of good common parts

Is a shabby entrance littered with post for long-gone tenants there to deter burglars or is it just idleness or lack of imagination on the part of managing agents?

Is a shabby entrance littered with post for long-gone tenants there to deter burglars or is it just idleness or lack of imagination on the part of managing agents? We suspect the latter although it is fair to say that leaving it to the residents to design by committee can often lead to a dull compromise influenced by cost.

What is in no doubt though is the added value that can be attributed to a smart entrance – especially in a building where there is no lift. Potential buyers climbing seemingly endless grotty stairways are hardly likely to be seduced into making their best bid.

A badly presented entrance implies a poor standard of management and in our view, really smart ‘common parts’ can make a big difference to the time a flat stays on the market and to the price achievable. This is difficult to measure, but we anticipate there could be a differential of 5% between good and bad.

With one bedroom flats such as this one in Egerton Place, Knightsbridge selling for around £2million pounds, this means the benefit of a smart approach could be worth as much as £100,000!

As the saying goes ‘You only get one chance to make a good first impression’.