EYES ON…This Weeks Investments in Newark!!!

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Here is this weeks round up of new properties for sale in NG24, up to a value of £150,000.

As ever, here’s a quick reference guide to what is on offer, for how much and what you can expect as an investor.

Address: 1 Newton Street, Newark, NG24 1SU
Asking Price: £110,000
Property Type: 3 Bed End Terrace
Estate Agent: Newton Fallowell
Condition: Work Required
Rent Range: £525-575pcm
Yield: 6.27%
Comments: Great property for a young family thanks to Barnby Gate Academy located just around the corner and it’s only a short walk to the park and town centre. Cosmetically the property could really do with new carpets throughout, a fresh coat of magnolia (if you HAVE stick to that colour) and get the gloss out and ditch the dark woodwork. MOST importantly, this property is EPC ‘F’ meaning NOBODY can let it after April 2018, get in touch with Talk Green to find out what your options are.

Address: Williams Lane, Fernwood, Newark, NG24 3FN
Asking Price: £95,000
Property Type: 2 Bed Ground Floor Apartment
Ground Rent: not disclosed
Service Charge: not disclosed
Estate Agent: William H Brown
Condition: Ready to Rent
Rent Range: £450-495pcm
Yield: 6.25%
Comments: Popular Fernwood location that works for families and couples, particularly for the school and A1/A46 access, although i do think this is better suited to a professional couple due to size and wear and tear. The last 1st floor flat sold round the corner on Ainsdale Close in June for £72,000 with a very similar layout, allocated parking and slightly nicer decor so why this is £95k is beyond me.

Address: 4 Guildhall Street, Newark, NG24 1UH
Asking Price: £125,000
Property Type: 2 Bed Mid Terrace Cottage
Estate Agent: Richard Watkinson
Condition: Ready to Rent
Rent Range: £525-575pcm
Yield: 5.52%
Comments: Quirky cottage style terrace in Newark Town Centre, ideal for tenants using public transport with the bus and train stations just short walks from the property. Very difficult to compare the price as it’s so unusual, the lack of parking will put prospective tenants off and the style is very marmitey but you can’t please everyone regardless of what you buy!

Address: 124 Bowbridge Road, Newark, NG24 4DQ
Asking Price: £110,000
Property Type: 3 Bed Mid Terrace
Estate Agent: Newton Fallowell
Condition: Ready to Rent
Rent Range: £525-575pcm
Yield: 6.27%
Comments: Simple family home close to Holy Trinity School and the sports centre with the bonus of off street parking, it’s a bit of a vanilla property but it’s fine and you wouldn’t have to do a lot to it; i’d check whether that’s a furniture mark or damage to the living room carpet and consider losing the green in the bedroom. The price seems fair although it doesn’t have an EPC yet, you’ll need make sure it’s an ‘E’ or above unless you’re willing to spend the money to get it there.

Buttercross Best Buy
Address: Barrows Gate, Newark NG24 2FY
Asking Price: £90,000
Property Type: 2 Bedroom Ground Floor Flat
Ground Rent: £101 paid every 6 months
Service Charge: £986.27 per annum
Estate Agent: Martin and Co
Condition: Ready to Rent
Rent Range: £445-495pcm
Yield: 6.51% (inc SC and GR)
Comments: Great modern flat close to the A1/A46, town centre and KnowHow making this perfect for most professionals and a first time investor; the lack of magnolia, modern finishes and parking for both tenants and guests ticks additional boxes too. The last sale was back in 2014 but looking at the one above for £95,000 with a similar selling in Fernwood in June for £72,000, that should give you a rough idea, which would you prefer?

Address: 57 Jubilee Street, Newark, Nottinghamshire, NG24 4DA
Asking Price: £125,000
Property Type: 2 Bed Mid Terrace (previously sold as a 3 Bed?!)
Estate Agent: Haart
Condition: Light Redecoration Required
Rent Range: £500-550pcm
Yield: 5.28%
Comments: Lovely looking terrace close to town centre, the vendor purchased the property in Dec for £99,000 and since then they’ve had the living room beams covered and skimmed, decorated the bedrooms and living room along with new carpets and potentially skimmed the bedrooms; the bathroom and kitchen haven’t changed aside from the lack of paint on the back wall and there’s no photos of the dining room, i wonder if it still has a wood panelled ceiling and stone fire surround? Is the £26,000 increase worth it?

If you’ve seen a property in Newark or Nottinghamshire and would like a detailed report on it’s investment potential, call us on 01636 343014, or better still pop in for a chat and a cuppa.

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MEES, take action and don’t wait

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A case study from Talk Green…

We were instructed to undertake a residential Energy Performance Certificate (EPC) a few months ago, on a top floor flat in Nottingham. Upon arrival at the property the landlord advised that due to the up and coming Minimum Energy Efficiency Standards MEES he wasn’t sure what rating the property would be able to achieve and if it wasn’t high enough he would then potentially be looking to offload the property “As it is has solid walls, storage heaters and very little if any loft insulation”. Proceeding to do the EPC and talk with the owner at the same time it quickly became apparent that the landlord owned not only the top floor flat but also the two flats below. Proceeding to complete the EPC, and as we are able to provided LIVE data we advised the owner that the property was in deed a low band ‘F’ category.

Immediately this rang alarm bells with the landlord, although confirmed what he was sort of expecting. As part of the service we offer we the proceeded to advise the client that initially we could arrange for loft insulation to be installed to the latest regs for little or no cost. We were even able to specify exactly what positive difference that this would make to the EPC as we were working on our LIVE system.

The landlord, delighted by this, agreed to get the loft insulation to improve the rating. Unfortunately, and mainly down to the storage heaters, we proceeded to advise that client that although this would be beneficial to the sitting tenant, it would also be beneficial to look at all three flats as a whole unit, in terms of a whole house refurbishment, with the benefit of the funding that are able to secure for External Wall Insulation.

Suffice to say, three months on we have had the top floor flat loft insulated and ALL of the flats have had the benefit of External Wall Insulation fitted with ALL of the EPC properties achieving a ‘D’ category rating, which will be needed for all properties sooner rather than later.

If you’re concerned about a property that you own and it’s energy efficiency then contact Gareth Lawton at Talk Green for a free consultation.

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Beware of buying or selling an old or dated property

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It may seem like a while away but the ban on renting properties with an EPC rating of F or below is starting to be felt. Lenders and surveyors are planning ahead and if you are looking to obtain a BTL mortgage on a property with an F rating or below you may find that the valuation will come back as £0 and you’ll probably say “What the F?!”. From April 2018, F rated properties are not allowed to be let out and consequently at this stage they are un-mortgageable.

There are a couple of ways around this problem;

Buying using cash and remortgage after the improvements have been carried out. Obviously this requires a lot more money and this won’t always be a viable option for a lot of people. The alternative would be to exchange with a delayed completion, carry out the work and then have the property re-valued to raise a mortgage and complete. The risk here is that you are still able to raise a mortgage after the works have been done.

If you are selling a property that is F rated then you may want to consider carrying out the improvement works yourself to ensure it is in a mortgageable condition. If you’ve got an old EPC you may want to have a new one carried out, especially if you have had some improvement works carried out.

We’re currently working with Talk Green who are reviewing all our properties to see which may be affected and which may be eligible for grant funding on improvements. More on this though in a few weeks…

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Hug your tenants

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Yes, you heard me, hug your tenants. We’ve been giving dishing out lovely warm hugs to some of our tenants recently. Long lasting hugs in the form of cavity wall insulation for their properties. There are around 1,000 properties in Nottinghamshire alone that are without cavity wall insulation and we have managed to get this free for our landlords utilising Government grants.

Nottingham City Council have been very proactive in trying to reduce this number and are working with a supplier to fill those cold voids and improve energy efficiency. There is no cost to the landlord or tenant.

To see whether one of your properties qualifies please contact VNR Contracting on 07850673687 they’ll be happy to provide a free assessment. They organised the works with each tenant and provided the updated EPC. Well worth checking out and your tenant, as well as your property, will be very glad you did.

Go on, give your tenants a hug this week.

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