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 Rugby. 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 £110k buy in Rugby
The market opens up at this price - there's much more choice for investors, including most 2 bed apartments in town. You'll even get some new build apartments for £100k if you haggle hard, but be careful as you often find the service charge on modern units can be quite steep which doesn't help your yield. Buyers are often attracted to these as they look pretty, but i'd still be trying to pick something from the options below.
Rugby is full of little Victorian Terraces around the town centre - all different, all higgledy piggledy. It seems that town planning policy over the last 30 years has been to allow people to do whatever they want to their properties which means they all look different and the traditional Victorian kerb appeal is gone in a lot of places. They rent well and sell well though, so are the bread and butter of the Rugby rental market. Internal condition is paramount - make sure yours is nice or that you have plans to make it nice. There's actually shortage of nice ones, so it may be a case of buying at £90k and spending £10k beautifying it. £525 to £550PCM is about right for one of these. Be careful about an agent overvaluing it.
If you're crafty, you can also pick up something like this, which is in the Bilton area. They don't come up often, and in honesty they are probably £110k all in, but you'll get £595 for this 3 bed house, and it's a more modern property meaning you're less likely to have the maintenance problems that may occur with a Victorian one. We think they are some of the best buys in town if picked up at the right price. Very popular with families. This is the sort of thing I'd buy myself at the right price - it's a good balance between a decent yield and a decent area.
