Summer 2024
One Summer Project
In 2023 we inherited four existing HMOs in a single tenement block. The previous agent – a major high street brand with multiple branches – had been remonstrated by Glasgow’s HMO department for failing to manage the properties to an acceptable standard.
Let Us accepted management, and arranged renovations to take place during planned voids the following summer. Each property underwent complete rip-out, new flooring, re-decoration and re-furnishing. Some also required partial upgrades to kitchens, bathrooms and electrical wiring.
Average void time per property was 9 weeks. Rental income has increased by approximately £38,000 per annum following the works.
Flat 2-2
Taken over by let us on 01/08/2023, with new tenancy commenced 01/06/2023.
Had All Paperwork in Place but in need of repair.
Had been vacant for the entire previous year.
Was £2,500pcm.
Renovated From 30/05/2024
Re-let on 21/08/2024 at £2,800
Renovation Costs
| Category | Total Cost |
|---|---|
| Clear-out | £650.00 |
| New Flooring | £2,600.00 |
| Decorating | £2,035.15 |
| New Furniture | £4,141.30 |
| Furnishing Service Fee | £1,474.50 |
| Cleaning & Final Prep | £440.00 |
Rental Projections
Before Renovation
- Estimated Occupancy rate under previous management: 71.6%
- Previous Rental Rate: £2,500pcm
- Previous Gross Annual Return (Est): £18,902
After Renovation
- Estimated Occupancy rate: 95.8%
- New Rental Rate: £2,800pcm
- Gross Annual Return (Est): £28,336
Summary Statistics
Renovation adds 50% to gross annual income, before deduction of running costs.
Flat 2-1
Taken over by let us in 2023, with 4 individual tenants moving in.
No joint lease.
No guarantor protection.
Was £2,000pcm.
Renovated from 21/06/2024
Re-let on 02/09/2024 at £2,650
Renovation Costs
| Category | Total Cost |
|---|---|
| Clear-out | £500.00 |
| New Flooring & Carpet Cleaning | £691.22 |
| Bathroom Upgrades | £772.80 |
| New Furniture | £3,560.34 |
| Furnishing Service Fee | £1,440.90 |
| Cleaning & Final Prep | £276.00 |
Rental Projections
Before Renovation
- Estimated Occupancy rate under previous management: 87.5%
- Previous Rental Rate: £2,000pcm
- Previous Gross Annual Return (Est): £18,480
After Renovation
- Estimated Occupancy rate: 95.8%
- New Rental Rate: £2,650pcm
- Gross Annual Return (Est): £26,818
Summary Statistics
- Renovation adds 45% to gross annual income, before deduction of running costs.
Flat 3-2
Taken over by let us on 01/08/2023, with new tenancy commenced 19/07/2023.
Poor condition. Assumed 1+ Month of void every year since 2020.
Tenancy only lasted 10 months.
Was £2,600pcm.
Renovated From 10/05/2024
Re-let on 16/08/2024 at £2,800
Renovation Costs
| Category | Total Cost |
|---|---|
| Clear-out | £780.00 |
| New Flooring | £2,600.00 |
| Decorating | £1,633.20 |
| New Furniture | £3,795.22 |
| Furnishing Service Fee | £1,041.11 |
| Joinery & Misc Repairs | £608.27 |
| Cleaning & Final Prep | £259.84 |
Rental Projections
Before Renovation
- Estimated Occupancy rate under previous management: 88.9%
- Previous Rental Rate: £2,600pcm
- Previous Gross Annual Return (Est): £24,405
After Renovation
- Estimated Occupancy rate: 95.8%
- New Rental Rate: £2,800pcm
- Gross Annual Return (Est): £28,336
Summary Statistics
Renovation adds 16% to gross annual income, before deduction of running costs.
Flat 3-1
Taken over by let us on 01/08/2023, with Tenancy having commenced on 01/10/2022.
Property was let severely below the market rate.
Tenants had raised a dispute with the housing and property chamber for poor management.
Was £1,700pcm.
Renovated from 01/08/2024
Re-let on 01/09/2024 at £2,800
Renovation Costs
| Category | Total Cost |
|---|---|
| Clear-out | £765.00 |
| New Flooring | £2,988.00 |
| Kitchen Upgrades | £1,082.40 |
| Decorating | £1643.00 |
| New Furniture | £3,575.39 |
| Furnishing Service Fee | £1,479.95 |
| Cleaning & Final Prep | £284.00 |
Rental Projections
Before Renovation
- Estimated Occupancy rate under previous management: 91.6%
- Previous Rental Rate: £1,700pcm
- Previous Gross Annual Return (Est): £16,456
After Renovation
- Estimated Occupancy rate: 95.8%
- New Rental Rate: £2,800pcm
- Gross Annual Return (Est): £28,336
Summary Statistics
Renovation adds 72% to gross annual income, before deduction of running costs.
Ready to Transform Your Property?
If you like what you see, contact us to discuss your project.