First of all, your empty property can be used to bring you some income. The average 3 bedroom property in Eden can be expected to fetch £550 pcm. Let us assume that on average it will be rented for 11 months a year, over a 5 year period.
So your gross income will be £550 x 11 x 5 = £30,250
It is quite likely that you will then contract the tenant to take over paying the Council Tax and any utility bills.
We currently offer 2 types of grants to help repair your property.
- A grant of up to £20,000 towards essential works for example roofing, window and door replacement, heating installation, kitchen and bathroom installation, electrical rewiring. On completion, the property must be leased to one of our Housing Association partners for 5 years. After this it reverts back to you to continue renting or to sell.
- A grant of up to £10,000 towards essential works. The owner will have to match fund the amount of grant. On completion, the property must be rented to someone through our Choice Based Letting Scheme. Essentially this will be to someone who is registered as seeking social housing. You will be able to choose who you rent the property to from a list of applicants. You will have to manage the property or may arrange for a Letting Agent to do so.
We also offer a loan to refurbish your empty property at 0% interest. The loan can only be used for works that are essential to the property. You can apply for a maximum of £15,000 to be repaid over a maximum 5 year period. When the property is refurbished you can either sell or rent it out, in order to repay your loan. For more information please see our Empty Property Loan Assistance Policy (PDF: Kb / 4 pages).
To apply for a grant or loan or discuss your requirement please contact us on the details below:
For further information