What does ‘Brexit’ mean for the 40,000 plus homeowners of Nuneaton?

BREXIT

I don’t know about you, but I find if you read the Daily Mail, there are only three topics that make the blood of ‘Middle England’ boil.

Bureaucracy from Brussels. House Prices. The late Princess of Wales.

If we as a country were to unshackle ourselves from chains of Brussels, could we inadvertently affect the second topic and make UK house values drop? Continue reading “What does ‘Brexit’ mean for the 40,000 plus homeowners of Nuneaton?”

Marlborough Road Buy to Let opportunity for Nuneaton Landlords.

marlborough1 marlborough2 marlborough garden

Morning Readers! And what a lovely sunny morning it is…. perfect house viewing weather wouldn’t you agree?

Newly added to Zoopla this morning is this 2 bedroom terrace property on Marlborough Road in Nuneaton. Houses on this street very rarely come on the market, most are snapped up before they even hit the ‘market’ infact. I recently learnt that most estate agents have an ‘elite list of clients’ who are ready and waiting to buy property and they are offered the properties that come on the market prior to them being advertised… which could explain why we are seeing fewer and fewer properties on Rightmove and Zoopla.

Back to the property… it is a 2 bedroom terrace, which with a lick of paint looks like it would be ready to rent out straight away. It is up for £99,950 but I think you could easily offer £90,000 and then barter to meet somewhere in the middle.

Yield wise, if you were to buy the house for £95,000 and then rent it out for £575 you could look at getting 7.26% which is a nice enough figure. I do believe though, that houses in this area will appreciate in value substantially over the next few years in comparison to areas like Stockingford for example.

It is currently on the market with Reeds Rains, and definitely worth a view.

http://www.zoopla.co.uk/for-sale/details/40160011

If you would like to speak to us about this property or any other, please feel free to pop in and see us on Bond Street, Nuneaton.

Nuneaton Buy to Let bargain of the week with a 8.92% yield!

mallard ave kitchen mallard ave mallard garden

Finally I have stumble across what id class as a nice little bargain for all you Nuneaton Buy to Let investors. After quite a few ‘dry’ weeks in the Nuneaton investment market, with properties either being substantially overpriced(in my opinion) or not having any to even consider buying, this little gem has come onto the market.

Its a 3 bedroom ‘terrace’ property on Mallard avenue in the Camp Hill area of Nuneaton. It is being marketed at £75,000 by pointons and from the pictures it looks as if there is a new/modern fitted kitchen, wooden flooring and large gardens to front and rear. Granted, the upstairs looks slightly more dated, but nothing a lick of Magnolia paint and a new cheap and cheerful bathroom wouldn’t fix. Again, I don’t know as i’ve not been inside the property as to what other works would need to be done, but if you have a budget of £5000 to modernise it fully, i’m pretty sure you’ll have some change left over. The only downside being…The property is subject to a 48 year lease and therefore is not mortgageable, so they are looking for cash buyers only!

http://www.zoopla.co.uk/for-sale/details/40119476

The location of the house is ideal for schools in that area, and despite being in Camp Hill ( with the reputation it has ) is a highly sort after area for families, and you would have no problem tenanting it ASAP. All in all, paying £80,000 for the property and the work, then being able to achieve rents of minimum £595 a month, you would be looking at a yield of 8.92%!! …if that doesn’t take the bitter taste of camp hill out of your mouth….nothing will!

Pop in and speak to us if this or an other property you may have found is of interest to you, and we will give you our honest opinion and thoughts on it.

The importance of life insurance for Nuneaton landlords.

life insurance

I would like to introduce Hercules Botha from Key Financial Associates, Hercules is guest blogging today with an article about the importance of life cover especially whilst being a Nuneaton landlord.

I spoke to parents of a friend of mine last week who own and rent property. As we all know some people have lost faith in pensions providing all the income they need. The reason they bought property was to provide them with more of an income when they retired. I became concerned when they told me their health was declining and they still had a mortgage on their rental property, but no life insurance.

Continue reading “The importance of life insurance for Nuneaton landlords.”

To Auction or not to Auction? Nuneaton Buy to let opportunity …is it worth the added extras?

norman ave1 normanave2

Morning to you all. I have often wondered about properties that are listed with a ‘guide’ price’ and what the procedure is with regards to making an offer either prior to auction or at an auction, so I thought id look into it and share my little gem of knowledge with you all.

This particular property really interests me, and I have been advising a lot of our landlords to seriously consider it…for the simple reason that properties of this ‘type’ rarely come onto the market. When I say ‘type’ I mean the large 3 bedroom side entry Semi detached properties on streets such as Norman Avenue and such like.

Granted this house needs substantial work doing to it, but again, if you are in the buy to let business you will have contacts who can carry out the works at a good price for you, and if you are new to this, feel free to get in touch with us as we are lucky over the years to have made some very reliable, reasonable contacts within the building/home improvement business.

Back to the property itself… it is listed with Pattinson Auction with a guide price of £75,000 and due to go to auction in Leicester on April 14th. I spoke with Pattinsons this morning and was told that it is possible to make offers prior to auction which would be presented to the owner, and that so far 3 offers had been made, the highest being at £89k. Interestingly though, any property that is due to go to auction, that then receives an accepted offer prior to the auction date will pay the price for such privilege. That price being a reservation fee of either 5% of the accepted offer, or £6k including VAT (£6,000 being the minimum fee)

http://www.zoopla.co.uk/for-sale/details/39901082

So, say you call up and make an offer for £90,000, this will automatically mean you will be paying £96,000 for the property to include the reservation fee. You would be looking at spending anywhere between £10,000- £15,000 on modernising the property, if we go with the higher figure of £15k it’ll mean your total spend on the property would be £111,000.  You would be able to get £700 a month rental income off this property once it is finished, and this would give you a nice yield of 7.57%. Not only that, but the value of the property would increase substantially after the modernisation, and the way the property market in Nuneaton is going, within 18 months you will see a substantially higher return on your investment.

Fell free to pop in and see us if you would like any more info on either this property or any other that may have taken your fancy for buy to let purposes, we’d be happy to advise.

 

 

A rare Monday morning buy to let find in Nuneaton.

bracebridge1 bracebridge2 bracebridge3

Good Morning Readers. I thought id share with you a rare find that has come on the market this morning. A 3 bedroom terrace house on Bracebridge Street in Nuneaton. These houses -as im sure you are aware- very rarely come on the market, especially the side entry ones. I personally like the side entry properties for the simple reason that they then give you 2 full reception rooms as apposed to the front door opening into the front room. This also makes for the ideal HMO property as you would with this house get 5 rooms which could then be let individually.

Of course, this would also make the ideal buy to let for a none HMO property and would appeal to families and such like looking to live in this highly sort after area of Nuneaton. It is on the market for £119,000 and looking at the pictures it needs substantial work doing to it in order to get it fit to rent, but if you know the right people this can be done on a budget for sure!

The property is being marketed by Pointons and is definitely worth a view.

http://www.zoopla.co.uk/for-sale/details/39976586

Providing you paid the full asking price for this property and then spent £10,000 fixing it up(that’s the maximum figure id use as an example), you would then be looking to get between £650-£675 a month in rent depending on the final spec of the property, this would in turn give you an annual yield of between 6- 6.3%. Obviously if you were to make a lower offer on the property and it was accepted and then you spent substantially less doing repairs to the property your yield would be somewhat higher.

If this is the type of house you would be looking to buy for investment purposes, either to turn into a HMO or simply as a Buy to Let, then please feel free to get in touch with us as we can share our knowledge with you on either aspects. Our office is on Bond Street so feel free to pop in, or give us a call on 02477 674545.