Major Insurer To Build 3,000 New Homes For Rent
Landlords vary in size from the sole trader who may build or renovate one home to rent out, to a multi-national company that builds an apartment block consisting of 50 flats.
You may be interested to read that Legal and General, a large insurance company here in the UK, is to work in partnership with a pension fund from Holland called PGGM to construct 3,000 much needed homes here in the UK that are to be rented out. In the first instance, some 650 apartments are to be constructed in Walthamstow, Salford and Bristol.
What is interesting is that Legal and General feel that more focus needs to be placed on the building of new homes rather than developing old properties to help provide more suitable accommodation for tenants. The insurer is to be involved in the development of these properties and is then to rent them out to provide income to those investing in pension funds.
As a landlord you will no doubt have your own thoughts on the above. Some landlords may feel that it would be better to focus on building a new property to then rent out thus providing the tenant with up to date modern accommodation that is fitted out with all new white goods etc.
However, there will be many landlords that invest significant sums of money in renovating an old property and then put brand new fixtures and fittings in the property along with new electrical appliances etc. Those landlords may well provide their tenants with as equally good quality renovated accommodation as if they had bought and rented out a brand new property.
Here in the UK, there is a shortage of suitable properties for rental so as a landlord you may well feel that it is no doubt important that such accommodation is made available to rent whether it is a brand new property or an old property that has been renovated to a high standard.