Category: BUY-TO-LET

16th October 2015

2 bed apartment, Three Bridges, Crawley

Another flat in Commonwealth Drive, Three Bridges, Crawley has just come up for sale. Marketed by Cubitt & West at £220000, this property is £5000 cheaper than a similar apartment we featured a days ago. Apparently there’s an open day tomorrow (17th October) …..so if you’re interested, you’d better get your skates on and give Cubitt’s a call. Here’s their number 01293 263037 ! For more information about the property check out the details on Rightmove at http://www.rightmove.co.uk/property-for-sale/property-36990450.html

Commonwealth DrLike the property featured recently, rents have been pushing upwards and we’re starting to see these flats let for between £1025 to £1100pcm. Based on the quoted asking price of £220000, this would give a gross yield ranging from 5.6% to 6%. These yield figures are pretty good and we’ve certainly seen them creeping up over the last few months, as demand outstrips supply. You may well see things ease off a bit, however, towards Christmas and further into Jan 2016. Makes you shiver just thinking about it !

If you’d like some advice about property investment in Crawley, then do please get in touch with us. Our advice is free and we’d be more than happy to have a chat with you about our favourite subject ! Whether you’re an experienced landlord or completely new to buy-to-let, give us a call on 01293 515588 or e-mail us on crawley@northwooduk.com

13th October 2015

2 Bedroom Flat, Pembroke Pk, Three Bridges, Crawley

This 2 bedroom flat has just come on to the market today with estate agents, Mansell McTaggart. With a guide price range of £225000 to £235000, the property includes a balcony & allocated underground parking. Here’s the Rightmove link for further details http://www.rightmove.co.uk/property-for-sale/property-55362476.html

Pembroke Pk13-10-15There are two key aspects to this property that should appeal to potential investors. Firstly, there is an en-suite shower to the main bedroom & a shower over the bath in the family bathroom. Secondly, both bedrooms are doubles. The apartment should therefore appeal to both couples and sharers alike, which is certainly an investor plus point in helping to reduce void periods between lets.

Properties like this rent for £1000pcm to £1050pcm in the current market. Assuming you were to buy at the bottom end of the guide price range, you’d expect a gross yield of between 5.3% to 5.6%. Not too bad at all !

If you’re new to buy-to-let investments or are an experienced landlord contemplating adding to your existing portfolio, why not give a call on 01293 515588 for a chat. Alternatively, you can send us an e-mail to crawley@northwooduk.com.

10th October 2015

2 Bedroom, Split Level Maisonette, Ifield, Crawley

Take at look at this 2 bed, split level maisonette in Ifield, Crawley, that has just come on to the market. The property is a “Commission property” i.e. built as part of the Crawley New Town development, post 2nd World War. As such, although it is not new, it has the advantage of much larger all round accommodation, compared with its contemporary counterparts. Add to that a large private garden and we think it would make a good long-term investment.

The property is being marketed by Martin & Co with a Guide Price of £210 000. Here’s the Rightmove link for further details: http://www.rightmove.co.uk/property-for-sale/property-51870907.html

Ifield - Warren DrProperty like this one in Ifield, Crawley, will appeal particularly to couples with young children because of the private garden. Based on the guide price, to get a 5% gross annual return, you would need to achieve a rent of £875pcm. We would estimate that a property like this should achieve £875pcm to £950pcm.

If you’re looking for property investment in and around Crawley, or know someone who is, give us a call on 01293 515588 to discuss what options are available in the area. Alternatively, e-mail us on crawley@northwooduk.com.

8th October 2015

3 Bed Semi, Three Bridges, Crawley 

This property has just popped up today in St Richard’s Mews, Broomdashers Road, Three Bridges, Crawley. On the market with King & Chasemore for offers in the region of £290 000, the property was previously marketed for £299 950 from April this year. The drop in price is probably an indication that the vendors are motivated and would really like to sell in the current “selling season”. For more details here’s the Rightmove link: http://www.rightmove.co.uk/property-for-sale/property-54703412.html

Broomdashers 8-10-15As an investment, this property would appeal to a family with children. In our opinion it is has a number of things going for it. These include: 2 allocated parking spaces and proximity to local schools, the town centre & Three Bridges station for fast trains to London – good for commuters. Decoratively, at least from the pictures, it also appears to be in good condition.

The other feature we like about this property is that it is Halls Adjoining with next door. So, if the next door neighbours are overly sensitive to noise from TV’s etc….. the doors to the lounge/diner can be closed providing a sound barrier. Less hassle for tenants, neighbours & landlords alike !

Looking at houses in the area from a rental perspective, this type of property should achieve between £1200pcm & £1250pcm (and may be more). Based on these rental figures and assuming you could secure the property for £290 000, you would expect to get a gross yield of between around 4.9% to 5.2%. Of course, as an investor with (presumably) no dependent sale, you might be in a strong position to negotiate the price even lower, particularly if you are willing to do the deal quickly !

If you’re an experienced landlord looking for new property investments, or perhaps you’re new to “Buy-to-Let” and would like some advice, why not call us on 01293 515588 for a chat about  the different options Crawley has to offer. You can also e-mail us on crawley@northwooduk.com

7th October 2015

Two bedroom flats in Maidenbower

Here are 2 two bed flats that, according to the agents, have been reduced in price today. The flats are in Greyrigg Rd, Maidenbower, Crawley, towards the “Audi” garage end.  The properties are on with Inspire & Zoom995, both with a guide price of £220000. The Rightmove links for further details are: http://www.rightmove.co.uk/property-for-sale/property-36042066.html & http://www.rightmove.co.uk/property-for-sale/property-54342965.html.

GreyriggThe development is only just over 4 years old and the last flat to sell went for £220500 in June this year. So what about the flats as investments ?

Currently 2 bedroom flats in this development rent for around £950pcm to £975pcm. Based on the guide price of £220000, you are therefore looking at a gross yield of between 5.2% & 5.3%. So, on the face of it, not too bad an investment.

If you’re considering purchasing these flats for investment purposes, however, there are a couple of provisos to bear in mind. The first, is that both flats do not lend themselves particularly well to professional sharers. Check the Rightmove details and see if you can tell why this is so ! If you’re not sure, just drop us an e-mail (crawley@northwooduk.com) or call us 01293 515588 and we’ll let you into the secret ! The “issue” that I’m referring to can be remedied for no more than a few hundred pounds, but would give you a much wider range of potential tenants to choose from.

The other issue to consider is that these flats are a little bit further away from the mainline station at Three Bridges than those, for example, at Trafalgar Gardens. Again , this might mean a slightly reduced pool of potential tenants and therefore, slightly lower rents and / or longer void periods between rentals.  All that being said, however, the flats would in our opinion, be a good investment option to consider.

If you’re considering property investments in and around Crawley and would like some advice on what to buy (and more importantly, what not to buy !), don’t hesitate to give us a call. We’ve got plenty of experience of the lettings market in Crawley and would be more than happy to have a chat. Alternatively, just drop us an e-mail to crawley@ northwooduk.com.

1st October 2015

2 bedroom apartment, Pound Hill, Crawley

Another month bites the dust ! This 2 bed apartment in Pound Hill, Crawley has just been listed on Rightmove today. Marketed by Moore & Partners it has a Guide Price of £190000. However, the Rightmove details give a price ranging up to £220000, so it’s fairly clear that the vendors are looking for a bit more than £190k. Here’s the link for further details: http://www.rightmove.co.uk/property-for-sale/property-54481715.html

Wakehams Green DrProperty in this area of Crawley usually rents for around the £900pcm to £950pcm mark. So based on these rental figures your maximum gross yield would be a healthy looking 5.7% to 6%. Putting the property on the market at this time of year might also indicate that the vendors would like the deal done before Christmas. So, if you’re an investor and can move quickly, an offer at the lower end of the price range might be just what they’re looking for.

If you’d like to discuss property investments in and around Crawley, don’t hesitate to give us a call on 01293 515588. You can also e-mail us on crawley@northwooduk.com.

30th September 2015

2 bedroom flat in Broadfield, Crawley

Here’s an interesting flat that has just come on to the market, at least that’s what I thought when I checked for new properties listed on Rightmove. Apparently, however, it was first listed on 7th August, but I can’t find whether the asking price has changed or not. Well, not to worry too much. The property, in Broadfield, Crawley, is on for £179950 with King & Chasemore – here’s the Rightmove link if you want to look at further details – http://www.rightmove.co.uk/property-for-sale/property-53926175.html.

Hayling Court

One reason for my interest is that a property like this, although not in the most fashionable part of town, can let for around £875pcm. Based on this rent and an asking price of £179950, you would get a maximum gross annual yield of around 5.8%.

However, just before you get your cheque book out and sign on the dotted line, have a closer look at the area. In July of this year a similar property completed for £166000 i.e. £14k less than is being asked here. In addition, there are two other similar properties currently on the market for £170000. Although there are no internal photos to compare condition, a purchase price of £170000 with a rent of £875 pcm would give a max. gross yield just shy of 6.2% ! Even better !

If you’re looking to increase your lettings portfolio or are new to “Buy-to-Let”, don’t hesitate to give us a call for a chat about property investments in Crawley & surrounding areas. Our advice is free and we might be able to provide you with some insight that you hadn’t considered ! You can also e-mail us on crawley@northwooduk.com.

23rd September 2015

1 & 2 bedroom flats, Southgate Crawley

You don’t see this very often. Two flats in the same development at Godolphin Court, Southgate, Crawley, both being marketed at the same price of £180 000.

One of the flats is on with Connells (http://www.rightmove.co.uk/property-for-sale/property-36567399.html?premiumA=true) and the other with Homes Partnership (http://www.rightmove.co.uk/property-for-sale/property-54868772.html).

The difference between the two properties is that one of them is a 2 bedroom flat “in need of updating”, while the other is 1 bedroom flat in what looks like pristine condition from the marketing photos.

Godolphin 23-9-15So, which one do you buy ? To answer this question, we have to consider a number of factors.

A one bed flat in tip-top condition at Godolphin Court should achieve £775 to £800 pcm. Based on a purchase price of £180000, this gives a maximum gross annual yield of between 5.2% and 5.3%.

What about the 2 bedroom flat ? Well, firstly we would not recommend letting it out in its current condition ! Let’s say for argument’s sake, however, we spend £10k on renovations & re-decorating, to bring it up to the same standard as the one bedroom flat. Now, 2 bedroom flats at Godolphin Court in excellent condition should let for between £900 & £975 pcm.  Based on these rental figures and a purchase price of £180000 plus £10k renovation costs, we would expect to achieve a maximum gross annual yield of around 5.7% to 6.2%. If you can get some money off the purchase price, however, your yield will increase still further.

So, by adding value to the 2 bedroom flat and bringing it “up to spec”, you can see that a higher potential yield can be achieved in comparison with the “ready-made package” of the one bedroom property. Of course, this is not always the case. You must be very careful when buying a property that “needs updating” that (a) you do not buy it at too high a price and (b) you do not overspend on renovation works. If you’ve ever watched TV programmes like “Property Ladder” you’ll no doubt have witnessed how easy it is to get carried away and overspend on the initial purchase price as well as the subsequent property renovation.

If you’re looking to buy property to let or develop in Crawley, or would like an independent opinion of your current property project, why not give us a call on 01293 515588 or e-mail us on crawley@northwooduk.com.

22nd September 2015

Brand New: 2 bedroom apartment, Manor Royal, Crawley

Here’s an opportunity to buy a brand new 2 bed apartment in the heart of Manor Royal, Crawley. Marketed by Cubitt & West, the asking price for the 1st floor flat advertised here is £200 000. Here’s the Rigtmove link in case you want some more details : http://www.rightmove.co.uk/new-homes-for-sale/property-36525576.html.

Bowthorpe Pl 22-9-15

It’s a little more difficult to gauge the market rent for these properties as they are a fair distance from others in the area. However, we would expect a 2 bedroom example like this to achieve between £950 and £1000pcm in the current market. With an asking price of £200 000, this would give a maximum gross annual yield of between 5.7% & 6%. If you regularly read this blog, you’ll know that is a pretty good return, given the area and current state of the market.

One word of advice, however. If you’re serious about a property in this development, make sure you secure at least one allocated parking space (and preferably two). Allocated parking spaces can mean the difference between getting your flat rented quickly and having it hang around empty for a while.

If you’re a property investor looking for your next buy-to-let deal, or new to lettings and not sure what and where to buy, why not give us a call to discuss the different options Crawley has to offer. Alternatively, drop us an e-mail to crawley@northwooduk.com.

19th September 2015

Three Bedroom House, Ifield, Crawley

Some property investors are concerned about buying leasehold properties. They’re worried, for example, about the maintenance charges levied by the freeholder, what happens to the communal areas in the case of flats etc.. etc….

Investing in leasehold properties is fine in our opinion. However, freehold properties are equally as good. So, if you feel happier owning the freehold, why make life more difficult for yourself by buying leasehold ! ?

So, here’s a potential freehold investment property. It is a 3 bed terraced house in Ifield, Crawley, close to Ifield train station. In good condition, these types of properties will normally rent for upwards of £1200pcm. This property is marketed by King & Chasemore, Crawley, with a guide price of £270 000. For more details, here’s the Rigtmove link: http://www.rightmove.co.uk/property-for-sale/property-54774053.html

Treyford 19-9-15From the marketing photos the property looks in good condition (but do please check !) and has a garage en bloc. There are also local schools close by, which brings us nicely on to the subject of the type of potential tenants properties like this will tend to attract. Any guesses ?

If marketed in the right way a property like this 3 bedroom house will, of course, attract families. Proximity to schools is very often a major consideration for these types of tenants and this property has both primary & secondary schools close by.  If you’d like to know more about letting these types of properties – both pros & cons – we have a free guide to help you. Just send us an e-mail and we’ll forward it on.

Back to the figures…what about the yield ?

Well, based on the guide price and a rental figure of around £1200 pcm, you would expect a maximum gross annual yield of 5.3 %. With a bit of tough negotiation, however, you might be able to get a price reduction & improve the yield figures. As estate agents ourselves we can give a bit of “inside information” – strictly legal of course ! – about presenting any offer you care to make in the best possible light. Just let us know and we’ll forward the information to you.

If you’re looking for property investments in and around Crawley, or would like a an independent opinion on a property you have your eye on or are buying through another agent, why not give us a call. We’re on 01293 515588. You can also e-mail us on crawley@northwooduk.com.