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.

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

Address: 16 Park Crescent, Newark, NG24 2BY.
Asking Price: £150,000
Property Type:3 bed Semi-Detached
Estate Agent:Jon Brambles
Condition: Ready to Rent
Rent Range: £600-650pcm
Yield: 5.2%
Comments: Well presented property in a good spot for knowhow workers, bought two years ago for £120k. Difficult to find fault with this one!

Address: 7 Earp Avenue, Newark, NG24 4DD.
Asking Price: £150,000
Property Type: 3 Bed End Terrace
Estate Agent: William H Brown
Condition: Some Updates Required
Rent Range: £575-625pcm
Yield: 5%
Comments: Another good location although i’m a little thrown by the price, it was purchased in March this year for £130k and now it’s on for £20k with no difference? It could do with the odd new carpet and a lick of paint either way.

Address: 9 Smith Street, Balderton, Newark, NG24 3BA
Asking Price: £119,950
Property Type: 2 Bed Mid Terrace
Estate Agent: Alasdair Morrison
Condition: Ready to Rent
Rent Range: £500-550pcm
Yield: 5.5%
Comments: We managed and let No 16 4 months ago for £550pcm in a similar condition although no photos of the bedrooms is a bit odd, i’m sure they’re not that bad! Budget friendly home with low council tax and reasonable rent, good first home for a couple or small family.

Address: 22 Birch Road, New Balderton, NG24 3BD
Asking Price: £140,000
Property Type: 2 Bed Semi- Detached
Estate Agent: Winkworth
Condition: Ready to Rent
Rent Range: £575-625pcm
Yield: 5.36%
Comments: Popular lakeside location, kitchen will be a hit along with the additional living space in the conservatory. Check the consumer unit, there’s a chance EICR’s will become mandatory soon (£120) and unless the fuse box has been updated already, it will very likely fail an EICR.

Buttercross Best Buy
Address: Rubys Walk, Fernwood NG24 3FP
Asking Price: £139,950
Property Type: 3 Bed end Terrace
Estate Agent: Martin & Co
Condition: Ready to Rent
Rent Range: £600-650pcm
Yield: 5.57%
Comments: Bought last May for £131,000, it’s had a lick of paint and they’ve put down some grass seed on first appearances; No 89 sold in March for £138k in the same condition. Good first investment, low maintenance although watch out for the Ideal ICOS boiler leaks.

Only a small selection this week due to so many reductions but if you have any questions about any of this weeks properties then i’d love to have a chat on 01636 343014, or even better, pop in for a chat and a cuppa.

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Eyes On… King Street, Southwell

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This week we are talking about this 2 bed apartment on King Street, Southwell.

Southwell is an extremely popular & desirable place to live. It is rather pricey to buy a home here and there are plenty of people looking for somewhere to rent.

It would be ideal for a working couple looking to enjoy the Southwell lifestyle but without breaking the bank.

Location wise you couldn’t get much more central. Leaving the building you walk past the market square and stumble across several pubs, cafes and a run of boutique shops along King Street.

This apartment needs some work.
The kitchen looks as though it is falling apart. It is incredibly compact so at least your B&Q shopping list won’t be too long, or hopefully too expensive.

If the work space is just too small for food prep, there are several restaurants and takeaways (I can recommend the Bamboo Garden) so the kitchen could just be used for storing plates and wine glasses.

The bathroom is actually brown. This is not appropriate for Southwell living so would immediately need replacing with a white suite, new tiles and generally made to feel fresh, clean and smart.

The lounge space would need to double up as a dining space as well unless you are happy to eat your takeaway on your knee.

There are no photos of the bedrooms but they are not generously sized. One sounds as though it is a small double and the other a single room.

There is an annual service charge of £963 so you would need to consider this as part of your budgeting.

As this is an apartment, there is a lack of outdoor space but there is plenty of countryside around and the burgage green is just next door.

Southwell prices have rocketed over the last few years and investing in this town can only be a good thing.

Families flock to the area for the Minster School and it is certainly considered to be an affluent area.

It is on the market for £109,950

Typically this type of property would rent out for £495 per month.

Potential yield of 5.4%

The last 3 sales on King Street were:

£96,500 in August 2002
£135,000 in March 2012
£124,950 in September 2014

The Estate Agent is CPG 01636 345045

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Eyes On… Boundary Court, Newark

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This week we are talking about this 2 bedroom bungalow on Boundary Court in Newark.

Boundary Court is just off Boundary Road, which is a popular residential street, close to Sconce park.

It is in a very good location as it is near Newark town centre and also has close access to 2 major roads, the A46 and the A1.

Bungalows are surprisingly popular yet in short supply for rentals. We have had quite a number of requests for bungalows to rent, from a variety of tenants. Just today I had a young couple who love single story living but didn’t want the hassle of stairs so they are looking for a bungalow.

I tend to find that bungalows also hold their value well. They are often situated in convenient locations and in secure residential areas. They can sometimes command a higher rental compared to a 2 bed terrace for example.

From the outside it is quite a nice looking property but inside it would definitely benefit from a little TLC.

The photos are a little patchy. There are 2 of the kitchen and 2 of the lounge. I wonder what the wet room is like…

I should imagine from the lack of photographic evidence that the wet room is not quite as exciting as todays modern wet room designs but this is all the more interesting for an investor looking to add value.

The kitchen is dated. The lounge looks bland and tired. To get maximum returns it needs modernising and it needs cheering up.

For the price you are getting a detached 2 bed property that, due to its location, is bound to be popular with potential tenants. It is also next door to the Fire Station so quite handy for a spot of sight seeing.

This is on the market for £125,000

Once modernised, this type of property would typically rent out for £575 per month.

Potential yield of 5.52%

The last 3 sales in Boundary Court were
£73,000 in January 2012
£50,000 in May 2013
£65,000 in June 2015

The Estate Agent is Newton Fallowell 01636 857179

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Eyes On… The Crossings, Newark

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This week we are talking about this 2 bedroom apartment at The Crossings in Newark.

Newark has seen a lot of developments recently, where buildings such as the Castle Brewery, have been developed into apartment blocks.

Apartments are a popular choice with tenants though as quite often they can fall under the £500 per month bracket, which appeals to many younger couples or families.

This apartment block is a new build, located on Beacon Hill Road. This is a busy part of town on the edge of the industrial estate, with access up to Coddington and the A1. This road is often busy and used as a cut through by traffic.

Given the location and size of the apartment I would suggest this would be an ideal home for a couple. It could suit a family as it is in catchment for an outstanding Ofsted school but bear in mind it doesn’t have any outdoor space.

The apartment does not appear to need any work doing to it. The kitchen and bathroom look modern, so this would suit an investor looking to rent out immediately without having to do any work.

What really caught my eye was the row of empty champagne bottles displayed on the kitchen shelf, it looks like a very happy home.

There is no outdoor space with this apartment but there is an allocated parking space.

This is on the market for £94,950

This type of property would typically rent out for £495 per month.

Potential yield of 6.25%

The last 3 sales at The Crossings were
£77,000 in October 2012
£77,000 in January 2013
£128,000 in May 2015

The details do not mention annual maintenance costs so this will be a question to ask the agent.

The Estate Agent is Newton Fallowell 01636 857179

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Eyes On… Kingsnorth Close, Newark

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Kingsnorth Close

This week we are talking about this 3 bedroom terraced house on Kingsnorth Close in Newark.

If you are looking for a do-er upper, then look no further. This is one to roll up your sleeves, hire a skip and get creative.

It has a fabulous blue bathroom and a kitchen where you are not totally sure what it is actually made of.

The property is a 3 bed with everything in the right place.

Downstairs it has an entrance hall, leading off to a lounge, dining room and kitchen.

Upstairs, the landing leads off to the 3 bedrooms and bathroom. So, unlike my previous post, there are no awkward layouts to contend with.

I was speaking to an investor and developer recently who is always on the look out for something to actually renovate, rather than just paint and re carpet. This house could be just right.

Once renovated, with a slightly toned down bathroom, this would definitely suit a family. It has the space, the rooms, the garden and driveway. It is close to the centre of Newark and close to a great school.

Location wise, Kingsnorth Close is in catchment for Barnby Road Academy. It is in a popular residential area, close to Barnby Gate.

This one is worth going to view in person, in fact I might have a look myself on my way to TK Maxx this weekend.

This is on the market for £118,000

The last 3 sales on the street were for:
£95,000 in September 2011
£114,500 in November 2013
£125,000 in July 2015

Once renovated to a good standard and based on similar properties, I believe this property could rent out for £595 per month
This gives a yield of 6%

The Estate Agent is Winkworth 01636 611666

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Eyes On… Cross Street, Newark

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Cross Street

This week we are talking about this 2 bedroom terraced house on Cross Street, Newark.

My recent blog post was about the ever popular 2 up 2 down and how they will always be a top choice for tenants & landlords.

Cross Street is in catchment for Barnby Road Academy which is an Ofsted Outstanding School, so clearly this will be a good choice for a family. Equally, given its proximity to the centre of town, it would be ideal for a couple, or indeed single tenancy.

Personally I find the fluorescent paint work a little startling but actually the house looks really good.

The kitchen & the bathroom look clean, modern & fresh, well cared for.

From the photos there doesn’t appear to be any work that needs doing so it would be great for an investor looking to pick up the keys to an instant income.

The garden space is low maintenance and there is an out building offering additional storage. This has been top of the requirements list for several tenants recently who run their own business & need that extra storage space.

So in summary a 2 bed house, close to amenities, low maintenance & council tax band A… this is sure to be popular with tenants.

We currently have tenants waiting for 2 bed properties in the area.
If you have a rental property or are thinking of investing, please contact us.

This is on the market for £84,950
It last sold for £68,000 in 2011, so that is almost a 25% increase in just over 4 years.

Typically this type of property would rent for £475 per month.
Potential yield of 6.7%
This is a healthy yield.

The Estate Agent is Jon Brambles 01636 613513

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Eyes On… Wolfit Avenue, Balderton

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Wolfit Avenue

This week we are talking about this 3 bed semi detached house on Wolfit Avenue in Balderton.

Balderton is a good place to invest. Properties tend to be of a higher value than Newark. It is an area sought after by young families & people of retirement age. It offers a slightly quieter lifestyle but with the plus of quick access into Newark town centre by car or bus.

This property clearly needs some work.
It still amazes me that coloured bathroom suites are still in existence.

A new kitchen & bathroom is a must but the property looks to be well cared for.

It offers space inside with a separate lounge & dining room which opens this up to either of my suggested market. Keep a dining room as entertaining space or turn it onto a playroom or study.

There is a downstairs WC which apparently has a wet room…

I think this one is worth a look. It has the space & is in a good location, particularly being in catchment for an Ofsted Outstanding school.

It needs some modernising but this is what makes it a good investment opportunity.

It has been on the market since March and was recently reduced in price from £115,000 down to £110,000.

This type of property would typically rent for £625 per month.
Potential yield of 6.8%

The Estate Agent is Richard Watkinson 01636 611811

To keep up to date with industry news & local market news in Newark & Nottinghamshire, visit our blog

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Eyes On… Wycar Road, Bilsthorpe

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Wycar Road

This week we are talking about this 2 bedroom bungalow on Wycar Road, Bilsthorpe.

This is one to FLIP.

It is going to auction on December 15th in Leicester.

Bungalows are a popular choice for both investors, home owners & tenants. It came to my attention recently when I was asked to source a 3 bed bungalow for a client. They do not stay on the market for long.

It needs work but it has everything a buyer or future homeowner, perhaps of retirement age is looking for. A large garden, a garage & off road parking are generally expected with a bungalow.

As you would expect some work is needed inside & outside. There are some strange cupboards dotted around in peculiar places but nothing a sledgehammer can’t sort out.

This is one to view, one to do & one to flip. There is some profit to be made here.

This is going to auction with a guide price of £70,000.

A 3 bed bungalow on the same street is on for sale at £250,000.
A 2 bed bungalow in the area is on the market for £126,495.

The Agent is Pattinson Estate Agents Auction 0800 24 24 26

To keep up to date with industry news & local market news in Newark & Nottinghamshire, visit our blog

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