Have you got an empty home, or do you know of one? Is there an empty house in your street?
Coming Home was created to help bring the 9,000 empty homes in Liverpool back into use, and turn them into secure, well-maintained homes, let to people at a reasonable and fair rent. You may have inherited a house, or moved out of one, but don’t have the money or resources to rent it out. That’s what we’re here for.
Our job is two-fold; we support homeowners and communities by stopping empty homes becoming a problem, and believe passionately that people have a right to a home where they feel safe and secure. Bringing empty houses back into use helps us offer homes at a fair rent.
We refurbish homes to a good standard, where they can be rented out again. Most empty homes don’t need much doing to them, but that might still be beyond you. We typically take on houses that need up to £10k to do them up – and we’ve raised investment (not grants) to put that money into your house and create a new home. If you have some money in the bank – but not enough to do everything – you’re welcome to invest that, too, but it’s not compulsory. Here’s a typical ‘for example’ set of figures where the estimated cost of works on an empty home is £10k:
Coming Home Liverpool investment – £5k
Owner of empty home investment – £5k
Our fee for organising everything – £4.5K
How does it work?
We’ll come and talk about your house, and identify what needs doing. Once we’ve agreed on that, we’ll bring in our own qualified, professional building teams to complete the work. While the work’s being done, we’ll find a tenant to live in the home; then we’ll collect the rent. We keep all of the rent until we’ve recouped our investment, and take a charge, as illustrated above, for organising it all, including finding the tenants. After we’ve been paid back, we will continue to look after your house and collect the rent; you simply pay an agency fee to get the maintenance done and sort out new tenants if we need to. Your house will always being looked after by us.
Our fee, on a sliding scale for the size of the job, is based purely on the time it will take to bring your house back into use, plus interest on the refurbishment loan. We’re not a charity, and need to earn money to pay back the investment in us, and to be reinvested in our future homes.
Our solicitors will draw up a contract between us, and a long term tenancy agreement for its new resident. We’ll also then take long term responsibility for who’ll handle the rent collection and any repairs on your behalf.
What do I need to do?
We charge genuinely fair rents for our houses – usually around £400 per month – and that’s non-negotiable. We know that current rents are unsustainable, and sometimes exploitative. We find it makes better sense to have steady, reliable tenants who’re settled in your house, rather than tenants who move frequently – and leave you with empty spells – because they’re struggling to pay the rent. We’ll review rents every year, but will always make sure they are genuinely affordable to the people of Liverpool.
Our job is to make new homes available, not help property owners get rich! If you’d like us to help rent your house, we’d look for a term of several years once we’ve finished refurbishing it, so that our tenants are secure in their new home.
Why should I entrust my house to you?
We firmly believe we’ve created a win-win situation, and so do our investors. We’re not talking about houses that are popular and full – we’re focusing on empty homes. Bringing them back into use helps alleviate the housing crisis, and is good for the communities that have empty homes in their midst. We maintain your property for you, you earn rent from your tenant, and they get a good quality house to live in.
Are you interested? Have more questions to ask? Let’s have a chat, and we’ll come out and have a look at your house… Email or call Ronnie on 07989 416 545.