Oxford Street
Hi Mike,
My team have given me prices for the work at Oxford Street, it is quite a bit to paint the outside because there's a lot of scraping back to be done. We can have the property ready to view in a week and the outside completed shortly afterwards.
The rest of this page below the table is what I sent you previously.
If you're happy tro go ahead I'll ask my lettings manager / wife Jeani to call you and arrange everything.
Kind regards,
Martin
| Painting inclusive of materials and labour | £400.00 |
| Outside painting | £1,000.00 |
| Plumbing bits and flashing | £150.00 |
| Guttering bits | £100.00 |
| Outside Door | £100.00 |
| Total £1,750 |
The property is in a good condition and is almost ready to rent, there are no fleas.
It is suitable for a normal rental or serviced accomodation provider.
I'd argue that the property is more suited to a standard rental, it's in a great location, will achieve a high rent and doesn't need any risks taken with it as regards SA operators who can run hot and cold. During covid many Rent to rent operators that run these operations cancelled their contracts and handed the keys back to landlords during a time that they could not legally conduct viewings due to lockdown protocols.
I don't think they could give as much or more than the market rent on this property and come with more risk so I am definitely leaning towards the direct rental side.
I've looked at similar properties on AirBnB and they just don't have the bookings to justify their existence, it's a high risk strategy for both operator and landlord.
Rental Comparables
There are various rental comparables in the area that show up to £1,200 for a 2 bed but they are in the apartments that serve the maritime quarter, the best comparable is the one above which is a house designed very similarly to yours but is furnished and is available for £900.
Given that we just rented out an extremely small 2 bed in Morriston for £850 I'm confident that we can get £900 - £950 or maybe even more at this property in rental.
Minus £25 per month for rentguarantee insurance which we will give you the details of if you choose it.
We prefer our landlords to use it as they get peace of mind about the rents being secured going forwards.
Our new landlords currently get 3 months fee free, no charges for tenancy contract renewals, no hidden fees, full photographic inventory, thoroughly vetted tenants.
The 3 months fee free then goes onto a flat rate of 10% for management and we do charge £300 to list the property, do all the marketing, viewings etc, this also covers spend of ours on paid ads to get the best tenants and credit checks that we pay out for too.
Let me know when you've read this and we can have a quick call.
Thank you,
Martin
Repairs
Regarding the bits needed, I have cleaners ready to come in and clean through that will also touch up the paintwork as required, anything you need help with we can provide, we can start viewings almost immediately whilst the small bits to finish the property are being completed.