Is the Nuneaton Buy to Let market over saturated?

If I were a buy to let landlord in Nuneaton today, I might feel a little bruised by the assault made on my wallet after being (and continuing to be) ransacked over the last 12 months by HM Treasury’s tax changes on buy to let.

To add insult to injury, Brexit has caused a tempering of the Nuneaton property market with property prices not increasing by the levels we have seen in the last few years. There is even a possibility we might even see a very slight drop in property prices this year and, if Nuneaton property prices do drop, the downside to that is that first time buyers could be attracted back into the Nuneaton property market; meaning less demand for renting ( ie rents will go down).

Before we all run for the hills, all these things could be a blessing in disguise to every Nuneaton landlord.

Nuneaton and Bedworth has a population of 125,252(according to the 2011 census), made up of 54,167 households so when I looked at the number of households who lived in private rented accommodation the fact that there were 6480 was a surprise to me.

Yields will rise if Nuneaton property prices fall, which will also make it easier to obtain a buy to let mortgage, as the income would cover more of the interest cost.

If property values were to level off or come down that could help Nuneaton landlords add to their portfolio. Rental demand in Nuneaton is expected to stay solid and may even see an improvement if uncertainty is prolonged. However, there is something even more important that Nuneaon landlords should be aware of, the change in the anthropological nature of these ‘20 something’ potential first time buyers.

Last weekend I attended the wedding ceremony of an extended family member. I got chatting with my cousin and her partner. Both are in their mid/late twenties, both have decent jobs in Nuneaton and they rent. Yet, here was the bombshell, they were planning to rent for the foreseeable future with no plans to even save for a deposit, let alone buy a property. I enquired why they weren’t planning to buy?

The answers surprised me as an early 1980’s baby and someone who bought their first property at the age of 22, and it will you. Firstly, they don’t want to put cash into property, they would rather spend it on living and socialising by going on nice holidays and buying the latest tech and gadgets. They want the flexibility to live where they choose and finally, they don’t like the idea of paying for repairs. All their friends feel the same. I was quite taken aback that buying a house is just not top of the list for these youngsters.

So, as 12% of Nuneaton people are in rented accommodation and as that figure is set to grow over the next decade, now might just be a good time to buy property in Nuneaton– because what else are you going to invest in? Give your money to the stock market run by sharp suited city whizz kids – because at least with property (it’s something you can touch) there is nothing like bricks and mortar!

If you wish to share your thoughts or pick my brains on the ideal investment property for you in the Nuneaton area, feel free to get in touch on 02477674545. Alternatively if you are looking for property to sell or looking for help with property management please feel free to take a look at our website and get in touch by phone or email

Nuneaton’s ‘Baby Boomers’ Vs Nuneaton’s ‘Millennials’

I was talking to my financial advisor friend the other day. He is an Independent Financial Advisor (IFA) who does both residential and commercial mortgages. Recently we completed a property portfolio review for a Nuneaton Landlord. We got talking about the current mortgage market and why Nuneaton youngsters were choosing to rent. It was fascinating listening to a different point of view which I thought my blog reading friends on here may be interested in.
Some property experts are directing the current crisis towards the 55 to 70-year-old Nuneaton citizens.
Also known as the ‘Baby Boomers Generation’, these Nuneatonl people were born after the end of the Second World War when the country saw a massive rise in births as they slowly recovered from the economic hardships experienced during wartime.
Throughout the 1970’s and 1980’s, they experienced (whilst in their 20’s, 30’s and 40’s) an unparalleled level of economic growth and prosperity throughout their working lifetime on the back of improved education, government subsidies, escalating property prices and technological developments, they have emerged as a successful and prosperous generation.
…Yet some have suggested these Nuneaton baby boomers have, and are, making too much money to the detriment of their children, creating a ‘generational economic imbalance’, where mature people benefit from house-price growth while their children are forced either to pay massive rents or pay large mortgages.
Between 2001 and today, average earnings rose by 67%, but average Nuneaton house prices rose by 187%!!
The issue of housing is particularly acute with the generation called the Millennials, who are young people born between the mid 1980’s and the late 1990’s. These 18 to 30 years, moulded by the computer and internet revolution, are finding as they enter early adult life, very hard to buy a property, as these ‘greedy’ landlords are buying up all the property to rent out back to them at exorbitant rents… it’s no wonder these Millennials are lashing out at buy to let landlords, as they are seen as the greedy, immoral, wicked people who are cashing in on a social despair.
Like all things in life, we must look to the past, to appreciate where we are now.
The three biggest influencing factors on the Nuneaton (and UK) property market in the later half of the 20th Century were, firstly, the mass building of Council Housing in the 1950’s and 60’s. Secondly, for the Tory’s to sell most of those Council Houses off in the 1980’s and finally 15% interest rates in the early 1990’s which resulted in many houses being repossessed. It was these major factors that underpinned the housing crisis we have today in Nuneaton
To start with, in 1995, the USA relaxed its lending rules by rewriting the Community Reinvestment Act. This Act saw a relaxation on the Bank’s lending criteria’s as there was pressure on these banks to lend on mortgages in low wage neighbourhoods, as the viewpoint in the USA was that anyone (even someone on the minimum wage) who was a working class person should be able to buy a home. Unsurprisingly, the UK followed suit in the early 2000’s, as Banks and Building Society’s relaxed their lending criteria and brought to the market 100% mortgages, even Northern Rock started lending every man and his dog 125% mortgages.
So, when we roll the clock forward to today, and we can observe those very same footloose banks from the early/mid 2000’s that lent 125% with just a note from your Mum and a couple of breakfast cereal tokens, ironically reciting the Bank of England backed hymn-sheet of responsible-lending.
My friend, the IFA, informed me that on every first time buyer mortgage application, they are now looking at every line on the 20-something’s bank statements, asking if they are spending too much on socialising and holidays… no wonder these Millennials are afraid to ask for a mortgage as more often than not after all that; the answer is “Computer says NO!”.
Equally, you have unregulated Buy To Let mortgages. As long as you have a 25% deposit, have a pulse, pass a few very basic yardsticks and have a reasonable job, the banks will literally throw money at you… I mean Virgin Money are offering 2.99% fixed for 3 years – so cheap!
If you are a first time buyer and don’t know where to start or are already on the property ladder but need further advice, please feel free to give us a call and we shall do what we can to help you out. Alternatively, if you are in Nuneaton town, feel free to pop in and see us on Bond Street, we’re just by the train station.

ASK MEL- “How do I serve notice on my tenant?”

Dear Mel,

I’ve been enjoying yours and Mariam’s blog for some time now and have found the recent addition of ‘ASK MEL’ useful. I thought I’d write in and if it makes for blog worthy reading, please feel free to share your answer on the blog as I’m sure it will help other landlords like me.

I’m relatively new to being a landlord. Truth be told, I fell into it accidentally.

My situation is this- I have a tenant who pays the rent as and when she feels like it. It’s currently up to date but never paid on time or all at the same time.

During the inspection of the property, not only was I extremely disappointed with how the property was being kept but, she’d also got a dog without my permission. What also annoyed me was that she lied about the dog, saying she was dog sitting for a friend but, when I asked the neighbours they confirmed it was hers and she’d had it for some time.

My gut instinct is telling me that this will only get worse and I think it’s best that I start looking for a new tenant. How do I go about serving her notice?

I look forward to your reply (and possibly seeing it on the blog!)

Mel’s Reply

Hi Sam,
I’m really glad to hear that you’ve been enjoying the blog and finding the ASK MEL articles useful. Congratulations on falling into the roll of Nuneaton Landlord. It may not always feel like it, but you’ve made a great decision.

You are clearly upset about the situation, which is understandable and, you are able to serve your tenant notice but, this should always be the last resort. I know it can sometimes be awkward for landlords to speak openly about issues with tenants, but, have you tried addressing your concerns with the tenant?

If you explain to her what you expect from her, with regards to rent being paid by standing order on the same day each month because it is causing too much confusion with finances, then she may be more willing to rectify the problem as she will not want to ‘rock’ the proverbial boat.

With regards to the dog, you could let her know that in getting the dog, she has breached her tenancy agreement and perhaps even your insurance? which would give you reason to serve her notice, or, alternatively, you could ask for a pet deposit. Think how much it could costs to have all the carpets cleaned, have the house professionally cleaned and possibly a treatment for fleas. We usually ask for £250 and state that it is non-refundable.

If you’ve tried everything but you’re still adamant that you want to serve her notice then you will need to serve her with a Section 21 (I think this would be the most suitable notice for your situation, from what you have said in your email), which sounds simple enough.

However, you need to take into account the following:

• A Section 21 cannot be served any earlier than 2 months before the end of the current tenancy agreement. So, if you are 3 months into a 6 month AST then you will have to wait another month until you can serve her notice.
• If you took a deposit did you protect the it in an authorised deposit scheme within 30 days of receiving the funds?
• Did you provide the tenant with the prescribed information within 30days of receiving the deposit?
• Have you provided the tenant with an up to date Gas safety certificate and EPC?
• Did you provide the tenant with a copy of “How to rent: the checklist for renting in England”?

If you have answered NO to any of the above questions (and your tenancy started after 1st October 2015), it is likely that your S21 possession claim will be rejected if it goes to court.

The above questions are but a few steps that landlords often forget to do and, as a result, can cause a lot of grief when it comes to regaining possession of your property.

If you do fall into this category, then it is certainly worth discussing further to see exactly where you stand. I am happy to answer any questions you have.

If you’ve answered yes to all of the above and the tenancy is due to end in the next two months or is on a rolling contract then you can proceed with serving notice. If you are not entirely confident in making sure it is served correctly, just give me a call on 02477 674 545 and I’ll help in any way I can.

As I don’t know the entire background of your situation, I do not want to assume one thing or another. There are a lot of things to check before serving a Section 21, but I have covered the most common problems above.

Hopefully you’ve found my answer helpful but, if you would like to discuss this further, please feel free to get in touch. We’re happy to help.

For anyone else reading this article- you may want to serve notice on your tenants for completely different reasons. I have tried to cover what I think to be the most common causes of failed S21 claims but, please ensure that you do your research or, if necessary, seek legal advice before serving notice to ensure you achieve possession of your Nuneaton rental. A Section 8 notice may be more suited to your situation and, depending on the grounds you can serve notice at any point during the tenancy and could have court date within 2 weeks to claim possession. Court Fees can be costly so you want to make sure you have a good case if it goes that far.

If you are looking to have you property managed to save you the ‘hassle’, then rest assured, we do serve relevant notice’s to tenants (if they are in breach of their contract) as part of our fully managed package. If you would like to discuss this further then please get in touch.

ASK MEL – What certificates do I need, by law, for my Nuneaton Buy-to-let at the start of a tenancy?

Dear Mel,
I’ve been reading up on the kind of documentation / certification that is required at the start of a tenancy but I’m a bit confused about what is a legal requirement and what is recommended. I’ve just purchased my first buy-to-let in Nuneaton and I want to make sure everything is done properly.

Mel’s Reply:

Hi Tim,
Thanks for getting in touch and congratulations on your first Nuneaton buy-to-let. This is an incredibly exciting time but also a worrying one, as you said, you want to make sure you’re doing things right. It’s great to see you taking pride in your investment and taking the time to check what is legally required from you because it can be VERY costly if you are caught out or miss something.

As you said, there are legal requirements and then there are recommendations (I’d personally do what is recommended as best practice).

Gas Safety Certificate
This is a certificate which you are required, by law, to have done annually. It must be carried out by a registered Gas Safe Engineer. You need to give tenants a copy of this at the outset of each new tenancy. When the certificate is renewed, you should also provide the tenants with a copy. The cost varies from £45 – £85 Depending on who you use. Just make sure they are on the Gas Safety Register.

Electrical Certificate
Surprisingly, unlike gas regulations, there is no law that says you must have a landlord electrical safety certificate.
You must make sure that any appliance you provide is safe (complete a PAT test) and has at least the CE marking (which is the manufacturer’s claim that it meets all the requirements of European law).
But, I would certainly recommend having an Electrical Certificate done. Should any electrical fittings or appliances within your rental property cause harm to a tenant you could be held liable.
It is recommended that they are done every 5 years or at the start of each new tenancy. The cost of this is usually around £120-£150.

Legionella Risk Assessment
As a landlord, it’s your job to keep a house safe and free from health hazards. This also includes Legionella which is a type of harmful bacteria found in water and can cause a serious type of pneumonia (lung infection).
You have two options: 1) Instruct a company to do the assessment for you (usually around £50) or 2) Carry out the assessment yourself if you are able to complete it competently.

Energy Performance Certificate (EPC)
This certificate shows the energy efficiency of your property. It grades the property from A-G and also highlights ways in which you can make improvements. You will have had one when you purchased your property. Check the date it was done as they need to be renewed every 10 years.
As of April 2018 an rental property will need to have a minimum E Rating so, if your property is one of the older or poorly insulated properties, you may struggle (unless certain improvements are made- if they can be).
A copy of this needs to be given to the tenant at the start of the tenancy.

Smoke Alarms & Carbon Monoxide Detectors
Now, although this isn’t a certificate, I thought you should know that it is a legal requirement to have one smoke detector on each storey of your rental property and a Carbon Monoxide detector must be fitted in an room where solid fuel is used (e.g. log burner). As best practice, I put a Co2 detector in any room that has gas (where boiler is, if there is a gas hob, if there is a gas fire), but that is up to you.

So there you have it, a list of certificates that are either required by law or recommended. There are other things to consider at the start of the tenancy like the inventory, protecting the deposit, providing the correct documentation at the start of the tenancy. If you have any questions about any of these, or if you’re considering using an Agent to ensure it’s all set up and running smoothly with the right tenants, feel free please feel free to get in touch.

Email me on or give me a call on 02477 674 545. You’re always welcome to pop in for a chat. The kettle is always on and we may even get the biscuits out. We’re just by the trainstation.

Nuneaton vs Coventry…is there really much difference for your BTL investment?

We get numerous landlords asking us which areas are best to buy in..Nuneaton,Bedworth, Coventry even? Well the answer is, in all fairness there isn’t a whole lot in it when it comes to numbers and yields. I spent a bit of time looking for one landlord in particular and produced a comparison report which I thought might be of interest to you guys, so pop the kettle on and get comfy… and feel free to let me know if you have of your own thoughts on the matter.

I selected two houses, both of which are similar size, one in Coventry and one in Nuneaton but both of which in similar areas.
The first house is a 3 bedroom ‘semi-detached’ on Queens road in Nuneaton. It is on the market currently for £124,950 with Pointons. This house is a good size and has lots of potential but it needs substantial modernising in order to get the higher level rents and interest from the types of tenants we all aspire to have. I think if they were to accept an offer of £120,000 and you had a budget of £10,000 to fix up the house, that would be more than sufficient in order to then charge a monthly rental of £650/£675. This would in turn give you an annual yield of 6.23% which in the grand scheme of things isn’t bad, but the same if not better can be achieved by investing less money and charging slightly lower rent on for example- a 3 bedroom terrace in Stockingford.

Location does play a huge factor in house prices as we all know, and with queens road being so close to town it is reflected in the asking price. It will also be very appealing to renters who working in and around town or even at the hospital as its all within walking distance.
In the last 3 months the average price paid for a semi- detached property on queens road was£173,497 and the current average value is £176,956.
So, even though the yield may not be as high as other properties, the value of the house once the improvements have been made will increase substantially, which lets face it… isn’t that a buy to let investors dream?

The second house is on Newfield Road in Coventry. A 3 bedroom semi up with Joshi Estates with an asking price of offers over £150,000.
This house is also in need of some modernisation, nothing a lick of magnolia and some new carpets wouldn’t fix. The kitchen and bathroom both look in good condition from the pictures. Houses like this in Coventry are renting for around £700-£750 PCM so going by the higher figure if you were to pay £151,000 for the property and spend maximum £2,000 on it, your annual yield would be 5.88%. However, like with the Nuneaton property, if you look at the average price paid for a semi detached property in this area over the last 3 months according to zoopla its £247,750 with a current average value of £177,468 . These figures are only a guide according to the area and similar properties shown, but it gives you an idea of the area and what you are getting for your money.

Coventry and Nuneaton are very much the same in terms of rental demands, no house will be on the market long and finding good quality tenants – done correctly- will not be an issue either, so void periods- in my personal opinion and experience- are not of concern in today’s market.

To summarise, whether you buy in Nuneaton or Coventry or anywhere in between, unless you snap up a bargain at auction and are in the business of fixing up a property cost effectively, what you will achieve from your buy to let investment isn’t too different. In a previous article I spoke about the pros of living in the town/city where you have you buy to lets… but if you were to use a reliable reputable lettings agency to fully manage your property efficiently, you really could live in timbuktu and just enjoy the rent hitting your account every month!
If you would like to speak to us with a similar quandary, or any other issues you may have with your current/future buy to let investments, please feel free to give us a call on 02477 674545

ASK MEL – “What should I consider when buying a Nuneaton Buy-to-let?”

We had a phone call last week from a lovely chap, let’s call him Mr Talbott, who has been following the blog for some time and is thinking of investing in a Nuneaton buy-to-let but, he is a “novice” (as he called himself) and came to us seeking some advice and guidance on how to go about investing his money.

His argument was (and rightly so) was that, if he put his money in a savings account, it would just sit there and earn him a minimal amount of interest. His wife is soon finishing her part time job and the rent that comes in from their Nuneaton rental will replace her income. He knows that property is the best bet for investing his hard earned money and it will reward him. He may be a novice but he’s certainly thinking on the right lines!

So, he has £150,000 to invest in a single property but doesn’t necessarily want to spend it all. He will be a cash buyer and is looking for a 2-3 bedroom house that doesn’t need much work doing to it and will be a good renter.

Now some people may be thinking that £150k could be deposits on a few properties and, indeed, it could. However, due to individual circumstances he is choosing to buy one property out right. Individual circumstances play a huge role in your investing decisions so take the time to think about your plans, do some research, pop in and have chat with us (we’ll save you a biccy). You may also want to discuss your options with a financial advisor. But, just do what’s right for you.

Anyway, enough of the counselling. So …

In preparation for our meeting we gathered a few comparable properties for sale in Nuneaton to show Mr Talbott. We just wanted to show him examples of what’s on the market, location, the condition that they are in, what they can rent for and what the annual yield would be. He was pleasantly surprised with what we had presented him with.

Of the 4 or 5 examples that we had printed for Mr Talbott, ranging from £90k to £130k, the 3 bedroom property close to the town centre for £90,000 would give him the best annual yield of over 7% even IF he chose to spend a few thousand modernising the kitchen and bathroom (but not absolutely necessary). We discussed the pros and cons and compared it to the other properties that were for sale in his price range but, this particular property seemed to keep coming out on top.

He then said that he and his wife had discussed downsizing and, that in time, they may move into the rental property.

Well, this changes everything….

When you purchase a buy-to-let you need to be completely detached (if you know what I mean). You can’t think “will my sofa fit in here?”, “I don’t like the colour of this kitchen”, “The garden isn’t really big enough”.

I’d like to think that most people can detach themselves but I also know quite a few that have bought ridiculously expensive buy-to-lets because that’s what they would choose or they have spent DOUBLE the budget on renovating because “that’s how I would’ve had the bathroom”.

This new information changed everything. Although the £90,000 terraced was a perfect rental it was probably not the best downsizing option from a 4 bedroom detached house in Whitestone. We decided to look at 2-3 bedroom semi-detached properties in Maple park as a comparison but they were either over budget or the annual yield was incredibly low.
It was clear that Mr& Mrs Talbott had some more thinking to do in order to really clarify exactly what they wanted in their Nuneaton property investment.

I’d like to think that we helped open his eyes to the wonderful possibilities of Nuneaton property investment. It’s always useful to discuss something like this because you’ll find that people help you to think about exactly what is important and why you are doing this.

If you’re in a similar situation to Mr Talbott, here’s a few things to consider:
• Is it more important to have a higher annual yield or a better return after a few years?
• Is this a short term or long term investment plan?
• What do I want out of my investment; you could split the pot of money down and put deposits on a few properties or you could just buy out right and be mortgage free (it is all dependent on your circumstances)
• Who is the house for? Tenants or you? If both, what should you consider (renovations, budgets etc)?
• Where do you want it? Why?
• What do you want (house, flat, how many bedrooms)? Why?
• Is everything in place for you to purchase?
• Should you seek advice? (Estate/Letting Agents, Accountant, mortgage advisor/ financial advisor)
• How will it affect your Tax?

If you want any advice on anything featured in this article or for anything else Nuneaton Property related, please feel free to give us a call on 02477 674 545 or pop into our office on Bond Street, Nuneaton (under the archway next to Oasis Dental Practice).

Renewed Confidence in the Nuneaton Property Market!

I was thinking this morning how fast the festive season flew by, and it made me remember a lovely catch up I had with one of our landlords just before Christmas. I went for a lovely festive hot chocolate at Costa and bumped into a lovely chap who came to us about a year ago for a Tenant find service and we got talking about the Nuneaton property market. I had just completed my research for my next blog article and I would like to share with you the parts of the conversation relating to the Nuneaton property market.

He asked me what my thoughts were about the last half of the year in regard to the Nuneaton property market and if there were any great buy to let deals around. In reply I said that, in my view, shrugging off the uncertainty of the initial post Brexit vote, I have seen an increase in supply and a rise in the number of properties selling at the lower to middle end of the market, meaning both first time buyers and buy to let landlords have been returning in the last few months – proof the market is beginning to bounce back.
So let’s look at the numbers ..
In the last 12 months, Terrace houses have increased in value on average of 9% from £114,601 in January 2016 to £125,022 inJanuary 2017 with a sales increase of 8% over the same term with a total sale of 404 houses in the last 12 months.
Similarly, detached houses have increased in value by just over 10% and with a 37.8% increase in sales! With 517 being sold in the last 12 months.
Most buy to let investors, especially first timers, will be in the market for a 2/3 terrace property in and around Nuneaton town centre looking to give them a rental yield of around 7%. Looking at the average house price figures for terrace properties, it is important to take into consideration there are still a lot of deals to be had, and a lot of ‘projects’ available for those willing to take them on. This in turn means you could in fact purchase said terrace house for around £90k and spend £10k making it into a very appealing rental property which would then allow you to ask the slightly higher rent and the end result being an even higher yield! Potential buy to let properties in Nuneaton are being snapped up before you can even calculate your possible annual yield these days, so my advice would be not to hesitate…you snooze, you loose!

As the number of Nuneaton properties put up for sale has gone from 5%to 11% in the last year, homeowners have become more realistic about how much their homes are worth. This increase in homeowners wanting to sell suggests there is renewed confidence in the Nuneaton property market and there are also signs that people are being more realistic about pricing their property.
As you can see, there has been a noteworthy uplift in semi-detached properties, which means there is a good choice for first time buyers and landlords. So with a combination of realistic pricing and more properties on the market – both first time buyers and landlords alike might be able to pick up a few bargains! One place for great Nuneaton Buy to let deals is my blog where, irrespective of which agent is selling the property, I publish what I consider is the very best buy to let deal in Nuneaton–

Stockingford Trainstation?…can only mean good things for BTLs in the area!

I read this morning that there are plans which have just been backed by councillors to rebuild a once existing train station in Stockingofrd.

The new station would be less than a mile away in Kingswood Road, consisting of northbound and southbound platforms linked by a footbridge, with pedestrian and cycle route to Kingswood Road and Whittleford Road and a car park with 50 spaces according to the Coventry Telegraph.

“It would increase connectivity by providing access to important destinations such as Birmingham, Coventry and further afield which is essential for ongoing development of the local economy.”

If it goes ahead, the new station, which could open as early as 2023, would be on the Cross Country route to Birmingham, with one train running per hour initially.

So what would this mean for Landlords who have or who are looking to buy properties in this area? Well…. It can only mean good things! A commuting link to Birmingham will increase the number of people looking to move out of more expensive areas such as Birmingham and even as far as London, especially with rail links from Birmingham to London improving continually! It will also mean people currently renting in Nuneaton will be more encouraged to live in Stockingford, which unfortunately, holds a certain stigma amongst locals as being not as desirable as other parts.

I manage properties all over Nuneaton, and can assure you that BTL properties in Stockingford are as high in demand as any other part of town and rents are also generally on par with the rest of Nuneaton also.

Also, with the newly released plans to build a whole new estate in the stockingford area, the train station will be ideal for those who will be currently working other cities such as Birmingham and Coventry. Nuneaton as a whole, needs a boost! With housing, industry and a huge focus on the town centre in order to attract people to the town and into these new builds!

Keep reading my posts and I will let you know of any further developments.

If you would like to speak to me about any BTL properties you currently have, or if you are thinking of becoming a first time landlord, then please feel free to give me a call on 02477 674545 and I will help you with any queries you may have.

10 reasons to invest in Nuneaton, if you live in Nuneaton!

We have landlords who live as far as South Africa on our books, and infact a large number of oversees landlords who have entrusted their home to us to look after for them while they are not around to do so themselves. We also have landlords scattered around the UK who have buy to let property in Nuneaton as well as our lovely Nuneaton based landlords also, and they all get treated- as do their properties- with the exact same love and attention that we would give our own private rentals!

Being a buy to let landlord is a very daunting prospect for many, investing time and money into a property that is essentially your nest egg for the future, and understandably people are hesitant to let their home to Joe blogs and his family! We are here to reassure you that it does not have to be a stressful time and what you are paying us to do (with the fully managed package) enables you to quite literally sit back and just get the rent paid into your account without having to worry about anything other than what you can spend your profit on!

We credit check the tenant thoroughly in order to provide you with a rent guarantee and in some cases where a guarantor is required, they too are credit checked and referenced so that in the event that the tenant should become sick or loose their job, there is peace of mind that a compliant guarantor is there as a back- up.

We carry out regular inspections on the property, providing you with a photographic report which gives both you and the tenant peace of mind, as it is the perfect opportunity for them to let us know of any issues or concerns they might have with anything that they may have thought too trivia to call us and tell us about – sometimes it’s the initial trivia things that then can escalate into the very costly major things, so we address every issue/concern straight away.

My personal view is that, for a novice investor, it’s best to start close to your home patch. It will also be determined whether you are self-managing or using a fully managed lettings service.

Here are my ten reasons to invest close to home:

1. You know the area and feel comfortable with it. You know which streets to avoid, which are the good schools, where the transport links are etc … and nothing beats “local” knowledge.

2. You can spend time walking the area, building relationships with local estate and lettings agents. Property is a people business, and knowing the right people to support your property journey is absolutely vital. Nothing beats face to face contact and building rapport with people who can advise and support you.

3. You can take time to view other rental properties in the area as part of your due diligence and get a feel for the market and standard of housing being offered, so that you know where you are going to position your property in the marketplace.

4. You can visit prospective properties at different times of the day to see if they are affected by noise, parking issues,school run/rush hour traffic etc.

5. You can network at local events with local landlords to learn from them.

6. If a bargain property does appear on the market, you can be one of the first to view.

7. Once purchased, if something goes wrong with the property or the tenant you can be on-hand to deal with it. If you are having refurb work done, you can check on it regularly to ensure it is proceeding smoothly and on schedule to the desired standard.

8. You don’t have to rely on a third party’s information and can get facts for yourself. I once heard of an investor who had a flat up north that the lettings agent told him he could not let out. The investor was in the area one day and decided to pop by the flat.
He found that the letting agent had given the flat to a lady friend so he could visit her easily!

9. Investing close to home allows you to self manage, saving money on lettings agents commissions and increasing your monthly net cashflow as a result.

10. It doesn’t matter if you forget the keys. You can pop back home!

Whether you are a Nuneaton Landlord, near or far, we are here to help you with your buy to let investments. Please feel free to either pop in and see us on Bond Street, or give us a call on 02477 674545.

This weeks star buy on Stewart Street Nuneaton, with a potential 7.8% yield

Star buys have been few and far between of late, but I really wanted to share this one with you. I myself have BTL properties on Stewart Street and the surrounding streets and know for a fact they will be snapped up by renters in the blink of an eye. Not only that, but with its town centre location you can expect that little bit more on the rent.

This 3 bedroom terrace house is on the market for offers over £90,000 with springbok properties, and looking at the pictures there is a fair bit of work that needs doing to it, but like I always say- if you are in the trade or have good contacts this can be done in a very reasonable budget. If you allow yourself £10,000 to do up the house – new kitchen, bathroom, redecorating and modernising and possibly looking at the central heating ( as its partially central heated).

property particulars

With a great sized back garden that has lots of potential, this house due to its location will appeal to families looking to get their children into the catchment schools, as well as the working professionals at both George Eliot hospital and the town centre – both of which would be a 5 minute walk. For commuters it is also ideal, and as I have mentioned in numerous articles previous, with the new transport links from London being developed, houses on this side of Nuneaton are going to become VERY appealing to Londoners looking to move out of their extortionate box room in London to pay half the rent up here, and just commute to work!

So back to the figures. If you put an offer in for £90k and it was accepted, you then spend £10,000 fixing the house up to a high standard ( with low costs) you could at this present moment look at a rental income of £650 a month, this would in turn give you an annual yield of 7.8%. Going forward 18 months, with the new transport links, imagine we are then able to charge say £800 a month on that same property… your yield will be 9.6%!! its just a no brainer really.

If you would like to speak to me more about this property or any other, please feel free to give me a call I would love to hear from you : 02477674545 or pop in and see me on Bond Street Nuneaton, our office is right by the train station.