Are you a landlord with a rental unit that you want to increase the rent on? Considering the rent caps this is not possible in most circumstances. There is one option though to have both a better rental yield and a much improved property-Substantial Refurbishment.
Substantial Refurbishment is where you decide that the rental unit, home or apartment is in need of a total renovation. By undertaking these works you can command a higher yield whilst further proofing your unit.
Some suggestions we have for substantial refurbishment are:
New Smart heating system with smart controls
Installation, internal or external
New wooden floors with associated works
Rewiring old circuit board
Remove existing kitchen units and reinstall new kitchen
These are just a few examples of the services Robust, as a contractor, can offer you.
By offering this service we could take your 1100 a month 2 bed house and transform it into a more efficient 1600 a month rental. As you can see the returns in year 1 are increased by 6000. These returns are demonstrate that its a very desirable proposal. In addition these works and any new furniture etc could all be offset your tax bill.
Let us know what your current rental unit condition is and we can offer a free evaluation and potential future rental returns following the Robust transformation.
Contact Robust today for a quote
– Substantial Refurbishment or Renovation
Your landlord can give notice if vacant possession is required for the substantial refurbishment or renovation of the dwelling. The notice must contain or be accompanied by a written statement specifying the nature of the work and if planning permission is required this must be included. Where no planning permission is required it should identify the contractor where relevant, the nature of the work and the proposed duration of the intended works. The statement must also inform you that should the property become available to rent again within 6 months then, providing you keep the landlord updated with your contact details you are offered the tenancy back.