*STAR BUY* for Nuneaton Landlords!

Whilst doing my usual trawl through On The Market, I noticed this gem pop up. Admittedly, I am not usually a massive fan of flats. I have several of my own flats and can’t say that they’re my favourite but I do have some at Simon Close (where this flat is for sale) and these flats are, BY FAR, my favourite! The management company are fantastic and the flats rent very quickly here.

This flat is on for offers over £80,000 but it has been on since December so I’m thinking there may be some flexibility here.

Lets look at the fun stuff…
If you purchase the flat for £80,000 and the current tenant pays £500. The ground rent and service charges are £1210/year, which would leave you with a gross yield of 7.50% and a net yield of 5.99%.

However, I will share a little secret with you….I charge £525 for both of my flats at Simon close so, if the rent were to be increased, you could be looking at a gross yield of 7.88% and a net yield of 6.36%.

Not bad, ey!!!

If none of you snap this one up, I might add to my Simon Close collection!

If anyone is looking to have their Nuneaton Property managed or if you just simply want us to find you a tenant, please feel free to get in touch on 02477674545 and we’ll gladly help.

Nuneaton Landlords- If you get hit with COVID 19 you might be supported by your mortgage lender!

You may have read my blog last week about the clever clogs who suggested that landlords provide a 3 month rent free period to their tenants if they are unlucky enough to get the COVID-19 virus and just take the financial hit (more like Thor’s hammer to the face!).

Well, I read today that lenders are looking to support their clients by offering a 3 month holiday from mortgage payments if they are affected by the virus. At the moment it is only RBS but other lenders are likely to follow suit.

The article by “The Negotiator” states that  “With the fallout from COVID-19 likely to last many months, and some experts predicting another financial crash, the speedy move will go some way to maintain confidence in the market.” I am inclined to agree with this and say “hoorah” to the sensible lenders who are good enough to support their clients…and the economy as a whole!

I hope this doesn’t affect any of our readers and I hope you all stay safe and healthy over the coming weeks/months. Elbow bumps to all of you.

Nuneaton Landlords- Under pressure by Boiler Pressure?

As a property manager, I have a lot of phone calls from tenants with some complaint or another. The boiler is often one of the ones people call up about. After all it is used for central heating, washing up, hot baths, and showers; we would be hard-pressed to cope without it working all the time.

So when a tenant calles up saying “my heating and hot water has gone off” before you immediately go to https://smartboilerrepair.com and book an emergency repair, ask this important question first: “what is the pressure gauge saying on the boiler?”. From experience, several of my tenants usually respond with: “the what?” and then it turns out the cause of their boiler ‘breaking down’ is a simple case of the pressure dropping off.

With the problem diagnosed it can be easy to sort out by the tenant or even by yourself. Sometimes it’s a case of turning the boiler off for a while to let the pressure recover. If that doesn’t work it may be the valves that may require expert help. Obviously, I do my best to avoid sending out a plumber unnecessarily so I get the plumber to call them and talk it through if possible. This is just a quick and simple way to sort out your tenant’s troubles without costing you too much out of pocket.

Today I came across a very helpful video from Jamie at Hydro Heat Plumbing and he explains why the pressures drops and how to re-pressurise the boiler yourself. This video may even save you from having to call the plumber, just so long as you know what you are doing.

I’ll be sending this round to all of our tenants and landlords so i wanted to share it with all of you too. Watch the full video HERE.