EYES ON…..THIS WEEKS INVESTMENT PROPERTIES IN NEWARK!!!

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Here’s a look at the latest properties coming to market in Newark. I’ve added some comments and given you an idea of what you can expect rent wise if you go for it, lets see what you think…

Address: 1a Albert Avenue, Balderton, Newark, NG24 4HE
Asking Price: £150,000
Property Type: 2 Bedroom Semi-Detached House
Estate Agent: Jon Brambles
Condition: Ready to Rent
Rent Range: £545-595pcm
Yield: 4.76%
Comments: Bought in Sept 18 for £145k, this property hasn’t changed and has been for sale since August, they’ve just changed agents. Lovely looking house but you just don’t get a lot of space for your money.

Address: 70 Lime Grove, Newark NG24 4AH
Asking Price: £150,000
Property Type: 3 Bedroom Terraced House
Estate Agent: William H Brown
Condition: Ready to Rent
Rent Range: £600-650pcm
Yield: 5.2%
Comments: This was my POTW two weeks ago when it went on with Winkworth, i’m guessing it’s changed as Winkworth Newark has closed (although they advertised it better!). Scroll down to see my previous property comments.

Address: 59 Clarks Lane, Newark NG24 2EF
Asking Price: £144,950
Property Type: 3 Bedroom Semi – Detached House
Estate Agent: NOW Homes
Condition: Ready to Rent
Rent Range: £600-650pcm
Yield: 5.38%
Comments: Purchased in 2016 for £99,692, it’s been carpeted and decorated throughout and the white bathroom suit is new. Kitchen, sadly, is the original..it’s blue! Located at the end of Strawberry Hall Lane so the location is a bit marmite-y.

Address: 11 Clayton Close, Newark NG24 4HN
Asking Price: £140,000
Property Type: 2 Bedroom Semi – Detached House
Estate Agent: Newton & Fallowell
Condition: A little dated
Rent Range: £550-600pcm (once updated)
Yield: 5.14%
Comments: Bungalow’s are rare and often desirable rentals. This one is a little dated, particularly the decor and the bathroom is looking older than the kitchen although both would benefit from a re-fit. Check out the EPC before committing.

Address: 10 Thoresby Avenue, Newark NG24 4DJ
Asking Price: £140,000
Property Type: 3 Bedroom Semi – Detached House
Estate Agent: Newton & Fallowell
Condition: Ready to Rent
Rent Range: £575-625pcm
Yield: 5.36%
Comments: This house has had a major refurb since it was bought in Aug 13 for £99k. No EPC and no mention of a recent boiler fitment so worth checking those first, EPC needs to be E and above!

Buttercross Best Buy
Address: 85 Lime Grove, Newark NG24 4AQ
Asking Price: £130,000
Property Type: 3 Bedroom Terraced House
Estate Agent: Newton Fallowell
Condition: Odd jobs required
Rent Range: £600-650pcm (once odd jobs done)
Yield: 6% (exc renovation costs)
Comments: Good potential, the bathroom and kitchen need a good clean (i’d change the bathroom if poss). I’d check if the leak if the roof is new or old too – paint the ceiling if old (don’t forget the stain block!). Bedroom carpet is looking thin. Oven isn’t looking great, it will need to be checked each year as it’s gas, if it’s on the way out, i’d get the gas capped and swap to electric.

Address: 7 Carlton Road, Newark, NG24 4HD
Asking Price: £130,000
Property Type: 3 Bedroom Semi – Detached House
Estate Agent: Newton & Fallowell
Condition: Ready to Rent
Rent Range: £550-600pcm
Yield: 5.53%
Comments: A fairly vanilla house, bathroom needs finishing off but that’s it really. I’d recommend changing the decor to something more neutral to help let the property however, i’d be inclined to leave it be for this house as i’m not sure you’d see the return unless you do the decorating yourself.

So that’s this weeks selection, there’s been an increase of ex council properties of late, at least a couple a week. 85 Lime Grove would be a good one to make some money on in the long run, especially if you can do the simple jobs yourself. Albert Avenue is another great property, i was torn and nearly pushed the value higher but i can’t be sure as it’s quirky! Struggling to give you a property of the week though from these, i’d pick Lime Grove fixer upper. Feel free to give me a call on 01636 343014 or even pop in to the office for a chat to let me know what you think :).

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The Most Common Mistakes of a DIY Landlord

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I’ve just finished banging my head against the wall after that last call. A landlord has phoned asking some advice regarding a Section 21 notice. I had spoken with her a couple of weeks previously as she was unsure which version of the Section 21 notice to send to their tenants. After serving the correct notice, the tenants had sent her a well formed letter informing her the Section 21 notice was invalid and that they would like £1,350 from her as compensation. Tenants aren’t daft and unfortunately with the ever changing laws surrounding tenancies it’s quite easy to slip up.

Here’s my run down of the most common mistakes of a DIY landlord;

Not Protecting The Deposit

A deposit received for an Assured Shorthold Tenancy must be registered with one of the three Government approved deposit companies. Failure to do so invalidates a Section 21 notice and if it hasn’t been done within 30 days of receiving the receiving the funds the tenant can seek compensation up to 3 x the value of the deposit from the landlord. Those of you who followed the fallout from Greenberry Lettings will know that the agent did not register a lot of deposits but it is still the responsibility of the landlord to ensure it has been done. We would recommend the MyDeposits insured scheme as it leaves you in control of the money (if there are any disputes at the end of the tenancy).

Not Issuing The How To Rent Guide

Two weeks ago the Government’s How To Rent Guide was updated and new tenancies must be issued with this. Failure to provide this will also invalidate a Section 21 notice and you will need to evidence that this was served to the tenant. If emailing, make sure you have got consent from the tenant to issue this via email.

Not Conducting An Inventory

If a tenant moves out and damages the carpets or decor and you attempt to claim compensation from your registered deposit how are you going to prove the damage without an inventory? This will be the first thing a deposit company or judge will ask for. Without one you are likely to lose. There are apps you can download and do yourself but there are plenty of independent inventory clerks who will carry one out for £60-90.

Not Inspecting A Property

It’s easy to let sleeping dogs lie. Especially if the sleeping dog is paying rent by standing order. However, to ensure you don’t have problems at the end of the tenancy (wear and tear, unauthorised occupancy etc) it’s best to pop in at least twice a year to make sure all is well. If a tenant decides to move a friend or partner into the house and they do not have the right to work here in the UK then you as the landlord could be prosecuted under the right to rent legislation. Even if you knew nothing about it.

If you’re not doing any of the above I suggest you review your policies immediately. I am still shocked that deposits are not being registered in this day and age. Ignorance is not an excuse and will only anger authorities if you try and go down that route. It’s no wonder more and more landlords are opting to employ a letting agency as good ones are worth their weight in hard-drives full of Bitcoins. Don’t cut corners when building your empire or it may all come crumbling down.

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