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