Original rental yield: €0
Current rental yield: €16,200
This property is a 3-bed semi detached house. In 2008, due to ill health, the elderly owner had to leave the family home to seek full-time care in a nursing Home. Able Property were initially employed by the owner’s family to let and manage the property. However, rents were limited by dated décor, single glazing and overgrown gardens. None of the adult children were in a position to either fund renovations or take the project on board due to financial and time constraints and their own family commitments.
In 2009, Able Property solved the dilemma by drawing up a proposal which set out a refurbishment and window replacement schedule spaced over an 18 month period. An initial amount was made available to cover the costs of re-decoration, furniture and accessories and Able Property’s project fees were staggered. Long term tenants were secured at market rent and the property is now well maintained. There are no voids and long term tenants are happy to pay the increased rental, particularly as their heating costs have been substantially reduced.
