SOLD - CHEAP & CHEERFUL : 1 bed apartment with good returns.

This has appeared in the last 24 hours and although it needs some improvement, it will be snapped up by someone quickly as it’s very cheap and will generate rental income of up to £500 once it’s been improved.

Let’s assume you spend £72k on it in total – that’s over 8% before charges.

It’s in Dell Crescent, Goldings – not the most salubrious part of town – but rentable. If you want 8% before costs and don’t fancy a HMO this is the type of thing you need to consider.

Be quick if interested! Further details here : http://www.rightmove.co.uk/property-for-sale/property-44436708.html

Richard.baker@belvoir.co.uk if you want to chat about it!

INVESTMENT PROPERTY : Picks of the Week

Currently there are 240 properties currently listed for sale on Rightmove in Northampton for under £150,000. If you’re short of time, or not too sure what you’re looking for, that’s a lot to look through. But fear not – we’ve done it for you – and from what’s available at the moment here’s what caught our eye the most. There’s a bit of something for everyone!

http://www.rightmove.co.uk/property-for-sale/property-52929097.html

1 bed apartment, Rothersthorpe Road, £90,000 for £500 rent.
If you’re on a budget, here’s where we would start. This one looks as though it needs some nominal upgrading including a new kitchen which we could deal with quickly. But then it will rent at £500 (the £550 the agent is suggesting is a bit optimistic). It’s an ex-local authority block so service charges should be reasonable.

http://www.rightmove.co.uk/property-for-sale/property-43992546.html

2 bed apartment, Porlock Close, £100,000 for £600 rent.
One rung up the ladder is this 2 bed, again needing a bit of upgrading, and in a marginally better area, but also benefitting from instant rentability and reasonable service charged. These are usually big flats - much more so than their more modern equivalents.

http://www.rightmove.co.uk/property-for-sale/property-59439674.html

1 bed cluster, Manorfield Close, £100,000 for £525 rent.
No internal pictures here which often indicates there’s some money to be spent. But this is sensibly priced, and these cluster houses are tiny so any refurbishment costs shouldn’t be too high. We rent loads of these things throughout town and they are freehold, so no charges.

http://www.rightmove.co.uk/property-for-sale/property-51842636.html

1 bed apartment, South Meadow Road, £115,000 for £600 rent.
This is in one of the best areas of town so will appeal to people who value postcode above return. It’s smart, modern, and you could live there yourself. Will have a good lease length and secured parking too.  Should require little work.

http://www.rightmove.co.uk/property-for-sale/property-55827670.html

2 bed apartment, South Meadow Road, £130,000 for £675 rent.
Same road, slightly less attractive block, but a LOT of flat for the postcode. This has failed to sell at auction and is now listed as available at £130,000 from the auctioneer – if you’re a cash buyer you may be able to knock them further? You can spend £130,000 on a bog standard flat elsewhere in town, so this is cheap for a premium area.

http://www.rightmove.co.uk/property-for-sale/property-54917341.html

2 bed house, Boughton Green Road, £135,000 for £700 rent.
Not much Victorian stock on the market currently and this one looks the best of what’s there. Doesn’t look like it’s huge, and does look like it needs cosmetic improvement but it’s very rentable and a better use of £135,000 than much else that’s offered for the same money.

As ever, I’m happy to talk to any investors thinking of purchasing one of these, or about one you’ve seen yourself. richard.baker@belvoir.co.uk in the first instance.

SOLD : 3 DEALS WEEK : Smart Modern Flat : £135,000 : Tenanted

This a 2 bed apartment with balcony overlooking the river nene – about as good a location as any apartment in town. It’s right next to the new university campus and 5 minutes walk from the high street.

This property is tenanted already at £670 per month – we manage it and the tenancy has had no issues – you would be buying with tenant in situ.

The lease is over 115 years and annual charges are in the region of £1100.00

richard.baker@belvoir.co.uk if you have any queries.

SOLD : 3 DEALS WEEK : The REFURB : £130,000

In a market where prices are holding steady and it’s proving hard to find value, we have three deals that, if they come in, are good bets for investors. These will go on this blog if / when they arrive this week. All are different, and will suit different styles of investor.

DEAL 1 : REFURBISHMENT OPPORTUNITY

This is a 3 bed house with a downstairs bathroom in Far Cotton. If it was well finished we would sell this for £160,000 without any difficulty in the current market. This one isn’t well finished – it hasn’t been upgraded for some years and need EVERYTHING doing – we think a spend of just under £20,000. If you’re in the trade, you’d get this price down. It’s not a question of a quick lick of paint. BUT we’re pretty sure the vendor would take £130,000 for it so there’s some money in it for someone.
In terms of rental potential, if it was well finished we’d get at least £750 for it and maybe up to £800. Equally it’s in the student area so if you wanted to turn it into a HMO (no license required here) there’s the option to create 4 lettable rooms.

Any questions, please don’t hesitate to ask. We have keys on this and are viewing today. richard.baker@belvoir.co.uk.