Tag: Langley Green-Crawley

8th February 2016

2 Bedroom Maisonette, Langley Green, Crawley

Choices estate agents have just put this 2 bedroom maisonette on the market today, with a guide price of £210000 to £220000. From the few internal photographs, the property looks to be in good order. Here’s the Rightmove link for further details http://www.rightmove.co.uk/property-for-sale/property-52959433.html

Langley Dr Maisonette 8-2-16

One of the advantages these types of properties have over their more modern counterparts, is that the accommodation tends to be larger in size. For this particular property another plus point is that it has its own private garden. However, if you’re interested, please check whether or not the garden is attached/detached to the property. As the name suggests, with a detached garden you have to go out of your front door to gain access to the garden. This arrangement is clearly less desirable, particularly for people with children, than  the “attached” type. A quick call to the agents will clarify the matter.

From an investment point of view, the target market for this type of property would probably be a young family or alternatively, an older couple. The key for us, however, will be the garden location.

All things being equal, does the price stack up in terms of rental yield ?

Properties like the one we’re considering here currently let from between £950pcm to £975pcm. So based on the guide price, we can easily calculate the best and worst case rental yields. These come out at around 5.2% to 5.6%. So pretty healthy all round.

If you’re considering property investment in or around Crawley, it is crucial to identify the different target markets that your property will appeal to. If you’d like any advice on which type of property suits which type of tenants, why not give us a call on 01293 515588. We’d be more than happy to give you some free advice. Alternatively, you can drop us an e-mail to crawley@northwooduk.com.

 

 

 

 

30th October 2015

2 bedroom maisonette, Langley Green, Crawley

Here’s a maisonette in Langley Green, Crawley which according the agents, Fox and Sons, requires a little tender loving care. Well, we certainly wouldn’t disagree with them ! However, with a guide price from £200000, there may be some scope to add value and provide a good buy-to-let investment. Here’s the Rightmove link for more further details http://www.rightmove.co.uk/property-for-sale/property-37349547.html

LG30-10-15You may recall that we featured a Langley Green maisonette previously (16th September 2015 blog) which was in tip-top condition and had a guide price of £220000.  At the time rents for these types of properties were, and still are, in the region of £975pcm. All things being equal this gave a gross rental yield of around 5.3%.

If the property we’re featuring above were in a similar condition to the one in our previous blog, we would expect it to achieve a similar rent of £975pcm. Assuming that you could buy at the lower end of the guide price range, you can see that there is some room (perhaps even up to £20k) to completely renovate the property. Of course, if your renovation costs were lower, your rental yield, based on purchase price & renovation costs, would be even higher.

As we’ve previously mentioned, if you can move quickly on any deal, you may well be able to drive a harder bargain & hence get a lower price. This idea was also mentioned in todays’ FT ( http://www.ft.com/cms/s/0/b902e6e4-7e54-11e5-a1fe-567b37f80b64.html ). There’s also another aspect that might help you in your bargaining position if you went for this property. Can you guess what it is ?

The internal pictures of the maisonette show that, not only is it in need of a “make-over”, but it’s also empty! An empty property is one that is not earning money, or is perhaps costing mortgage payments to someone. So may be the vendor might accept a lower price for a quicker sale. Who knows ? But, if you don’t ask, you don’t get !

If you’re looking for investment properties in Crawley or surrounding towns, or have your eye on a potential buy-to-let and would like a second opinion, we’d be happy to have a chat with you. Just give us a call on 01293 515588 or e-mail us at crawley@northwooduk.com.

16th September 2015

2 bed maisonette, Langley Green, Crawley

Take a look at this very well presented 2 bedroom, ground floor maisonette in Langley Green, Crawley. It’s marketed by Moore & Partners with a guide price of £220 000. For a closer look, here’s the Rightmove link http://www.rightmove.co.uk/property-for-sale/property-54712082.html

LG 16-9-15Now, for £220000 you could probably get a more modern 2 bedroom flat over in Pembroke Park, Crawley, close to Three Bridges train station with its fast rail links to London. Langley Green, however, is a little more out of the way in terms of main line rail access, but this property does some have some very good features.

One feature we like is the room sizes. As this type of property is from the Crawley New Town “commission” era, its room sizes are pretty large compared to its more modern counterparts. In addition, you have your own private garden and it is likely to have a much lower annual maintenance charge compared with new build flats. But do please check !

This type of property would appeal more to a couple or young family (because of the size & outside space), rather than “professional sharers”. We’ve just let a similar property for £975pcm and there are other examples around that rent out at a similar price.

Based on the guide price, a rent of £975pcm would translate into a gross annual yield of 5.3%. So not too bad at all. If you’re interested, one word of warning though, do check to see why the EPC rating is only a D. It might even give you some room for negotiation on the price !

If you’re interested in the Crawley buy to let market, whether as an experienced landlord or someone thinking of investing for the first time, why not call us on 01293 515588 for a chat to discuss some of your ideas, or e-mail us on crawley@northwooduk.com.