Tag: flat

29th January 2016

2 Bedroom Flat, Broadfield, Crawley

Here’s a 2 bedroom flat that has just come on to the market with Inspire Estate Agents at £185000. Although Broadfield may not be the most popular location in Crawley, remember that property correctly priced will always sell or rent. This flat also comes with the added bonus of a garage – definitely a selling point. Here’s the Rightmove link for further details http://www.rightmove.co.uk/property-for-sale/property-57580043.html

Hayling Ct 29-1-16

The location of this flat in Broadfield is very convenient for the Fastway bus service with access to Crawley Town Centre & Gatwick airport. So for airport or town centre workers it’s ideal. We’ve had a similar property on our books for a number of years now and have not had any issues letting it out.

Bearing in mind that there are two double bedrooms and a garage, rents for these types of flats are between £875pcm and £925pcm – depending on condition and when the property is marketed. These rents compare favourably with those for more modern flats close to Three Bridges station, which now let for up to £1100 pcm !

So, if you considered purchasing this flat, based on the asking price and anticipated rent, you would expect to see a gross rental yield of between 5.7% & 6%. These are fairly high yields for the Crawley market. Do remember, however, that high yields are often accompanied by lower capital growth. Still worth a look though, depending on your investment strategy.

If you’re looking to invest in the Crawley property market we’d love to from hear, even if your plans are only tentative at the moment. Just give us call on 01293 515588. What’s more any advice we give is free ! Alternatively, you can drop us an e-mail to crawley@northwooduk.com. Look forward to hearing from you.

 

 

 

23rd January 2016

2 Bedroom Flat, Milton Mount, Pound Hill, Crawley

Presumably this is the view from this 2 bedroom flat, marketed by King & Chasemore at offers over £190000. The property is offered chain free, which will be all important if you are an investor looking to beat the April hike in stamp duty. Here’s the Rightmove link for further details http://www.rightmove.co.uk/property-for-sale/property-39010425.html

18-1-16 Milton Mount

The flats at Milton Mount are built in picturesque grounds of a former country house estate. The flats themselves are fairly spacious compared with their more modern counterparts.

In good condition these flats will rent for £950pcm upwards. For example, we recently let a two bedroom flat here for £995pcm. The rental yield, based on an asking price of £190000, should therefore be between between 6.0% and 6.3%. So not too bad at all !

If you’re looking to invest in Crawley and have your eye on a potential property, why not give us a call on 01293 515588. We’d be more than happy to take a look at the property for you and advise on how you could potentially maximise your investment. Alternatively, drop us an e-mail to crawley@northwooduk.com.

 

21st January 2016

2 Bedroom Apartment, Three Bridges, Crawley

The Pembroke Park development in Three Bridges, Crawley is ever popular with both tenants and investors alike. Here’s a 2 bedroom apartment on the development being marketed by estate agents Moore & Partners with a guide price of £210000. The property details indicate a price range of £210000 to £230000. For a closer look here is Rightmove link :  http://www.rightmove.co.uk/property-for-sale/property-39221817.html

Commonealth Dr 18-1-16

The property looks to be in good condition from the marketing photos and the apartment block itself benefits from lift access – always useful for carrying the weekly shopping ! In addition, there is a an underground parking space, a balcony and the property is offered with no chain. Other similar apartments are being offered mostly at slightly higher prices, although the vendors here would presumably like to get as close to £230 000 as they could.

As we’ve said before, flats at Pembroke Park are in an excellent location for access to Three Bridges mainline station (fast trains to London & the South Coast), Manor Royal and Gatwick Airport.

Properties like the apartment featured here attract couples as well as professional sharers. It is therefore good to know that the main family bathroom has a shower over the bath, with tiling up to the ceiling in the “bath area”.

In terms of rent, these apartments are now commanding between £1000 and £1100 pcm. Taking the best and worse case scenarios in terms of purchase price paid and rent achieved, you get a potential range of gross rental yields between 5.2% & 6.3%. Pretty healthy indeed.

If you’re considering investing in property in and around the Crawley area, either now or some time in the future, you can always give us a call for a chat. Our advice is free and if we don’t know the answer to your question, we  almost certainly “know a man who does” ! So, give us a call on 01293 515588 or alternatively drop us an e-mail to crawley@northwooduk.com.

 

 

 

 

23rd December 2015

Making your property appeal to the widest range of tenants

Did you get the answer to the question I posed on Monday ? It is, of course, that there is no shower over the bath in the family bathroom. The shower head attachment is fixed low down (for washing hair etc….) and the walls above the bath are only part-tiled.

To appeal to the widest range of prospective tenants, you will need to tile the walls up to the ceiling around the bath and then raise the shower head, so that someone can have a proper “stand-up” shower. The cost of doing this is not too great (perhaps a few hundred pounds), but do make sure there is sufficient water pressure to operate the shower ! In terms of rental investment, however, the cost of not installing the shower may be considerable, due to increased void periods i.e. when the property is untenanted. Most people would know this as being “penny-wise but pound foolish”. Don’t fall into that particular trap !

A word of caution, however. If you install a shower over the bath, please ensure that the walls are properly treated and made waterproof prior to tiling. In the shower area, the walls will get very wet and water penetration will then occur if /when the grout between the tiles starts to cracks. This will often happen naturally as the grout ages. Then, if the underlying walls are not waterproofed, you’ll have a much bigger & more expensive job on your hands than just re-grouting ! We’ve even come across some landlords who tried to use “waterproof” paint on their walls instead of tiles …….you don’t need us to tell you the outcome of that particular type of “DIY disaster” !

That’s enough on showers for now.

However, if you do have a question about what you might need to do to make your property more appealing to propective tenants, give us a call on 01293 515588 and we’ll hopefully be able to steer you in the right direction. Alternatively, you can e-mail us at crawley@northwooduk.com.

 

 

21st December 2015

2 bedroom apartment, Pound Hill, Crawley

I spy with my little eye…..a 2 bedroom apartment that has just come on with estate agents Greenaway. The Guide price is £210000, although they also give a price range of up to £230000. A major bonus for a property like this is its proximity to Three Bridges mainline station with fast trains to and from London.  Here’s the Rightmove link for further details http://www.rightmove.co.uk/property-for-sale/property-36504540.html

Trafalgard Gdns 21-12-15

As we saw in our last blog post, the agent has used rather summery looking pictures of the outside of the development, which may be indicative of  some prior marketing activity. In fact, checking back at the marketing history it appears that this flat was up for sale with the same agents back in September.

According to the agents’ description, the apartment is currently tenanted with the tenants contract due to expire in February 2016. As the property is not being specifically marketed for “Investors Only”, we can only assume that the vendor will sell to a fellow investor or someone looking to make the property their home.

Looking at the description, there are a couple of key features to consider from an investment point of view. Firstly, the flat is on the ground floor, which can be considered by some as more of a security risk. Personally, I wouldn’t let this put you off. To its advantage the apartment has its own (small) patio area and of course, no stairs to climb with bags of heavy shopping after a trip to the supermarket.

For the second feature, take a look at the bathroom in the property details. What do you see, or should I say, what do you not see ? If you’re unsure, think about the property and how it should appeal to the widest possible range of potential tenants. This will ensure minimum void periods and maximum rent. By way of a clue, check out one of our previous blogs e.g. 14th September 2015 at https://wordpress.com/post/thecrawleypropertyblog.com/13   If you’re still unsure, I’ll provide the answer for you tomorrow.

What about the potential yield ?

Properties like this one currently let for between £975pcm and £1000pcm. So in terms of yield you are looking at a range from 5.1% to 5.7%. We’ve calculated this range based on the “worst case” scenario in which the flat is purchased for £230000 and lets for £975pcm. The upper range or “best case” occurs where you buy the flat at £210000, but manage to let it for £1000pcm. Yields for both “worst” and “best” cases are certainly very respectable, but you should of course try to secure a property like this for as low a price as you can.

If you’re looking to invest in Crawley or surrounding towns why not give us a call to discuss what options are open to you. Our advice is free and, due to our years of lettings experience, we can provide you with many valuable insights. Call us on 01293 515588 or alternatively drop us an e-mail on crawley@northwooduk.com.

NB Don’t forget, we’ll give you the answer to our question tomorrow.

 

 

18th December 2015

1 bedroom flat, Copeland House, Rathlin Road, Broadfield, Crawley

Here’s a charming looking 1 bedroom flat in Copeland House, Broadfield, Crawley that has just come on to the market. It’s on with estate agents Zoom995 at £169995.

The warm sunshine in the picture, however, gives the game away a bit. A little further digging indicates that the property actually first came on to the market back in September …. which indicates the vendor hasn’t been able to sell at this price ! Well, not to worry, we’ll store that piece of information away and use it later  …. here’s the Rightmove link for further details http://www.rightmove.co.uk/property-for-sale/property-36615825.html

Rathlin Rd 17-12-15

You’ll see from the internal photos that the property appears to be presented in very good condition, which is all to the good.

1 bed flats in Copeland House are renting for between £750pcm and £800pcm. In fact there’s one available now for £875pcm …… which may be just a little too high. It’s still on the market To Let and has been since the end of November. Only time will tell if they achieve this price.

If we look at the rental yield for this flat based on the rents that have been achieved i.e. £750pcm & £8000pcm, we get a range from 5.3% to 5.6%. So, not too bad at all.

Of course, using our “inside” knowledge regarding the actual marketing date of the property, you should have a better than evens chance of negotiating the price down a bit. As we always say, if you don’t ask, you don’t get !

If you’re looking for investment properties in and around the Crawley area, why not give us a call on 01293 515588. We’re more than happy to give you advice & will even view properties on your behalf before you buy. Please note, we don’t charge for this service either ! That way you get an independent, unbiased opinion of a property’s investment potential. Always remember that the selling agent in any property deal acts for the vendor, not the purchaser ! Alternatively, you can e-mail us at crawley@northwooduk.com.

 

 

30th November 2015

Bargain or not ?

Take a look at this 1 bedroom flat at Connaught Gardens, West Green, Crawley, on the market with Astons at £167950. The property is marked for “Investors Only”, which probably means that there’s a tenant in-situ. However, no rent is quoted and there are no internal photographs.

Connaught 30-11-15

For further details, here’s the Rightmove link http://www.rightmove.co.uk/property-for-sale/property-52224760.html

One thing to notice straight away is that the picture looks quite “summery”, rather than indicative of the end of November!  A little further digging and we found an identical photograph, advertising (presumably) the same property, from July 2015 at a lower price of £164950. Here’s the Rightmove link https://www.rightmove.co.uk/rmplus/property/showPropertyMcr.action?propertyId=35578086 You’ll also notice that there is a “Sold STC” flash on this picture. So presumably, an offer was accepted by the vendor, but for one reason or another the sale did not go through to completion.

If the property didn’t sell at £164950, why market it now for £3000 more?

Well, perhaps the agent could argue that the market has now “moved-on” a bit since July and the vendor, fed up with waiting for another sale, has also decided to let the property out. Hence it is now being marketed for “Investors Only”.

Of course, the above is just speculation on our part you understand, but these things do happen.

One bedroom flats like the one we’re considering rent for between £775pcm & £795pcm. So based on a marketing price of £167950, the rental yield would be in the region of 5.5% to 5.7%. Regular readers of our blog will know that a rental yield at this level is pretty good.

However, let’s take a closer look at the asking price.

Land Registry price paid information for properties can easily be found from sites such as Rightmove or Zoopla. Looking at the price paid information for Connaught Gardens, Crawley, on Rightmove, you’ll see that a similar one bedroom flat sold for £155000 (June 2015) and a 2 bedroom flat completed in April 2015 for £167500.

So the question remains, is the 1 bedroom flat we’re considering a bargain at £167950 or not?

Well, from the marketing price history of the flat, together with recent sold price information for other properties in the same development, £167950 does seem to be a bit on the high side. This is inspite of the fact that the   rental yield appears to stack up. So armed with the results of our investigation, you could sensibly approach the agent with a below asking price offer and argue quite a convincing case for it to be accepted.

Of course, it remains to be seen whether the vendor would be persuaded! However, your most powerful weapon in any negotiation is that you can make a “sensible” offer and then walk away. This will leave any decisions to be taken, firmly in the vendors hands. And remember, don’t get “hooked” up on any one particular property, there are others around to consider.

If you currently have your eye on a buy-to-let property in and around the Crawley area, but are not sure whether you’re paying too much for it, why not give us a call on 01283 515588. We would be more than happy to offer you our advice. Alternatively, you can also e-mail us on crawley@northwooduk.com.

 

27th November 2015

1 bedroom flat, Manor Royal, Crawley

Those of you with your ear to the ground or a finger in the air (to check wind direction !) , will have noticed how some office blocks in Crawley town centre are being converted into residential dwellings. Relaxation of the planning laws essentially means that provided the developer does not alter the outside of an office block, they can obtain “prior approval” to change its use.

The first office block to undergo this transformation in Crawley was First Choice House in Manor Royal, as reported last May in the Crawley News http://www.crawleynews.co.uk/successful-request-turn-offices-flats-Manor-Royal/story-21090362-detail/story.html

So, here’s a 1 bedroom flat for sale in First Choice House, Crawley. The property already has tenants paying rent of £850pcm, according to the marketing agent, Astons. The property is on the market for offers in excess of £180000.

For further details, here’s the Rightmove link http://www.rightmove.co.uk/property-for-sale/property-52230799.html

First Choice Hse 27-11-15

Clearly the vendor would like as much “in excess” of the purchase price as they can get ! However, bearing in mind that we are in a traditonally slow part of the year, with the the run-up to Christmas and IF you are an investor who can move quickly, do use your bargaining power.

If you can get the property for around the £180000 mark, with a rent of £850pcm, your potential gross yield would be just over 5.6%. So, pretty good. However, do check the tenant’s rent payment history and how well they’re looking after the property well.

Should you be an experienced investor, or new to the buy-to-let market,  do give us a call on 01293 515588. We’d love to discuss the different property investment opportunities that Crawley has to offer. Alternatively, you can also e-mail us on crawley@northwooduk.com.

 

 

 

 

18th November 2015

1 bedroom flat, Southgate, Crawley

Here’s a nice looking 1 bedroom flat in Southgate, Crawley that has just come on to the market with Homes Partnership, for £169950. The flat is marketed for investors only, as there’s a tenant in-situ. So potentially, a ready-made investment for you. Here’s the Rightmove link for further details http://www.rightmove.co.uk/property-for-sale/property-56041028.html

Southgate 1 bed flat 18-11-15

A couple of points to consider before we get to the rental yield. The property details do not mention a shower over the bath. If the current tenant moves on we would advise putting one in, if there isn’t one already – just check with the agent in the first instance. The second point to note is that the property details mention the flat is freehold. Usually flats are sold leasehold. However, sometimes a share of the freehold is available as well. Again, just check this with the agent.

Ok, so what about the rental yield ?

Although the advertised details do not mention the rent currently being paid by the tenant, a property like this should fetch around £800pcm. So, based on this and the asking price of £169950, your rental yield would be about 5.6%. Which, in our opinion, is not too bad at all.

If you’re interested in purchasing the flat with the tenant in-situ, do make sure that you check the rent payment history. As we’ve said before, you want to buy an investment, not a nightmare !

If you’re looking to invest in property in and around Crawley, why not give us a call on 01293 515588. We’d be more than happy to have a chat with you about our favourite topic ! Alternatively, you can reach us by e-mail on crawley@northwooduk.com.

 

5th November 2015

1 bedroom flat, Horley

Here’s a 1 bedroom flat in Horley, on the market with estate agents James Dean at £130000. As far as rent is concerned, they say that a flat like this should achieve a figure of £750pcm, which in our opinion seems reasonable. Here’s the link to Rightmove if you would like some further details…. http://www.rightmove.co.uk/property-for-sale/property-37525584.htmlLongbridge Flat 5-11-15

Based on the agents estimate of the likely rent and an asking price of £130000, the rental yield is an impressive 6.9%.  Do remember in general, however, the higher the yield, the lower the capital growth.

If you’re an investor looking to purchase a property in Crawley or the surrounding towns such as Horley, Redhill, Reigate, Horsham & East Grinstead, don’t hesitate to give us a call on 01293 515588. We’d be more than happy to have a chat with you. Alternatively, you can also drop us an e-mail to crawley@northwooduk.com.