Case Study

How one quirky cottage provides guaranteed rental income for its owner

Many homeowners would love to earn an income from their property, but they don’t want the void periods when the property is empty, or the hassle of finding and dealing with tenants (and complex regulations!)

That was the situation for the owner of this attractive cottage in Corsham. Ailbe Homes was able to provide a solution by:

• assessing the property and offering a long lease agreement
• refurbishing the property for rental
• becoming the property’s tenant and undertaking its management

Our service means that the cottage is now generating a guaranteed passive income for the owner — because Ailbe Homes pays whether the cottage is occupied or not.

Let’s look at the three stages in a bit more detail.

1. Assessment and Long Lease Agreement

First Ailbe Homes carried out a free assessment of the property. With our experience in the rental market, we could see the property’s potential and agreed a long lease scheme.

We then considered the best options for the cottage’s use. We could immediately see that it would be well-suited for holiday rentals. Once refurbished, its quirky charm and excellent location would be ideal for the holiday rental market.

This was discussed with the owner. At Ailbe Homes, we make everything as transparent as possible. That way, there are no surprises about how the property will be used or the terms of our contract.

Having reached an agreement, we set to work.

2. Refurbishment and Preparation

We carried out a full refurbishment to a high standard. Fortunately, Ailbe Homes owner Mike is a skilled tradesman, and can call on others as the need arises. To see the quality of the finish we achieved, please browse our image gallery below.

Of course, we ensured the cottage met the stringent safety regulations that are in place for holiday rental properties and had all the relevant safety certificates. Landlords often find these confusing and difficult to navigate, but as we take care of all of this, it’s no stress for the owner!

3. Tenancy and Management

You can see our property page on Booking.com.

Ailbe Homes was now the long-term tenant of Quirky Cottage. That means that whether the property is occupied or not, the owner receives a rental income.

As agreed, we then began marketing the cottage for holiday stays. You can see our property page on Booking.com. We’ve made sure that prospective visitors are aware of its great location (convenient for visiting Lacock, Castle Combe, Bath and Bristol) and all the cottage’s amenities. We pride ourselves on managing this to a high standard, with visitors commenting on our friendliness and good communication.

As the tenant, we ensure that the property is cleaned and returned to pristine condition. We also carry out regular maintenance on the cottage, carrying out any necessary repairs.

What The Owner Says

I have been a landlord for over 25 years. I find Mr Mike Coughlan to be very honest, reliable, trustworthy and hard working. He has been doing work for me for many years with no problems whatsoever.

He is now managing one of my properties, after he approached me with a proposition. I had a problem tenant who had left my property in a mess, and this had caused me considerable stress, so his timing was perfect.

Mike has refurbished the cottage, and done a brilliant job, increasing the value into the bargain. He now manages the property and takes care of all maintenance. This arrangement has given me peace of mind, and more freedom.

I get a stress free income on my property & can travel knowing my property is taken care of by Mike at Ailbe Homes.

– Mr S F Winter, Calne

Gallery

Ailbe Homes vs Traditional Property Management — What’s the Difference?

At Ailbe Homes, we beleive that we offer a smarter alternative to traditional property management.

A traditional property management company rents your property directly to tenants. That has one huge disadvantage: when the tenants leave, you’re stuck with an empty property and no rental income. You have all the hassle and lost incomewhile a new tenant is found — then you have to hope everything works out.

By contrast, with our long lease scheme, we are your tenants. Throughout the term of your agreement, rain or shine, we continue to pay rent. If your property has periods without occupancy, that’s our problem, not yours. So are any issues with maintenance, repairs and our lettings.

For the owner of Quirky Cottage, that was a better, more straightforward deal. The property is now generating a guaranteed passive income — something that a traditional property management company simply could not offer.

Could your property do the same for you? Contact Ailbe Homes today for a free assessment, or for further information on how we can help.