I've been absolutely inundated with requests for larger properties in readiness for the summer market. The summer market always brings out the students and hopeful graduates in search of accommodation to share with their friends. As my colleagues and I have said in the past, the properties with the lowest voids are generally the “better value” ones as opposed to top or bottom of the range. Nobody wants a Lada, few can afford a Rolls...
I have found something in exceedingly average condition that you could buy and do nothing to. In its current condition it would probably let for £380-400ish per week, which means a 6% yield at asking price. Or perhaps in the order of £425pw when you've spent money. Same yield, so why bother really?
It is very similar to the recent one I posted on Saxby Road, and with a little bit of work could fetch a lot more. To you Mr/Mrs Investor the choice to refurbish or not. New bathroom, mew kitchen and redecoration throughout would set you back in the order of £20k I would have thought. But don’t go too far. You don’t want to present a Rolls Royce to the market, only to end up with would-be tenants after a nicer block for their money, or something closer to the station. Match quality with location and your target audience - 1st jobbers and students aren’t after Villeroy and Boch, they want value for money. Clean, tidy, presentable with half decent furniture goes a long way. And please, no IKEA, it doesn't last the test of time. Wood laminate is passe, even for the early twentysomethingers. Solid wood (not mahogany or oak, let’s not get too excited) looks expensive but isn't and it lasts!
Check out this ideal investment in what my colleagues and I like to refer to as “Emerging Outer Prime Market” territory. Further from the station, better value. Cyclists and bus-goers rejoice in this bargain beauty:
Bear in mind this one is still on the market despite us posting it a month ago - surely a bargain is to be had here on price!! Make this vendor an offer they can't refuse and get completed before the August Rush. We're nearly in May so considering 8-10 weeks of conveyancing it will be ready in the nick of time for peak demand. My colleague Brook was on to a winner here. Nobody has picked up on that yet. Will you get in there with a cheeky bid now this vendor has had ample time to market and nobody is realising the potential of this great rentable flat?
Call me or email me for further advice on Buy-to-Let opportunities, investments, or tenancy matters on jeroen@xandermatthew.com or 020 3397 2099.
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