Look at this for a ready-to-go investment. It’s a recent conversion of an office block
and looks to be finished nicely. It has
the added bonus of parking, a must really for a town centre apartment. This is likely to be very popular with
younger renters. The only downside I can
see is that it would appear from the floorplan to have no window in the
bedroom, just borrowed light from the lounge.
This will be a put off for some people.
However, you should still get £665pcm which means that, even if you pay
full asking, it will return just short of 6%.
Its also bound to have a good long lease but just check the management
fees.
Andover Property Blog
Your go-to guide for all of Andover, Hampshire's property news, hints and tips.
25 October 2017
3 October 2017
Looking for a ready-made investment?
Looking for a ready-made investment? This is an ideal buy to let property with a
tenant in situ. The advert doesn’t make
it clear if that tenant wants to stay put but even if they don’t this will re-let
easily.
Regular readers to my blog know
I am a great believer in ex local authority housing for investments. We have several on our books. They let easily and tend to be pretty easy to
maintain with few major issues. Tenants
love them due to the amount of space and storage.
These can be let to families, sharers or even
turned into HMO’s, depending on your preferred market.
If you want any advice about a possible investment, just pop
in the office.
24 September 2017
Condensation and ventilation
Yes, its that time of year again and
we have already had our first phone call from a tenant saying they have a
“mould problem”. This is something we
come across every year and we at this time every year we contact every tenant
with hints and tips on how to minimise the problem. If condensation is left unchecked it can
damage the plaster thereby leading to redecoration being necessary with special
paints.
In most cases this problem is caused
by condensation and not damp and is usually a result of not opening windows
or turning extractors on whilst washing or cooking and therefore no fresh air is getting in.
Condensation is one of the most
common problems in houses and flats and can usually be minimised relatively
easily. Condensation occurs when warm moist air meets a cold surface. The water
in the air then either settles as water droplets on the surface (as it does on
windows for example), or, if the surface is absorbent, it soaks into the
surface. In the latter case condensation is often not noticed unless or until
mould appears. Condensation can be prevented or reduced in the property by
controlling the excess moisture in the following ways:
•
Close kitchen and bathroom doors to
prevent steam going into other, colder, rooms.
•
Open the kitchen or bathroom windows (if
applicable) when cooking or washing.
•
Open windows in other rooms to allow
a change of air.
•
Keep trickle vents open (these are
small devices on new windows which can be opened without affecting the security
to your property). These are worth
hovering on a regular basis as well.
•
Curtains and blinds should be kept
open during the day as this will help to minimize the condensation in the
property.
•
Wipe down surfaces where moisture
settles to prevent mould forming.
•
Use the extractor fans if supplied in the property (do
not isolate fans in bathrooms).
Consider changing fans to ones that are triggered by excessive moisture
in the area and do not switch off until this is bought down to an acceptable
level.
·
Dry clothes outside if possible.
·
Do not hang wet clothes over
radiators or in rooms without suitable ventilation.
•
Ensure that tumble driers vent to the
outside.
•
Maintain a low background heat – it
is advised that the property thermostat is kept at a minimum of 13 degrees
during cold periods to prevent the hot and cold effect which causes
condensation.
•
Ensure that the insulation in the
loft is at a good level. This can
prevent cold spots forming where condensation will collect.
When you do decide to redecorate your
property there are some really effective paints on the market now which help to
control condensation and mould in areas where you know there could be a
problem. We would strongly recommend you
consider this.
We always remind new and existing
tenants on how to prevent and deal with condensation and would recommend that
you do the same. For more useful tips,
follow our blog.
20 September 2017
How can you find a good property deal in Andover?
I was chatting with
one of my Landlords the other day when he complained that there didn’t seem to
be any property bargains in Andover.
With us being involved in the sales market we are pretty up to date with
what is going on but I did a bit more in depth digging and here is what I came
across.
A 2 bedroom flat in
Clarence Court, Andover was sold in April 2008 for £165,000. It sold again in November 2016 for £150,000,
a drop in value of just over 9%! Another
two bedroom flat in Woodlands, London Road sold in January 2008 for £130,000
and was re-sold in December 2016 for £124,950, a drop of 3.88%.
From looking at
these properties on the internet, both looked to be in good order and I suspect
that the main reason for the drop in value is that both of these properties
were originally bought in early 2008 when prices were still quite high.
So, if you are
looking for a bargain, be prepared to do your research as it can pay! All of this information is readily available
these days to anyone with internet access using sites such as Mouseprice.com.
Alternatively, come
and talk to your local friendly agent!
17 September 2017
Looking for a tidy investment?
Look at this cracking two bed
flat currently on the market for sale.
This should easily achieve a rental value of £725pcm giving a very
healthy 5.7% return.
We have sold one of these and
they come with really long leases and very low maintenance charges. Combine that with the added bonus of a garage
and being located in a popular part of town this is a cracking investment.
The one we sold we had rented for
several years and never had trouble letting it.
Definitely worth a look!
4 August 2017
Great investment opportunity in Andover!
Look at these lovely one bed flats which will soon be
available. OK, I admit, they don’t look
great at the moment but when the developer has finished adding another level
and then converting it fully this development will have 6 one bedroom flats, 3
of which have already been reserved.
They will be finished to a good specification, offer a decent amount of
space and with the added benefit of a new 125 year lease as well as a 10 year
warranty.
This side of town is very popular with tenants as its close
to the train station, Portway Industrial Estates and easy access to the A303
and one bed properties are always popular.
A rent of £700pcm should be achieved giving a very health
return of 5.8% on the more expensive option, minus your management fees.
Definitely worth a look!
26 June 2017
One bedroom flats in Andover, are they good investments?
One and two bedroom flats are always popular investments and are equally
popular with tenants so we had a more in depth look at flats in Andover
There are over
2,500 flats within the SP10 post code.
This represents 14.09% of the housing stock here, with the national
average being around 17.80%. The average
price of flats with one or two bedrooms in Andover is around £156,803 which is
up some 2.7% on 12 months ago.
You can buy a
spacious ex local authority one bedroom flat for around £110,000. This would rent at around £625pcm giving the
investor a very healthy return of around 6.8%.
Don’t forget to factor in though your management fees. Also remember to check on the length of the
lease before committing.
Finally, let’s not
forget about the potential increase in capital value of the property. I checked on two bedroom flats in Heather
Drive (Bishops Court and Woodpeckers) and found that they have sold for around
£122,000 10 years ago with the current average sale achieving around £156,000,
so a healthy increase of over 18%.
If you would like
some advice about what could make a good investment, please visit our offices .
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