Mansion costs landlord millions in lost rent
A landlord with a seven-bedroom mansion in the heart of super-exclusive Mayfair stands to pocket more than £2m a year from letting out the property, which comes with a swimming pool, an underground garage and no less than seven bathrooms.
The 16,500 square feet house, which is built around a courtyard and also has a roof garden, is being offered at £40,000 per week.
We can only guess that the hefty price tag explains why the furnished property in Brick Street has been on the market since 23 November 2011.
That’s a void period of more than 55 months. Or to put it another way, £9,613,315 in lost rental income and counting.
In fact, every day the property remains empty costs the landlord £5698 in lost rent.
The multimillion pound home isn’t the only luxury property on the rental market.
A 10-bed home just a five-minute walk from Hampstead Tube Station in north-west London is being offered for £151,667 per calendar month.
This property comes with a separate guest cottage, separate studio, a heated swimming pool and off-street parking for up to four cars. However, it is costing the landlord more than £4986 in lost rent every day it remains empty. And if the void period extends to 12 months, that’s more than £1.8m in lost rental income.
Since Assetgrove started helping hundreds of landlords maximise their rental income back in 1975, we’ve learned that void periods are one of a buy-to-let investor’s worst nightmares.
They can significantly reduce a property’s gross yield because even empty properties cost money to keep running.
Your buy-to-let investment or second home may not rival the mansions of Mayfair and Hampstead. But whether you have a one-bedroom flat in Wandsworth, a two-bedroom terrace in Tottenham a semi-detached house in Southwark or even a new-build apartment in Newington, Assetgrove can help.
Our rent guarantee scheme is available to landlords with any size of property portfolio, from a single flat to a portfolio of more than 100 houses.
It works by guaranteeing you a fixed monthly rental income for up to five years while we get on with the often time-consuming business of managing all the day-to-day tasks, such as inspections, lettings, viewings, maintenance work and legal issues.
We offer a completely personal and professional service that prioritises you and your property, treating each home as if it were our own.
Assetgrove can often let a property within 48 hours of taking it on. And if any repairs need doing to bring the property up to the standards demanded by the ever-increasing amount of legislation governing the private rented sector, our in-house maintenance team can carry out the work with no payments up front.
That’s not all. In the unlikely event of the property not having a tenant, we guarantee your fixed monthly payments for the entire length of the agreement.
To discover how much guaranteed rent your property could be earning, contact Assetgrove today.