Look at this for a ready-to-go investment. It’s a recent conversion of an office block and looks to be finished nicely. It has the added bonus of parking, a must really for a town centre apartment. This is likely to be very popular with younger renters. The only downside I can see is that it would appear from the floorplan to have no window in the bedroom, just borrowed light from the lounge. This will be a put off for some people. However, you should still get £665pcm which means that, even if you pay full asking, it will return just short of 6%. Its also bound to have a good long lease but just check the management fees.
3 October 2017
Looking for a ready-made investment? This is an ideal buy to let property with a tenant in situ. The advert doesn’t make it clear if that tenant wants to stay put but even if they don’t this will re-let easily.
Regular readers to my blog know I am a great believer in ex local authority housing for investments. We have several on our books. They let easily and tend to be pretty easy to maintain with few major issues. Tenants love them due to the amount of space and storage.
These can be let to families, sharers or even turned into HMO’s, depending on your preferred market.
If you want any advice about a possible investment, just pop in the office.
24 September 2017
Yes, its that time of year again and we have already had our first phone call from a tenant saying they have a “mould problem”. This is something we come across every year and we at this time every year we contact every tenant with hints and tips on how to minimise the problem. If condensation is left unchecked it can damage the plaster thereby leading to redecoration being necessary with special paints.
In most cases this problem is caused by condensation and not damp and is usually a result of not opening windows or turning extractors on whilst washing or cooking and therefore no fresh air is getting in.
Condensation is one of the most common problems in houses and flats and can usually be minimised relatively easily. Condensation occurs when warm moist air meets a cold surface. The water in the air then either settles as water droplets on the surface (as it does on windows for example), or, if the surface is absorbent, it soaks into the surface. In the latter case condensation is often not noticed unless or until mould appears. Condensation can be prevented or reduced in the property by controlling the excess moisture in the following ways:
• Close kitchen and bathroom doors to prevent steam going into other, colder, rooms.
• Open the kitchen or bathroom windows (if applicable) when cooking or washing.
• Open windows in other rooms to allow a change of air.
• Keep trickle vents open (these are small devices on new windows which can be opened without affecting the security to your property). These are worth hovering on a regular basis as well.
• Curtains and blinds should be kept open during the day as this will help to minimize the condensation in the property.
• Wipe down surfaces where moisture settles to prevent mould forming.
• Use the extractor fans if supplied in the property (do not isolate fans in bathrooms). Consider changing fans to ones that are triggered by excessive moisture in the area and do not switch off until this is bought down to an acceptable level.
· Dry clothes outside if possible.
· Do not hang wet clothes over radiators or in rooms without suitable ventilation.
• Ensure that tumble driers vent to the outside.
• Maintain a low background heat – it is advised that the property thermostat is kept at a minimum of 13 degrees during cold periods to prevent the hot and cold effect which causes condensation.
• Ensure that the insulation in the loft is at a good level. This can prevent cold spots forming where condensation will collect.
When you do decide to redecorate your property there are some really effective paints on the market now which help to control condensation and mould in areas where you know there could be a problem. We would strongly recommend you consider this.
We always remind new and existing tenants on how to prevent and deal with condensation and would recommend that you do the same. For more useful tips, follow our blog.
20 September 2017
I was chatting with one of my Landlords the other day when he complained that there didn’t seem to be any property bargains in Andover. With us being involved in the sales market we are pretty up to date with what is going on but I did a bit more in depth digging and here is what I came across.
A 2 bedroom flat in Clarence Court, Andover was sold in April 2008 for £165,000. It sold again in November 2016 for £150,000, a drop in value of just over 9%! Another two bedroom flat in Woodlands, London Road sold in January 2008 for £130,000 and was re-sold in December 2016 for £124,950, a drop of 3.88%.
From looking at these properties on the internet, both looked to be in good order and I suspect that the main reason for the drop in value is that both of these properties were originally bought in early 2008 when prices were still quite high.
So, if you are looking for a bargain, be prepared to do your research as it can pay! All of this information is readily available these days to anyone with internet access using sites such as Mouseprice.com.
Alternatively, come and talk to your local friendly agent!
17 September 2017
Look at this cracking two bed flat currently on the market for sale. This should easily achieve a rental value of £725pcm giving a very healthy 5.7% return.
We have sold one of these and they come with really long leases and very low maintenance charges. Combine that with the added bonus of a garage and being located in a popular part of town this is a cracking investment.
The one we sold we had rented for several years and never had trouble letting it. Definitely worth a look!
4 August 2017
Look at these lovely one bed flats which will soon be available. OK, I admit, they don’t look great at the moment but when the developer has finished adding another level and then converting it fully this development will have 6 one bedroom flats, 3 of which have already been reserved. They will be finished to a good specification, offer a decent amount of space and with the added benefit of a new 125 year lease as well as a 10 year warranty.
This side of town is very popular with tenants as its close to the train station, Portway Industrial Estates and easy access to the A303 and one bed properties are always popular.
A rent of £700pcm should be achieved giving a very health return of 5.8% on the more expensive option, minus your management fees.
Definitely worth a look!
26 June 2017
One and two bedroom flats are always popular investments and are equally popular with tenants so we had a more in depth look at flats in Andover
There are over 2,500 flats within the SP10 post code. This represents 14.09% of the housing stock here, with the national average being around 17.80%. The average price of flats with one or two bedrooms in Andover is around £156,803 which is up some 2.7% on 12 months ago.
You can buy a spacious ex local authority one bedroom flat for around £110,000. This would rent at around £625pcm giving the investor a very healthy return of around 6.8%. Don’t forget to factor in though your management fees. Also remember to check on the length of the lease before committing.
Finally, let’s not forget about the potential increase in capital value of the property. I checked on two bedroom flats in Heather Drive (Bishops Court and Woodpeckers) and found that they have sold for around £122,000 10 years ago with the current average sale achieving around £156,000, so a healthy increase of over 18%.
If you would like some advice about what could make a good investment, please visit our offices .