Northampton : What can you buy for £140k?

When most people look for a buy-to-let investment, they have a budget. With that in mind, over the next few weeks, I’m going to look at what a given sum should buy you in Northampton. In doing this, I’m talking about properties in good lettable order, so if a property needs works doing, this is what you should budget INCLUDING works.

Have a read, and if you want a chat about properties you've seen, EMAIL ME! richard.baker@belvoirlettings.com.

What will £140k buy in Northampton?

Now we're at the top end of what an investor usually spends - above this we're into 4 bed properties which aren't usually what investors go for.  There's an strong argument that you don't need to spend £140k in Northampton to successfully invest in property, but some people still do. The only reason for doing this is if you want one of the PREMIUM areas of town, or you're going for the family market in one of the 'good' areas like East Hunsbury. Hard nosed commercial investors wouldn't usually do either - this is for investors who aren't fussed about yield, and whose primary consideration is area.

For £140k you can buy pretty much any 2 bed property in Northampton. The most expensive are in places like Grange Park or St Crispin - you'll pay at least £140k for something like the one pictured, and you're looking at £600PCM on a bad day in rent. That's a 5.1% yield - good when you consider what banks pay in interest, not so good when you see what sort of yields are achievable elsewhere. However, tenant quality should be pretty good (even though nothing in life is guaranteed).

A 3 bed house in East Hunsbury or Duston will cost from about £135k upwards, and long term tenant demand is constant. You need to shop carefully at this price, as you're still bargain hunting - many properties will sell for nearer £150k, but with an achievable rent of at least £650PCM, you're chasing a yield of 6.5%. If you can buy something with a garage, even better. Expect to compete with private purchasers for these properties. This one is in Weggs Farm, and would probably rent for nearer £700PCM.

What can you buy for £60k? http://bit.ly/Ihmpxt 
What can you buy for £80k? http://bit.ly/Kq3VhL  
What can you buy for £100k? http://bit.ly/LcfYNa 
What can you buy for £120k? http://bit.ly/LKSNtF 

Northampton : What can you buy for £120k?

When most people look for a buy-to-let investment, they have a budget. With that in mind, over the next few weeks, I’m going to look at what a given sum should buy you in Northampton. In doing this, I’m talking about properties in good lettable order, so if a property needs works doing, this is what you should budget INCLUDING works.

Have a read, and if you want a chat about properties you've seen, EMAIL ME! richard.baker@belvoirlettings.com.

What will £135k buy in Northampton?

At this price range, we're opening the door into some of the better areas of town. Often rental yield doesn't increase with property value, so this price band is the stomping ground of landlords who are are 'area conscious'. There are also deals to be had with larger properties in middling areas. Things you can consider include:

2 bed houses in East Hunsbury / Duston. First time landlords always seem attracted to these, but you'll need to pay at least £120k to get one. Keep a very close eye on property condition as well - the housing stock is about 25 years old, so if no work has been done in the interim, these properties can cost you a lot of money. They also don't rent for any more than a nice modern 2 bed in other areas - £575PCM, so the yield isn't great at 5.7% - if you buy here, you're doing so because you want the area. You should also ask yourself why you're here and not somewhere else (in my honest opinion!).

2/3 bed houses in nicer Victorian areas. For about £120k, you'll get a 2 bed or maybe a 3 bed with a downstairs bathroom, in one of the better Victorian areas - maybe Poets Corner or Abington. You'll probably get £600PCM for one of these if it's good, so the yield is 6%. This isn't the best, but at least you have the comfort factor of the area. Again, at this price it has to be modern inside - no 70's wallpaper and bathrooms without showers please!

The higher yield option in this price range is to buy a 3 bed property, maybe with a garage, in one of the more 'family' areas of town, further out from the centre, but eternally popular none the less. This one is in Ecton Brook - an investor recently paid just short of £120k, and it will fetch £650PCM, so we're up at 6.5% - about as good as you'll get in the family market. Very good renters too.

What can you buy for £60k? http://bit.ly/Ihmpxt 
What can you buy for £80k? http://bit.ly/Kq3VhL 
What can you buy for £100k? http://bit.ly/LcfYNa

Northampton : What can you buy for £100k?

When most people look for a buy-to-let investment, they have a budget. With that in mind, over the next few weeks, I’m going to look at what a given sum should buy you in Northampton. In doing this, I’m talking about properties in good lettable order, so if a property needs works doing, this is what you should budget INCLUDING works.

Have a read, and if you want a chat about properties you've seen, EMAIL ME! richard.baker@belvoirlettings.com.

What will £100k buy in Northampton?

At this price band, the options start to get greater - there's much more choice. Most modern (last 10 years) 2 bed flats can be acquired for this price, and make staple renters in the £550 to £575 mark. However landlords are often put off by high service charges, a depreciating lease, and the fact that you have many other options at this price that will rent for the same money.

Ex local authority 3 beds can be picked up for around £90k in good order (cheaper if they need work), meaning you'll have change in your pocket. These rent for £595PCM, again with big demand, an delivering a yield of 8%. Be careful about overpaying for these - such is their popularity that landlords do get carried away! This one is in Far Cotton.

You can pick up a 2 bed house in one of the 'middling' areas of town, where we can get a private tenant at a decent price. Something like this in Little Billing is feasible - relatively modern, low maintenance, and always attractive to investors and tenants alike. There's a great 'comfort factor' with this type of property. Rent it for £550, and you'll get a yield of 6.6%.

You can pick up Victorian Terraces in and around town. This is classic rental territory - the bread and butter of the Northampton market, so again be VERY careful what you buy. You MUST make sure it's in good order as there are plenty around that aren't, and the market is competitive. Don't get conned into overspending on an average property - we want to see double glazing, AND central heating, AND a nice kitchen, AND a nice bathroom with shower, AND neutral decor, AND decent plasterwork. Play your cards carefully and you'll get a good 2 bed, or if you're really lucky a 3 bed, in an area like St James. It will rent for between £550PCM and £595PCM, giving you a yield of up to 8%. However don't think this type of property is what you MUST buy - many novice landlords seem to have got this impression from somewhere!

What can you buy for £60k? http://bit.ly/Ihmpxt 
What can you buy for £80k? http://bit.ly/Kq3VhL 

Northampton : What can you buy for £80k

When most people look for a buy-to-let investment, they have a budget. With that in mind, over the next few weeks, I’m going to look at what a given sum should buy you in Northampton. In doing this, I’m talking about properties in good lettable order, so if a property needs works doing, this is what you should budget INCLUDING works.
Have a read, and if you want a chat about properties you've seen, EMAIL ME! richard.baker@belvoirlettings.com.

What will £80k buy in Northampton?

At this price band, you can pick up pretty much any ex Local Authority 1 or 2 bed flat in Northampton. However there are also FREEHOLD options which tend to appeal to Landlords more. These are still quite restricted at this price though - not particularly easy to pick up, and can be categorised as:

2 bed houses in ex Local Authority areas. Expect to pay £80k for a good one. It will rent at £525PCM, giving a yield of nearly 8% with no deductions for leasehold charges. Never mind if you wouldn't like to live there - don't underestimate the demand from tenants for this type of property!

1 bed houses or cluster houses. These are in limited supply, but small pockets exist in most areas of town. They will rent privately for about £475PCM at the moment, giving a yield of 7% - not as good as the 2 bed above, but very appealing to landlords who want to buy in 'nicer' areas.

What can you buy for £60k? http://bit.ly/Ihmpxt 

NOW SOLD. Northampton Refurb Opportunity

This has popped up in Southfields. The piccies don't do it justice - once done, this would be a nice 2 bed house, with adjacent garage and off road parking for 2. It's nicely tucked away at the end of a private driveway too. An easy renter in any market at £550PCM. Needs work though.

Available to purchase at around the £87k mark (£85k has been rejected). It requires a spend of about £15k to bring it back to tip top standard - basically it's one of these that hasn't been touched since it was built. We are happy to project manage for out of area landlords for a nominal fee.

Let's assume you spend £103k all in, on a property that's worth £110k once done. You could sell at that point for a small profit. Or you could rent for a 6.4% yield - a very good long term bet.

As ever email me for details. richard.baker@belvoirlettings.com.