AN empty two-bed property in Northampton could be costing the owner more than £8,500 a year* once you have taken into account the costs of maintenance, security, insurance, council tax and the loss of potential rental income.
Local businesswoman, Ausra Uzukauskaite, has just launched a new website for Amber Renovations, sister company to Amber Properties. By delivering high-quality renovations, her company is helping property owners, investors and landlords to bring empty properties back into use.
Ausra said: “After six years in business we established Amber Renovations to enable current and new clients to get the best return on their property. We also offer an even better maintenance service to residential properties that we manage on behalf of our clients.
“You might want to renovate an empty property yourself to realise its value for rent or sale. There are also investors who are very interested in buying empty properties and bringing them up to a good standard to let.
“In our experience the best returns are always achieved from quality refurbishments and renovations, backed up with continuing maintenance to protect your investment.”
As an independent company Amber Renovations can offer a more personal service to landlords, which means tailored solutions can be delivered without the overheads that larger companies might add.
Ausra continued: “We believe it’s really important to bring empty properties back into use wherever possible. When the renovations are to a good standard, they provide excellent accommodation and give a good return. If a property is empty for a long time it can become quite dilapidated and there’s always the risk of vandalism or squatting. That’s bad for the owners and for the local community.”
If a property has been empty for more than two years, it might be possible to claim VAT at five per cent, instead of 20 per cent, on the refurbishment costs. If the property has been empty for over 10 years, a complete renovation could be zero-rated for tax. It’s important to take the advice of HMRC or a qualified advisor.
For more information visit the new website at www.amberrenovations.co.uk
*Northampton Borough Council figures.