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 although we’ve had another week with more reductions than newbies with 5 new and 6 reduced.

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

Address: The Twitchell, Newark, NG24 4NU
Asking Price: £145,000
Property Type: 3 Bed Semi-detached
Estate Agent: CPG Property
Condition: Ready to Rent
Rent Range: £550-600pcm
Yield: 4.96%
Comments: Lovely kitchen and bathroom with the rest of the property following suit, last similar sized property sold on Grange Road in Feb for £140,000 although it was finished to a higher standard.

Address: 38 Pierson Street, Newark, NG24 4JG
Asking Price: £140,000
Property Type: 3 Bed Semi-detached
Estate Agent: Winkworth
Condition: Ready to Rent (ish)
Rent Range: £550-600pcm
Yield: 5.14%
Comments: Another property in the same area with a great kitchen, the rest of this property is little more vibrate so to appeal to more tenants i’d tone it down to light grey, cream or mink…just not magnolia!!

Address: 45 Barnby Gate, Newark, NG24 1QD
Asking Price: £125,000
Property Type: 3 Bed Mid-terrace
Estate Agent: Richard Watkinson
Condition: Modernisation Required
Rent Range: £500-550pcm (after a basic refurb)
Yield: 5.28%
Comments: Only 4 sales on this street in the last 10 years, this dated property needs some tlc and that lift removing, it might be a USP but it’s a common request from tenants.

Buttercross Best Buy
Address: 8 Wright Street, Newark, NG24
Asking Price: £110,000
Property Type: 2 Bed Mid-terrace
Estate Agent: Edlin and Jarvis
Condition: Ready to Rent
Rent Range: £500-550pcm
Yield: 6%
Comments: Number 14 sold in June for £99k in a similar condition, great budget property for both the landlord and the tenant. EPC is just an E so it’s suitable for rental purposes for the foreseeable future.

Address: 7 Boundary Court, Boundary Road, Newark, NG24 4EA
Asking Price: £72,950
Service Charge: approx £900 PA – inc buildings insurance and ground rent.
Property Type: 2 Bed Ground floor Apartment
Estate Agent: Winkworth
Condition: Ready to Rent
Rent Range: £400-450pcm
Yield: 7.31% (inc service charge)
Comments: Well presented flat for cash buyers only as the lease runs out in 66 years, ideally get the lease extended before you buy it but if not i recommend you extend it afterwards otherwise resale will become very restricting.

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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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 although we’ve had another week with more reductions than newbies with 7 new and 8 reduced.

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

Address: 155 Goldstraw Lane, Fernwood, Newark, NG24 3FD
Asking Price: £147,500
Property Type: 2 Bed end of terrace
Estate Agent: Now Homes
Condition: Ready to Rent
Rent Range: £550-600pcm
Yield: 4.88%
Comments: Lovely looking home and great if want something low maintenance, only downside is the asking price as you just won’t achieve the rental value you need to get a half decent yield.

Address: Simpson Close, Balderton, Newark, NG24 3RD
Asking Price: £149,000
Property Type: 3 Bed mid terrace
Estate Agent: Haart
Condition: Ready to Rent
Rent Range: £575-625pcm
Yield: 5.03%
Comments: Another one that’s ready to go with a fab kitchen diner, last sale was September 2017 for £135,000 which was a 3 bed semi but without a conservatory and needed an update.

Address: kingsnorth Close, Newark, NG24 1PS
Asking Price: £140,000
Property Type: 3 Bed semi detached
Estate Agent: Newton Fallowell
Condition: Ready to Rent
Rent Range: £575-625pcm
Yield: 5.36%
Comments: Good sized family home with a desirable addition of off street parking and a garage along solar panels which are owned outright; the last sale was June 2017 for £140,000.

Address: Devon Road, Newark, NG24 4JP
Asking Price: £140,000
Property Type: 3 Bed semi detached
Estate Agent: William H Brown
Condition: Ready to Rent
Rent Range: £525-575pcm
Yield: 4.93%
Comments: Spacious accomodation with a good epc rating and can be rented as is or you can always update the kitchen for a slightly higher rent pcm.

Address: Centenary Close, Newark, NG24 3FE
Asking Price: £130,000
Property Type: 2 Bed semi detached
Estate Agent: Haart
Condition: Ready to Rent
Rent Range: £550-600pcm
Yield: 5.54%
Comments: Fantastic first time investment, upkeep is minimal and tenants are going to love the fresh, modern look these owners have achieved and there’s parking too.

Address: Broughton Drive, Newark, NG24 4PX
Asking Price: £125,000
Property Type: 2 Bed semi detached
Estate Agent: Jon Brambles
Condition: Ready to Rent
Rent Range: £500-550pcm
Yield: 5.28%
Comments: Number 35 sold in September for £118,000 in similar condition; low rent and cheap running costs make this ideal rental, this property has no chain so you’ll be finding a tenant in no time.

Buttercross Best Buy
Address: King Sconce Avenue, Newark, NG24 1FX
Asking Price: £140,000
Property Type: 2 Bed semi detached
Estate Agent: Purple Bricks
Condition: Ready to Rent
Rent Range: £550-600pcm
Yield: 5.14%
Comments: Ideal first time investment, no work required and another 2 bed on the street is currently under offer for £135,000 so see what you can do.

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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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: 9 Robins Court, Newark, Notts, NG24 1QG.
Type: 2 Bedroom Ground Floor Flat
Asking Price: £60,000
Estate Agent: Richard Watkinson
Condition: Needs Renovation
Rent Range: £450-500pcm (once renovated)
Yield: 10%
Comments: Fantastic opportunity if you don’t mind getting stuck in! A renovated first floor 1 bed in the same block let for £485 earlier this year and with such a central spot, it’s perfect for commuters that use the rail service or drive thanks to the private parking.

Address: 32 Appleton Gate, Newark, NG24 1LR.
Type: 2 Bedroom Mid-Terrace
Asking Price: £140,000
Estate Agent: Jon Brambles
Condition: Ready to Rent
Rent Range: £525-575pcm
Yield: 4.93%
Comments: Well presented property in a good commuter spot, ideal for a couple or small family and there would be no/little work required. 40a sold for £123,500 in Dec 2016, another mid-terrace but it was dated in comparison to this one, is it worth almost £17,000 more?

Address: 7 Ross Close, Coddington, Newark, Nottinghamshire, NG24 2PY.
Type: 3 Bedroom End of Terrace
Asking Price: £149,950
Estate Agent: Newton Fallowell
Condition: Some modernisation required
Rent Range: £575-625pcm
Yield: 5%
Comments: Desirable village location with an Ofsted Good Primary school and great connections to the A1, property is dated in parts, particularly the bathroom and the kitchen/dining area is a close second. Sort those parts out and potentially get £650pcm.

Buttercross Best Buy
Address: 25 Charles Street, Newark, NG24 1RN.
Type: 2 Bedroom Semi-detached
Asking Price: £135,000
Estate Agent: Newton Fallowell
Condition: Ready to Rent
Rent Range: £525-575pcm
Yield: 5.11%
Comments: Neutral home with additional living space in the cellar within the catchment area for Barnby Road School, an immaculate 2 bed terrace sold for £136,000 in March 2016 and there’s not much to fault here so this price seems fair, right?

Address: 5 Wentworth Corner, Newark, NG24 4PS.
Type: 2 Bedroom Mid-Terrace
Asking Price: £110,000
Estate Agent: Now Homes
Condition: Ready to Rent
Rent Range: £475-525pcm
Yield: 5.73%
Comments: On the outskirts of Hawtonville, this compact 2 bedroom house will be ideal for a working couple as a family may be a squeeze! No photo of the bathroom but the general condition would suggest little work will be required; number 2 sold in Feb 2016 for £95,000 but it was dated in comparison.

Address: 25 Wood Street, Newark, NG24 1PN
Type: 2 Bedroom Mid-Terrace
Asking Price: £117,500
Estate Agent: Winkworth
Condition: Ready to Rent
Rent Range: £525-575pcm
Yield: 5.87%
Comments: Beautifully presented home a short distance from town centre and Newark North Gate Station, i can’t find fault in the property although parking would be nice! All you need now is a tenant…

Address: 7 Oliver Close, Newark, NG24 1RS
Type: 2 Bed Semi-detached
Asking Price: £115,000
Estate Agent: Newton Fallowell
Condition: Ready to Rent
Rent Range: £500-550pcm
Yield: 5.74%
Comments: Ideal for a first investment as very little cosmetic work is required, it’s close to the ever desirable Barnby Road School for families although Number 6 is currently sold stc for £110,000 in the same condition, it’s worth a shot!

Address: 2 Albert Avenue, Balderton, Newark, NG24 3HE
Type: 3 Bedroom End of Terrace
Asking Price: £119,950
Estate Agent: CPG
Condition: Ready to Rent
Rent Range: £500-550pcm
Yield: 5.50%
Comments: Balderton is a great area for families thanks to the schools and the A1, this property was last bought in Oct 2015 for £102,500 in need of an update which the current owners have done, with this in mind a tenant should be able to move straight in.

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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Guide to gifted deposits

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NottinghamTerrace

As the gap between house prices and wages continues to widen its becoming harder and harder for first time buyers to get their foot on the ladder. The average house price in Nottingham is around a whopping £190,000. To get a reasonable rate from the bank they would expect a deposit of around 20%. You can see why the average first time buyer is well into their 30’s before they have managed to save their deposit.

Another way that has become more common is obtaining the deposit from the bank of Mum and Dad. This form of deposit is known as a ‘gifted deposit’. This form of deposit is accepted by a handful of lenders and in the majority of cases requires the parents to sign a ‘deed of gift’ to confirm the funds are a gift and not repayable.

If you were buying a property from your parents they can gift the deposit in the form of equity in the property rather than cash. Not other funds are required.

You can also gift a deposit to one of your tenants if you were selling them the property below market value. This is again in the form of equity in the sale.

If you are looking to use a gifted deposit for a purchase, get the latest advice and contact an independent mortgage broker.

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