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DESIGN LED PROFESSIONAL ACCOMMODATION

Here are our top 3 favourite bedrooms we have created at our most recent developments, which have been let to coliving professional sharers. All of our interior designs are done in house by the T5 team.⠀

When we put together our initial design ideas, we have key pointers to work from:⠀⠀
➕ Our residents, who are they, what type of professional?⠀
➕ Location… urban/city centre/residential⠀⠀
➕ What type of building are we working with… period building/modern?⠀⠀
➕ Hard wearing and practicality of well thought out spaces⠀⠀
➕ Wellbeing… we want our residents to feel at home, to enjoy living in their home and be proud, make sure there is space to work from home⠀⠀
➕ Budget and our investors opinions, likes and dislikes… the big one! rarely but it does happen, our investor may have their own interior design theme, which we in turn look at the above points to make sure these will work, we sometimes do need to tweak these!⠀

What we try to achieve:⠀
? Making the most of all the space, sometimes rooms can be awkward in shape when renovating, especially eaves bedrooms, so if we can we will design and build in desk areas, wardrobes and we have also created the option for raised beds.⠀
?‍? Unique designs and colour combinations that work and are not too over ambitious!⠀
? Features, we always try to retain original features within our properties, whether this be original exposed brick walls, chimney breasts etc, or feature wallpapers to make sure the rooms are unique from property to property.⠀
? Using modern methods in our finish, whether this be WIFI controlled heating (which can be tricky if a resident decides to have an airfryer in their room under a sensor – true story ?), USB socket points, key locations for all sockets, dimmer lights⠀
?️ Bedroom furniture that compliments the interior design but is also hardwearing and functional⠀
?️ Fully dressed rooms, finishing touches such as artwork/prints

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DOING IT RIGHT-ETHICAL CHOICES

The Core Values of Target Five are not a million miles from those of the British Army. Funny old thing that given they were based on them! But do we get it right always – no! Do I get it right always – definitely no! We are, however, trying to hold each other to account and make sure that we do get it right in the end, if not first time. ⠀

In the Army there is something called ‘The Service Test’, when something bothers you or you have made a decision that you doubt, stand in front of the mirror, look yourself in the eye and tell yourself you have followed the Core Values, if this feels uncomfortable then you have probably not. That is the point to reconsider, even if it means losing face.⠀

This is exactly where I was a week or so ago. A project of mine was nearing completion and I was walking around with my letting team to discuss letting strategy, furniture and decoration. We had planned to do all units as 2dio type accommodation, but the top units felt too small for this. Being in a great central location I felt sure they would let, but was this the right thing to do? The accommodation was cramped and I would not like to live there, despite the great finish. If I would not like it how can I, with integrity, let someone else take it. That night I talked it through with my Wife and we agreed that we were making a mistake. So we reversed it and lost a bedroom in each unit.⠀

Don’t get me wrong, I am a fan of making money, but no fan of exploitation. We made the call but I knew immediately from the response of the team that they also felt more comfortable with that. I am also confident that if I had not made the call, someone would have said something. And guess what – it actually feels good, almost like a relief!⠀

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MINDSET IN INVESTING

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In order to maximise your investments and growth in your investment ability you have to develop a Growth Mindset!

Most investors I meet are negative in their mindset, they follow what has worked for others, they doubt their abilities. They think they are constrained & limited to what has been done before. “That doesn’t work”, “thats been done” etc. This is classic ‘Fixed Mindset’. Boundaries are set & it is impossible to ever exceed expectations, but investments will underperform if faith in what has worked before is misguided i.e. peoples misguided faith in pensions etc.

The few exhibit a Growth Mindset. They see their own development & what they can achieve with their investments as being without constraint. They can constantly improve themselves, learn & become more competent – the Grow! They have the same approach to their Investments. They set goals but are never limited to them, they accept failure as part of the process & use it to Grow! Constant reassessment of opportunities & exploitation. Positivity always!

You need to be part of the select few in the second camp. Carol Dweck – total legend – ‘Mindset’ (2014) is a must read. Or check out her Ted Talk – https://www.ted.com/talks/carol_dweck_the_power_of_believing_that_you_can_improve?language=en

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DRESSING DAY – WEST BUILDINGS, WORTHING

Our favourite day, dressing day! at our West Buildings, Worthing project.

T5 Director Tina was joined by our colleagues; Megan & Winnie from our partner company; Sussex Property Partnership at our completed renovation today, adding the final touches ready for professional photography.⠀

We thought we would share a few of our candid pics with you before the final completed portfolio shots.

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SITE UPDATE – NEWLAND STREET, WORTHING

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A few weeks ago we shared with you our new carbon sustainable development (Cross Laminated Timber (CLT), Modular Construction), project in Newland Street, Worthing.

Since then planning went to committee last week and all seems favourable, they have recommended a slight tweak to the binstore location, meaning we will need to shave a little space off of our living/kitchen space, rather than one of the bedrooms, which will work well.

Today we were onsite to meet the Surveyor to plot and locate the positions for the new services. We hit a bit of block ‘literally’ with being able to survey the inside of the building as the previous owners have yet to clear the space. The current commercial property has been used for a number of years as a storage facility. So a new date is to be pencilled in to complete this!. Along the way, we have acquired some new artwork to the front of the property, what do you think of our ‘funky pigeon’ ?

 

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PROPERTY INVESTOR NEWS INTERVIEW WITH ANDY BABBAYAN

Back in December we shared a post re: Andy meeting Richard Bowser of Property Investor News onsite at our George Street (former bank), Hove development for an interview on Repurposing outdated commercial premises and back into viable use..

The full interview is out now in the latest edition of Property Investor News, you can read it here. The full article will also be made available online on the PIN website, in 2 weeks time.

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INTRODUCING ALDWICK ROAD, BOGNOR REGIS

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We completed on this large mixed use property last Thursday, Tina picked up the keys on Friday to give us a guided tour of our new project!

Planning is already in for our conversion strategy, we are hoping to convert this large property into a 16 bed HMO (x2 kitchens) for sharers, retaining part of the commercial unit and developing the remainder to additional residential use, with a new rear extension.

Bognor is a new location for Target Five but we are excited to get going once we have the all clear from planning.  We will keep you updated as we progress.

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BEING A PROFESSIONAL LANDLORD

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 I believe becoming and being a professional landlord is more than about portfolio size or whether it is a full time job, it is about mindset and acceptance of responsibility.

Mindset: This is critical. You need to change the way you view being a landlord. Do it as well as you can. This goes beyond but very much includes staying ahead of all regulations, instances, licenses and every area of compliance. It is also more than properly cash forecasting and managing it as a business – it takes more money than it gives some times! It is about stepping up in all areas and all that comes with that. It is a cat flap – once you go through you cannot go back! Do it willingly and celebrate it as a vocation – do it well, enjoy it and allow others to make money and have enjoyment from it – and that starts with your residents!

Responsibility: There is a huge social and moral responsibility that comes with being a landlord. Peoples homes and lives are in your hands. Do not take that lightly and do it well! Respect people, care for them, go above and beyond and accept their right to privacy and quiet enjoyment. Give value and really care! 

– Andy Babbayan

 

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CREATING HOMES FOR RESIDENTS

 When planning our property renovations, we must consider how the space will work, will it be appropriate & spacious enough, not only to meet the regulations but provide a ‘home’ for our residents.

We have replaced the word ‘tenant’ within our business with the word ‘resident’. ‘Tenant’ has a negative connotation that we feel is archaic. Just like the association with greedy, uncaring landlords. It is far from our experience, attitude or intent.

We believe in creating ‘homes for residents’ not ‘houses for tenants’. We aim to create a harmonious relationship between owner & resident & try to apply the following rules;

Provide stylish, well thought out spaces that will last, be low maintenance but hard wearing.

Consider how the resident will live there, including space for relaxing, space for eating & working as well as space saving ideas, built in furniture.

Make it something to be proud of. The design phase of our projects is key to this. We want to be proud of what we are producing but more importantly we want our residents to be proud to call it home. Being innovative & bold with colour/textures means we can stand out from the crowd & so can they.

Be clear from the beginning what is expected of both parties. We work closely with our lettings team to ensure we know where our responsibility starts & ends for maintenance/general upkeep.

Deal with queries & maintenance issues as they arise in a timely fashion with realistic timeframes, communication is key to any issue.

Be sympathetic, it’s easy to forget that this is a person’s home & that feeling should be actively encouraged, it is no less a home because it’s rented & any threat of losing your home is stressful. Handle difficult discussion around late rent or the need to gain possession back with care & consideration.

We believe that the days of slum landlords & problem tenants are a thing of the past & should be treated as such.

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BUILDING A PPOPERTY PORTFOLIO

As a company we have guided many clients in the process of building successful property portfolios. A portfolio is just a name for a bag of properties that you own, right? WRONG.

MY DEFINITION: A portfolio is a group of properties under the same ownership linked by a common goal or objective.

From this definition there are a few ‘so whats’:

Deliberate Vs Accidental

Many people accidentally end up with a random group of properties that they own & call it a portfolio. There is no common goal or objective & it is therefore unified by nothing – which makes it counterproductive & a headache. Having a portfolio is a decision & therefore is a deliberate process.

Random vs Calculated
You must have defined criteria for your portfolio that goes beyond just cheap! Buying stuff randomly based on individual analysis will result in very little unity & cohesion. Deliberate, even if slower, development of a portfolio truly unified will be far far more valuable in the longer term.

Portfolios within Portfolios
As portfolio growth continues & life ebbs and flows, the aims & objectives may change. You may need, as I have, to have portfolios within portfolios. I.e. shorter term high yield properties in less desirable locations to assist with covering school fees – duration 10 years, then sell.

End State
I bang on about end state based decisions, but it is vital to start something with an end in mind – why do it & for what? Make sure it will deliver the aims & be realistic & goals modest if it means guaranteeing success!

Agree or disagree?