Our advice helped this new landlord client increase his incoming rent by £4,500 per year
We were recently approached by a Hampshire-based landlord whose HMO on Cathays Terrace had been empty since the last group of students left in June 2017. His current letting agent had been trying to find a new group since then with no luck.
We visited the property with the landlord the following day and found it was in need of updating in places. We put him in touch with a local building firm and, following our advice, they agreed to do the following upgrades;
- Two brand-new bathrooms
- Open-planning the kitchen/lounge (which are currently separate), removing the rear ground-floor shower room in the process
- Redecorate throughout
The end result will be a high-quality five-bedroom house, which we let to a group of students off-plan within 24 hours of putting it on the market!
Previous income: £1,500 per month
New income: £1,875 per month (£375 x 5)
Landlord's comment;
"I have owned and rented this house continuously for the last 15 years, updating and redecorating when required. So I was surprised that the previous letting company were struggling to rent it out this year.
Having contacted CPS Homes and (within 24 hours) meeting Rhys at my property I could clearly see why!
Rhys has an inherent understanding of the student market and the features which make a property stand out. Most importantly for a landlord, he appreciated a cost-effective way of improving my property and increasing rental yield with the minimum capital outlay.
Also, importantly for me, as I reside outside the area, was an introduction to a reputable local builder whom could be entrusted to carry out the refurbishments. The builders have an in-depth knowledge of HMO requirements and are ‘future-proofing’ my house at the same time. This gives me confidence when applying for the next HMO licence."
Mr Threlfall - Landlord
Are you a landlord looking to maximise your rental income? If so, get in touch with CPS Homes letting agents today to see what we can help you achieve. Call today on 02920 668585, email: enquiries@cpshomes.co.uk, or pop into our Woodville Road office in the heart of Cathays.
