Landlords Guide
Summer Works, A Project Example
Thinking of doing some work this summer? Now is the time to get planning and get everything booked in. Trades get booked up very far in advance for the summer months.
Firstly you need to check when your tenants are moving in. With the change in Law regarding summer retainers tenants now have a right to move in from the 1st of July if they wish so it is worth checking with us what your tenancy agreement states.
Secondly, talk to us about your ideas, we often will have feedback on what's most important to do first. We can send you photos or videos or we can book an appointment for us all to visit the property together.
Project Example
A managed 4 bedroom property was struggling to rent. We had to rent the property for the 20/21 academic year to a group of 3 for £900 pcm in August 2020 with the below upgrades agreed with the tenants/landlords.
Repainted throughout
Matching furniture to be installed into all of the bedrooms.
Cosmetic upgrades in the kitchen (painting the cupboard doors)
The cost of the works came to just under £6000.
The property rented for the 21/22 academic year at the start of the lettings season (November 2021) for £1240 pcm (group of 4)
An increase of £340 a month which, over 11 months is an additional £3740.
The property then rented for the 22/23 academic year pre-Christmas (December 2022) for £1400 pcm (group of 4)
An increase of £500 a month which, over 11 months is £5500.
The works paid for themselves within 2 years and it meant that the Landlord could continue to rent out the property and has seen her income continue to grow.
For more information or a plan on what you may need to do in your property over the coming years call or email us on 02920 34 10 77 or cardiff@tlrestates.co.uk