Well, from experience, there’s a lot that can happen on the run up to and over Christmas with rental properties. Where shall I start? I had a tenant call on 20th December one year to say the oven had stopped working and they had 6 people coming for Christmas dinner. Cue me pressing the Curry’s speed dial button on my phone and paying an extra £50 for delivery on Christmas eve. Ouch!
As with any time of year, with any property or tenant, things can be unpredictable. What is important is that we are prepared for it (or as prepared as we can be). Pick up the phone, have a chat with your plumber / electrician / maintenance person to make sure they’re going to be around over the festive holidays and ask if you can call on them if you need to. Find out what the additional call out fees are on a bank holiday just to make sure you’re informed.
Also, give your tenant a call and make sure there’s no maintenance issues that they’re aware of. Better still, go and do an inspection to see for yourself. This will enable you to be in control of any issue and nip it in the bud before that small problem becomes a big problem over Christmas.
If you’re with an Agent, give them a call or email and check in with them before they break up for the Holidays.
If you’re not with an Agent but would like to be, then give us a call! We’re always free to chat & offer investment and property management advice.
Only Joking! What a boring blog post that would’ve been.
We have investors from all over the place contacting us to find out where in Nuneaton they should invest. Those of us who live in Nuneaton and know the areas well may have our own ideas but, as a Letting agent who has had properties all over Nuneaton, I can assure you that any area of Nuneaton is popular for rentals.
A quick breakdown for you:
Properties near the town centre (CV11 4 and CV11 5)- usually get let before we even get to advertise them! People love the terraced houses skirting the town centre. Mostly because of the convenience of town (especially if they don’t drive), being close to the train station is usually a winner for those who have to commute for work, there are several good primary & secondary schools close by and people often like to be close to all the local amenities just a stones throw away.
Stockingford (CV10 7 and CV10 8)- slightly out of town but it comes with it’s own benefits like access popular commuting links. George Eliot hospital is close by so you usually get a lot of medical professions enquiring about the Stockingford properties. Once again, there are several schools, local amenities and people often like to live there for the convenience of being close to family/friends or they may have grown up there and are looking to move out but want to stay in the same area. Stockingford will also soon have it’s own disused train station revamped and allow residents of Stockingford and galley common to access links to Birmingham and potentially further afield for employment.
The more affluent areas (Weddington & Whitestone)- These are also popular for families with a higher income but can some times take longer to rent out.
The question to ask is not what area is best but, what type of property is best. From experience, the 2-3 bedroom terraced properties (annual average yield of 6-7% at the minute) will rent all day long and the 2-3 bedroom semi detached (average of 4-5% annual yield at the minute) with a drive way and garage are also popular (in all areas) but, it’s when you start getting to the 4-5 bedroom properties that things start to slow down a bit. Anyone who can afford to rent a 4-5 bedroom house can afford to pay a mortgage on one so, it is often the case that these are more difficult to rent out. It’s not impossible but it does take that little bit longer and you find that the tenants don’t stay long (maybe they’re having renovations done on their own property, they have sold their house but not found anywhere to move to, they are here on a 12 month contract for work etc).
Not a lot of investors would start racking up the 4-5 bedroom detached properties, which I appreciate but, it’s worth knowing.
If you have any questions about specifice areas of Nuneaton and what the rental yield will be, please get in touch and have a chat. We’re always happy to help.