Welcome to Teal Properties where we renovate and renew empty homes
Teal Properties - Aim
Teal Properties assists owners in bringing their empty homes back into use. We renovate and refurbish properties to a high standard that result in either a sale or rentals for the owner. Our aim is to replenish the housing stock that is currently underutilised, allowing for more homes to be available to the market. It is well known there is a housing shortage in the UK, England alone has almost 700,000 empty homes. Teal Properties aim is to work towards resolving the housing crisis one empty property at a time.
Accessibility
We have a passion for accessibility and would like to see more homes being made accessible. This helps future proof the housing market for the ageing population and is also an inclusive approach towards people with physical disabilities. The benefits of inclusive accessibility are far reaching and well documented. When it comes to refurbishing properties, we would endeavour to allow for accessibility to be inclusive within the final design. This would need to coincide with the owners wishes and is by no means an obligation.
Empty Homes
What is an empty home? A long-term empty home is defined as a home which is both unoccupied and substantially unfurnished for a continuous period of at least one year. There can be many reasons why a property ends up being empty: Financial, health, lifestyle and work to name a few. Teal Properties aims for the process to be as transparent and collaborative as possible.
The Process
Initially we will have a discussion to understand and establish the situation of the owner. We will then determine if the property is to be rented or sold, and if accessibility is to be made part of the renovations. We will then undertake the refurbishment. Owners will be kept informed throughout the process as communication and transparency is key. Once the house is refurbished it will then be rented or sold as per agreement.
Empty Homes
England has an estimated 700,000 homes which are classed as long term empty. A long-term empty home is defined as a home which is both unoccupied and substantially unfurnished for a continuous period of at least one year. Since April 2024 Local Authorities have been able to increase their powers to apply premium Council Tax as a deterrent. The Council Tax premiums typically applied, if left empty for one year, is charged at 100%, increasing to 200% after five years and 300% after ten years.
The benefit of renovating an empty property is the owner can receive an income, rather than paying out expenses.
Repossession
Unfortunately repossessions are an occurrence and are a very stressful time for all those involved. If payments are not kept up Mortgage lenders can repossess the house and sell it to reclaim their capital.
Repossessions are currently at their highest level in five years.
Retiring Landlords
There comes a time where selling properties and offloading portfolios is the right decision for Landlords. Eviction notices can be served resulting in no rental income, whilst the sale may not conclude within the expected time frame. Not all property sales complete, and the time conveyancing takes can lead to properties being left empty for over a year, resulting in further expenses.
Probate Properties
Probate can be a stressful time for all those involved. Time restraints, family life, work and often reluctance to want to inherit the responsibility of an estate - all these can play a part in the process which can be stressful and time-consuming. Due to this, properties are sometimes put up for sale in the same condition they were inherited, which can result in them being unsold for months. With the right investment these properties can be brought back to a condition that invokes interest from buyers or renters, resulting in a successful outcome.
Auction
Not all properties that go to auction meet their reserve price. This can result in time and money being spent by the vendor without concluding a sale. If this is the case Teal Properties may be able to offer a solution.
