Here’s my investment property of the week in NG24 for less than £150,000
Address: Stafford Ave, New Balderton, Balderton, Newark NG24 3EG
Type: 3 Bed Mid-Terrace House
Asking Price: £99,950
Estate Agent: William H Brown
Condition: Requires renovation
Rent Range: £525-575pcm (once completed)
Fantastic opportunity in a cul-de-sac off Hawton Lane on the edge of New Balderton, perfect for a landlord or investor who doesn’t mind getting their hands dirty..or someone else’s! Spacious living accommodation, off road parking and great location for families, once renovated, this property will plenty boxes for potential tenants.
Ideal for as a buy to let, fix and sell or a first time buy, the stylish slate grey windows and door frame would suggest they have been recently fitted so just the inside remains; I’ve found that tenants don’t like downstairs bathrooms or separate bathrooms and toilets, why would you have a sink in a different room?! Aside from the camera shy kitchen, which i will assume isn’t because it’s so stunning the agents didn’t want to make the rest look tired, a lick of on trend grey paint and neutral new flooring throughout will lift the property with ease and give a much warmer feel than magnolia everywhere.
Assuming the kitchen is out of date, cream, grey or black doors give a high end finish for not a lot more than budget beech door fronts and will look great with a light oak effect worktop; save money by just replacing the doors instead of the complete unit. If you fancy the challenge, take a look around and see if you can knock through to make the bathroom and w/c one room!
The last property on Stafford Avenue sold for £124,000 in January with a simple but appealing neutral interior, plenty of off street parking and a low maintenance garden but according to RightMove, only 7 properties have sold on Stafford Avenue since 1997 suggesting people don’t buy to fix up and sell but to stay long term. Number 1 sold in 2016 for £115,000, it was a 3 bedroom mid terrace renovated to a high standard, looking at prices now though there’s no reason after all that work you couldn’t sell it on for £130,000+ depending on the finish.
This will certainly be an investment to keep you busy but isn’t that the fun part? Not to mention nearly 7% isn’t to be scoffed at although agreeably it will take time to make back the money you’ve put into the property but £575pcm is more than achievable, with the way the rental market is going you may even get more! It has been on the market since March and was reduced this week, why not make the most of a rare renovation opportunity and take a look?
If you’re interested in this property 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.