Fancy a challenge? 6% potential return in Bingham

This 1 bed quarter house need some refurbishment but it looks to be mainly cosmetic! William H Brown are advertising this for £90,000 and it looks to be mainly cosmetic work. 

These properties appeal to professionals looking to live on their own and easily let for £450 pcm. It could achieve more depending on what was done with the refurbishment.

It could achieve a yield of 6%, there are rarely good investment properties coming onto the market for less than £100k these days!

http://www.rightmove.co.uk/property-for-sale/property-64157407.html

Energy Efficiency Regulations for Landlords Effective 1st April 2018

From the 1^st of April 2018 all properties rented out in the private rented sector must have an EPC rating of E or above. This applies to all tenancy renewals and new tenancies after the 1^st April.

It will become unlawful to let out a property with an F or a G rating unless there is an applicable exemption.

Landlords doing so can face a civil penalty of up to £4000. Demonstrating that a tenancy has been correctly set up is required when looking to carry out an eviction so it is crucial that landlords are aware of the regulations.

The government have also announced that from the 1^st April 2020 every let property with an EPC rating of F or G will be required to improve the energy efficiency of the property. It really is time to plan improvements if your property falls into the F and G bands.

There are exemptions that can be applied for, if the property is listed or in a conservation area for example, where the work would not meet planning guidelines. The local planning office will advise on this and I am sure there will be a cost to applying for the exemptions.

It is a good idea for landlords to be prepared and plan for any improvements prior to their property coming up for re let. Many properties have EPCs dating back to when they were first required and are due to be re done as they have now reached to 10 year mark.

The first thing to do is to get an up to date EPC done as the way in which these are assessed has changed over the years and it may be that the rating on the property has changed. Before this is done it is advisable to take some cost effective measures to improve the properties chance to get above the F. Sometimes simple things like energy efficient light bulbs can make all the difference.

Some local authorities also offer grants to help landlords improve the properties and there are schemes out there to help with insulation.

We are talking to all our landlords that this may affect and should you wish to discuss anything related to your rental property please feel free to give me a call.

Katie Archer, Belvoir Bingham 01949 714101