Tag: rental void period

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 October 2015

3 bedroom terrace house, Tilgate, Crawley

This 3 bedroom house in Tilgate, Crawley, popped on to the market yesterday with estate agents Moore & Partners. The Guide Prices starts at   £260000. From the pictures the property looks to be in very good order and should make an ideal family home whether renting or buying. For more details have a look on Rightmove. Here’s the link: http://www.rightmove.co.uk/property-for-sale/property-49700830.html?premiumA=true.

Apparently there’s an open day on the 24th October, so if you’re interested give the agent a call and have a look round.

Johnson WalkIn the present market, houses like this one will usually rent for between £1150 pcm to £1250 pcm. If you could secure the house at the lower end of the guide price range, these rental figures translate into a gross yield of between 5.3% to to 5.8%. Pretty good !

Two things to bear in mind. If you’re an investor with nothing to sell and are willing to progress the sale quickly, this can be attractive to a vendor. The vendor could therefore consider an offer from you more favourably than someone else who is, for example, in a sales chain. The other point is that the lettings market usually goes fairly quiet over Christmas, not picking up again until late January /early February. As such, if you purchase the house and complete during the festive period, you may have a longer than usual void period i.e. when the property is without a tenant. Don’t panic (Captain Mainwaring !), however, as the lettings market normally picks up again at the end of January / beginning of February.

If you’re considering buying an investment property in Crawley or the surrounding towns, why not give us a call on 01293 515588. If you see a potential investment property through another agent, we’re more than happy to take a look ourselves on your behalf. We can then give you an unbiased opinion on whether the property represents a good investment or not. There’s no charge for this either ! Alternatively, drop us an e-mail to 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.

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.