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: Flat 5, 5 Church Walk, Newark, NG24 1JS
Type: 1 Bed First Floor Apartment
Asking Price: £97,500
Estate Agent: Alasdair Morrison
Condition: Ready to Rent
Rent Range: £450-500pcm
Yield: 6.15%
Comments: Tucked away above Starbucks Coffee is this perfect sized apartment for a single person or professional couple, it’s ready to go and is a fantastic spot for Newark Castle station and town centre. Opportunities like this one don’t come up very often so don’t wait too long if you’re interested!

Address: The Courtyard Castle Brewery, Newark, NG24 4FF
Type: 2 Bed Ground Floor Apartment
Asking Price: £99,950
Estate Agent: Martin and Co
Condition: Unknown – likely Ready to Rent
Rent Range: £500-550pcm
Yield: 6.6%
Comments: The Courtyard is new built section of Castle Brewery, as i can’t see the inside i’m going my rent range is a guesstimate, the asking price is about right for this block so it would suggest it’s fairly standard throughout. It’s in a sought after area with town centre so close by, with the added bonus of allocated secure parking it’s ideal for commuters and town workers alike.

Address: 11 The Crossings, Newark, NG24 1TY
Type: 2 Bed Ground Floor Apartment
Asking Price: £109,950
Estate Agent: Martin and Co
Condition: Ready to Rent
Rent Range: £500-550
Yield: 6.0%
Comments: This lovely apartment with good access to the A1, town centre and industrial estate has allocated parking and modern finishes ideal for couples and singles alike. The asking price is about £10,000 too high, despite the modern interior which can be found in other apartments at The Crossings, the last one sold in August 2016 for £97,995.

Address: 42 Quibell Road, Newark, Nottinghamshire, NG24 4HB
Type: 4 Bed Semi-detached
Asking Price: £132,500
Estate Agent: Newton Fallowell
Condition: Ready to Rent
Rent Range: £650-700
Yield: 6.34%
Comments: Tucked away in a close corner, this family home has been extended and modernized to a good standard ideal for any tenant to move in straight away. It’s very difficult to form a judgement on the price as it’s been years since an equivalent property has been sold, however the yield is pretty strong and the log burner makes a nice USP.

Address: 77 Philip Road, Newark, NG24 4LX
Type: 2 Bed First Floor Apartment
Asking Price: £79,950
Estate Agent: Newton Fallowell
Condition: Some modernization required
Rent Range: £400-450pcm
Yield: 6.75%
Comments: Nestled within the Hawtonville establishment, this 2 bed apartment is on for a great price with plenty of potential, despite the yield already being strong on this property, an updated bathroom suit, fire and living room carpet could take the rent up to £475. The last flat sold on RM was in 2011 for £59,950 so it’s quite a rare opportunity!

Address: 101 Wolsey Road, Newark, Nottinghamshire, NG24 2AZ
Type: 3 Bed Mid-terrace
Asking Price: £120,000
Estate Agent: Newton Fallowell
Condition: Ready to Rent
Rent Range: £550-600pcm
Yield: 6%
Comments: Just a short distance from town, this family house has a generous garden, enough off street parking for 2 cars along and neutral decor throughout. The price is in line with others in the area, number 93 was sold in September 2016 for £119,995 so anything less than the asking price would be a bonus!

Address: The Brewhouse, Newark, NG24 4AF
Type: 2 Bed Apartment
Asking Price: £125,000
Estate Agent: Haart
Condition: Ready to Rent
Rent Range: £575-625pcm
Yield: 6%
Comments: This is perfect for those couples and single people who like character homes with modern finishes, for a 2 bed apartment the price is comparable, number 38 sold April 2016 for £124,000 and due to the refurb, it should be fairly low maintenance too.

Address: 21 Vernon Avenue, Newark, NG24 1PG
Type: 2 Bed Semi-detached
Asking Price: £125,000
Estate Agent: Winkworth
Condition: Some updating required
Rent Range: £525-575pcm
Yield: 5.52%
Comments: There isn’t a huge amount that needs doing to this house, the purple kitchen is certainly memorable along with the matching bathroom and the out of date gas fire could be replaced updated for a fresher look. Looking at other recent sales, the last 2 bed semi was number 22 which sold in 2014 for £94,000 so i think a cheeky offer would certinaly be worthwhile.

Buttercross Best Buy
Address: 47 Sleaford Road, Newark, NG24 1NF
Type: 2 Bed End-terrace
Asking Price: £127,500
Estate Agent: Winkworth
Condition: Ready to Rent
Rent Range: £600-650pcm
Yield: 6.12%
Comments: What a great house, it’s quite obvious that someone has taken a lot of time to make this house a home. Even though the last 2 bed terrace on the street sold for £114,950, this has been finished to a much higher standard and would require no cosmetic work. This is on a great street, a little busy but in a good area and it’s perfect for couples and families!

Address: 2 Marton Road, Newark, NG24 1SL
Type: 2 Bed Semi-detached
Asking Price: £145,000
Estate Agent: Newton Fallowell
Condition: Ready to rent
Rent Range: £525-575pcm
Yield: 4.76%
Comments: This property has 2 double bedrooms with plenty of living space, very little work needs to be done however an updated kitchen and living room fire would potential raise the pcm. The last 2 bed on the street sold for £125,000 in 2011 and the 3 bed was also sold for £125,000 in 2014, honestly i’m not sure where the asking price came from but i’ll leave you to decide what you think!

Address: 70 William St, Newark NG24 1QS
Type: 4 Bed Mid-terrace
Asking Price: £149,950
Estate Agent: Martin and Co
Condition: Ready to Rent
Rent Range: £625-675pcm
Yield: 5.4%
Comments: Ideal for sharers or families, this property was built in 2005 and has been used as a rental ever since. As there were only a handful of these built on the street, it’s hard to form judgement on the asking price but 4 bedrooms for less than £150,000 only competes with 2 other properties on Rightmove which are in Hawtonville. With the addition of a driveway, small courtyard garden and a short walk to town, it suits a lot of prospective tenants.

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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Refurbish it and they will come

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In Kevin Costner’s 1989 movie, “Field Of Dreams” he’s standing in a corn field and hears a voice tell him “If you build it, he will come”. I’ve never seen the film but I’m guessing he was a landlord too.

I’m a big advocate of investing into your properties and refurbishing them. Think about it, if you’re house looks and smells like a sewer, who’s going to live there… rats! On the other hand, if you’ve got a lovely, high quality palace then you’d probably use the phrase “fit for a Queen”.

I see far too many shoddy properties coming to the letting market where landlords have failed to invest or improve the property. This reluctance to improve will end up producing a downward spiral of lower rent, worse tenants, poorer property, longer voids, lower rent, worse tenants etc.

Refurbish your homes to a good quality and good quality tenants will come. A good property will produce an upward spiral of lower voids, higher rent, better tenants, better property etc.

OK, so we know Kevin Costner wasn’t really a landlord, but the idea can be used across all parts of life. I’m a huge believer in the law of attraction and think it can be a very powerful tool in life and business. Those that know me will know that I am a believer in doing things to the best you can. We started Buttercross Estates with the mindset of providing the best service to both landlords and tenants as we can. We have built a company that delivered a high quality service and guess what? We attracted the high quality landlords and tenants. Those that shared our values and beliefs of being better. Better tenants and better landlords renting through a better system and service.

One simple example is of a 6 bed HMO that we let for a landlord. Below are a couple of photos of an en-suite room the previous agent was advertising at £85 per week.

Belvoir Room 6

Belvoir Room 6 again

After making a few suggestions to the landlord, he put down new carpets throughout, bought new beds and some bedding for the photos. The result was this…

Buttercross Estates Bed 6

We let this room for £110 per week just by turning it into a room you would actually want to live in. Overall, our suggestions and marketing made the landlord an additional £3,300 per year. He’ll also benefit from lower void periods and better quality tenants. He’s now going on to purchase another 4 bed house that we will convert into a high quality 5 bed boutique HMO in Newark.

Next time you’re letting a property just have a think about who it would appeal to. Or who you would want to appeal to. If you want a good tenant, refurbish it and they will come.

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Risking my life for a client

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Well, obviously (and thankfully) I survived to tell the tale but this week I have literally risked my life for a client.

OK, so it is a little dramatic, but one of our many services is sourcing investment properties for clients. Doesn’t sound too life threatening you say? Well you haven’t seen some of the properties I visit!

The property in question is going under the hammer (should really be going under the wrecking ball) on the 14th October in the WA Barnes auction.

Before stepping foot in the property the agent made me sign a form to say that they were not responsible should anything happen and that I do so at my own risk. The property looks as though it has been empty for a good 10+ years apart from a number of unwelcome visitors. You enter the hallway which leads to the front room, dining room and then the kitchen to the rear. The staircase is located between the front room and dining room. I was advised that most of the dining room floor was rotten so didn’t venture in there.

Inside

As you can see (just) from the photo, the staircase consisted of loose bricks, a plastic box and then the actual staircase. The first 4 steps must have rotted away and all the right hand side of the staircase had little or no support from underneath. You had to cling onto the handrail and creep up the very left hand side. The garden looked like a scene out of Jumanji and aside from 2 large radiators (too big to carry) all the metal had kindly been removed from the property.

Still, despite the substantial refurbishment, on paper it could prove to be a good investment with the potential to convert it into a good 5/6 bedroom HMO. Will the risk turn into reward? We shall see on the 14th October…

If you’re looking for that next investment but don’t have the time or knowledge on where to start then get in touch.

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