The property market may well have improved over the first half of 2014. However, with the recent Mortgage Market Review and a continuing shortage of would-be buyers with sufficient deposit, there are still very good deals to be had. The trick is to negotiate hard and be prepared to walk away. There is always another (perhaps better) deal around the corner. People often ask me what I would buy, if I were them. Here are a few recent properties that have taken my fancy.
Victoria Street - 3 Bed Terrace - Guide Price £75-85,000 - This well presented three bed would benefit from more modern decor, but could achieve around £475-495 per month. Taking a puchase at £80,000 and the lower of the rental figures, this still gives a solid 7% gross yield.
Ninth Avenue - 2 Bed Semi - £79,950 - This nice semi has two spacious bedrooms and a rental of £475 per month, gives another 7% yielder.
Goodliff Road - 3 Bed Semi - £85,000 - This one seems a great property for the money. Yes it probably needs a little TLC or perhaps new bathroom, but at the price with a rental of £500+ per month, the yield at 7% is well worth it.
Dudley Road - 2 Bed Terrace Plus Attic Room - £90,000 - On the ever popular Dudley Road (I used to live on this road), this property is in very good order and around £500 per month yields 6.6%.
Edward Street - 3 Bed Terrace - offers in region of £95,000 - A very sought after area, close to Dysart Park. Not too much work to get this ready to market. At £525 per month this would give a yield of 6.6%.
Sidney Street - 3 Bed Terrace - Guide £95-105,000 - This is a turnkey rental machine, in very good condition, with three bedrooms and oustide workshop. A rent of £500-525 could give this a yield of 6.3-6.6%, if it could be purchased at £95,000
Hudson Way - 3 Bed Modern Terrace - £110,000 - If you prefer something more modern with low maintenance, but with an opportunity to add a little value this is a good buy for the long term. It will always rent well and at £550-575 per month it will still yeild 6+%.
This is just a selection of great properties that would do the rental job very nicely. I will go and raid the piggy bank to see if I can afford another for myself!!
If you see a property you like the looks of, then feel free to email me a link over and I will give you my thoughts. Our email is firstname.lastname@example.org