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: The Ivies, Newark, Nottinghamshire
Type: 2 Bed Semi-Detached
Asking Price: £135,000
Estate Agent: Alasdair Morrison
Condition: Ready to Rent
Rent Range: £550-600pcm
Yield: 5.33
Comments: Rare opportunity for stunning 2 bed home with double rooms and lovely kitchen in a desirable area of Farndon, ideal for a commuting professional couple with the A46 close by; perfect ready to rent first time investment.

Address: 37 Emmendingen Avenue, Newark, NG24 2FX
Type: 4 Bed End of Terrace
Asking Price: £145,950
Estate Agent: Haart
Condition: Ready to Rent
Rent Range: £645-695pcm
Yield: 5.71
Comments: Last sold in 2012 for £112,000 in the exact same condition, although it’s more like a 3 bed and box room, the size and decor still makes it appealing to families and it’s ideally located between the A1/A46 and the town centre.

Address: Hazel Grove, Balderton, NG24 3BQ
Type: 2 Bed Semi-Detached
Asking Price: £125,000
Estate Agent: Jon Brambles
Condition: Some Modernisation Required
Rent Range: £550-600pcm (once renovated)
Yield: 5.76%
Comments: Located in the popular lakeside development, one for an investor that fancies a fixer upper, the cupboard doors need changing in the kitchen, the awful fitted wardrobes have to go and who knows what surprise lies in the bathroom!

Buttercross Best Buy
Address: 39 Apple Tree Close, Newark, NG24 2FA
Type: 2 Bed Second Floor Apartment
Asking Price: £87,000
Estate Agent: Now Homes
Condition: Ready to Rent
Rent Range: £475-525pcm
Yield: 7.24
Comments: A perfect first time investment, great yield, minimal maintenance and a reasonable asking price. Ideal for tenants working on the industrial estate, town centre and KnowHow with added bonus of allocated parking for those who commute.

Address: Grove Street, Balderton, Newark, NG24 3AS
Type: 3 Bed Mid-Terrace
Asking Price: £125,000
Estate Agent: Haart
Condition: Ready to Rent
Rent Range: £500-550pcm
Yield: 5.25%
Comments: Good for schools and the A1 although the lack of parking may put tenants off; the last two 3 bedroom houses on Grove St sold for £110,000 and £112,000 in the same condition, why is this £125,000?

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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Investment Property Of The Week….

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Here’s my investment property of the week in NG24 for less than £150,000

Address: 18 Newton Street, Newark, NG24 1SX
Type: 3 Bedroom Mid Terrace House
Asking Price: Offers in the Region of £125,000
Estate Agent: Richard Watkinson & Partners
Condition: Refurbishment Required
Rent Range: £575-625pcm (once completed)
Yield: 6%

This property will be ideal for couples or families alike due to the fantastic location for town centre, both train stations and it’s just 5 minutes walk from the OFSTED outstanding and oversubscribed Barnby Road Academy School. A great thing to bare in mind is that families with young children will aim to enroll their little ones at Barnby Road School meaning that they are likely to stay at the property until they leave when they’re 11 years old.

In the last 3 years, 4 properties have been sold on this street ranging from £120,000 to £226,000 but only one was a terrace which sold for £120,00 in a similar condition to this property in December 2016.

The house has good sized rooms throughout with an upstairs bathroom and an additional shower room downstairs, the kitchen appears to require nothing but a good clean and the bathroom ceiling just needs a repaint along with a replacement shower as the tiles and suite don’t appear to be that old. As for the rest of the house, certainly all the carpets need to be replaced and those rooms with wood flooring either need carpet laying or painting/varnishing as they all look tatty and worn. The bedrooms definitely need a lick of paint or a wallpapered feature wall or two for a bit of colour and the peeling ceiling in Bedroom 3 needs some TLC!

This will appeal most types tenants once it’s been refurbished however i think there is movement in that price and of course, whatever you can save when buying the property you can put towards refurbishing it, £115,000 instead of £125,000 will push you to 6.5% yield…

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.

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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: 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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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: 10 Clarke Avenue, Newark, NG24 4NY
Type: 3 Bedroom semi-detached
Asking Price: £140,000
Estate Agent: Richard Watkinson
Condition: Ready to rent
Rent Range: £600-650pcm
Yield: 5.57%
Comments: Recently renovated to a very good standard and a new ground floor extension added to the rear, it’s quite obvious they’ve spent a lot of money on the property; Whether it justifies the price considering Number 39 was sold in August for £110,000 it is up to you to decide.

Address: Parsons Close, Fernwood, Newark, NG24 3UX
Type: 1 Bedroom quarter house
Asking Price: £92,000
Estate Agent: Martin and Co
Condition: Ready to rent
Rent Range: £375-425pcm
Yield: 5.54%
Comments: Located on the popular Fernwood development with allocated parking, this size property would be ideal for a couple however without any photos it’s impossible to know what it’s like inside!

Address: 55 Appleton Gate, Newark, NG24 1LN
Type: 2 Bedroom end terrace
Asking Price: £120,000
Estate Agent: Jon Brambles
Condition: Ready to rent – apart from the kitchen!
Rent Range: £525-550pcm
Yield: 5.5%
Comments: Good location for the train station and town centre, the property is neutrally decorated until you get to the kitchen which has different colour cupboards, tiles and splash back that i know i wouldn’t want.

Buttercross Best Buy
Address: 120 Winthorpe Road, Newark, NG24 2AX
Type: 3 Bedroom semi-detached
Asking Price: £139,950
Estate Agent: JHW Home
Condition: Ready to rent
Rent Range: £625-675pcm
Yield: 5.78%
Comments: Properties like this one on the street don’t appear on the market very often, it’s in a great location for the A1/A46 and would suit most types of tenant, however the shower unit could do with coming out of the bathroom and replacing it with a bath and an overhead shower as it will appeal to more tenants.

Address: 103 Elizabeth Road, Newark, Nottinghamshire, NG24 4NR
Type: 3 Bedroom semi detached
Asking Price: £134,950
Estate Agent: Newton Fallowell
Condition: Ready to rent
Rent Range: £625-675pcm
Yield: 6%
Comments: The owners have clearly spent a lot of money on the property, it was bought 2 years for £37k less than the current asking price so it looks like there hard work has paid off. Great property for a family with plenty of living space and a large enclosed rear garden.

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… 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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Two Bed Boom

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Terraced Houses

Since the start of this new year, we have had a rush of people looking for a 2 bed property to rent.

For a long time a 2 bed house, particularly a terrace, has been a popular choice for investors. This trend continues & shows that such properties are still top on the favourites lists for tenants too.

When we do our Eyes On… property of the week blog, we often showcase 2 bed terraced houses and there is a reason for this.
Certainly in the Newark area, a 2 bed terrace is a widely available type of property. They offer ideal living accommodation across the board from singles, couples, families & those enjoying retirement.

Typically, a 2 bed terraced property in Newark can reach between a 5% and 6.5% yield, making it a good, reliable investment.

If you have a 2 bed property in the Newark area or are looking to invest in such a property, please get in touch. We are seeing a big demand for these!

Here are a few links to some investment opportunities on the market today.

Hatton Gardens, Newark

Sleaford Road, Newark

Stanley Street, Newark

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

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Eyes On… Lime Grove, Newark

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Lime Grove

This week we are talking about this 2 bedroom terraced house on Lime Grove, Newark.

It is not very often a great renovation project like this is available in the centre of Newark.
Look at the house to the right and you can visualise what it could become.

The green paint must go.

The photos are quite fascinating, this house is seemingly preserved in a bygone era and you can imagine that is how the house has looked for many decades. A very basic kitchen with hob & sink, the furniture and simplicity of living.

Looking past that to bring it up to modern day living you could certainly put your own stamp on it.

The good news is that the bathroom is upstairs which can sometimes be a pitfall with these terraced properties. That will certainly save some money.

There is the potential to extend & possibly a few walls to knock through so there is definitely scope to add value which makes this property an ideal investment as a buy to let or to flip.

To say the garden (which is apparently planted with shrubs) looks overgrown is an understatement but I am sure that somewhere under there is a patio crying out for a table & chairs.

This property is on the market for £99,950

A lower offer may well be accepted as a derelict property a few doors down recently sold for £88,000

A 2 bed on the same street recently sold for £120,000 giving an indication of prices once renovated.

Once renovated you could expect this property to rent out for £500 per month giving a yield of 6%.

The 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… Albert Street, Newark

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Albert Street

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

From the front the house looks as though it may have been a shop due to the large front window.
The internal photos give a pretty good first impression.
The first 2 shots include rather snug & cozy looking rooms with brick fireplaces. In the thick of winter this is certainly appealing.

The main bedroom looks great but am I right in thinking the second bedroom IS the landing….?
Could this be the perfect spot for the Mother in Law?

There are no photos of the kitchen or the bathroom, I presume both are present but with a landing classed as a bedroom, who knows.

The garden looks to be particularly low maintenance & ideal for hanging baskets.

Is this one to invest in or one to avoid? Might be worth having a look round to answer some questions.

Albert Street is very close to the town centre on foot & may suit a young couple, perhaps young professionals.

This is on the market for £105,000
Interestingly this property has seen some impressive growth over the last few years.
In September 2011 it sold for £44,000 and then in November 2013 sold for £72,000, an increase of 63%.

Typically this type of property would rent for £495 per month
Potential yield of 5.65%
Typically a landing classed as a bedroom could put some people off.

The Estate Agent is Now Homes 01636 858311

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Double your returns in Newark On Trent

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The potential returns for an investment into 2 and 3 bedroom houses in Newark on Trent.

Example 1

Bottom Row, Newark

Having come onto the market at the end of March, this 2 bedroom middle terrace is on the market for £74,950. There has only been 1 sale in the past 4 years on the street which is a good indication that people may like it there. This last sale however was for just £66,750. Having just let a 2 bedroom terrace recently we know there is a lot of demand in the area as it went within a week of being advertised. Therefore you would expect to achieve around £485 pcm for the property.

Lets see how this looks as a potential investment…

£69,000 – Purchase Price
£17,250 – Deposit (25% of purchase price)
£1,200 – Legal Fees
£18,450 – Total Capital Invested

£5,820 – Annual Rent
Less Costs;
£1,548 – Annual Mortgage payments (Assuming 3% mortgage interest only)
£1,164 – Management & Maintenance Costs (Assuming 20% of the annual rent)
£3,108 – Annual Cashflow

16.85% – Return on Capital Invested

That only takes into account the return from cashflow. When you look at the historic capital growth, you will see that properties on this street have approximately doubled in value over the past 15 years.

Example 2

Bailey Road Newark

This 3 bedroom semi detached house is new to the market, priced at £115,000. Bailey Road has always been popular in the letting market. 3 Bed houses are popular with small/young families. We would expect to achieve around £550 pcm for this property given it looks well maintained.

Lets see how this looks as a potential investment…

£110,000 – Purchase Price
£27,500 – Deposit (25% of purchase price)
£1,200 – Legal Fees
£28,700 – Total Capital Invested

£6,600 – Annual Rent
Less Costs;
£2,475 – Annual Mortgage payments (Assuming 3% mortgage interest only)
£1,320 – Management & Maintenance Costs (Assuming 20% of the annual rent)
£2,805 – Annual Cashflow

9.77% – Return on Capital Invested

When you look at the historic capital growth for this 3 bedroom terrace, you will see that properties on this street have increased by around 50% over the past 13 years.

In summary you could potentially get almost almost double the return on a 2 bed house compared with a 3 bed. There are some cheaper 3 bedroom properties available on the market including a repossession for £90,000 but you’ll need to be quick as there is an offer on the table at the moment.

If you are looking to invest in Newark On Trent or the surrounding areas and unsure where to put your money then get in touch to formulate your strategy.

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