As a Warrington landlord myself, I thought I would share some of my rules/tips on finding the right investment property for you in Warrington and its surrounding areas.
Rule 1 - LOCATION.
My number 1 rule is invest in a town you know.
What better town to invest in than the town you grew up in? Now you will know
which areas are high in renters and which areas are high in home owners. You will
know where the schools are, local shops and most importantly the commuter
links.
Think about the sort of tenant you want to attract – if you
are looking for professional tenants then you will need to look at properties
which are close to bus/train stations in Warrington. The properties you tend to
get close to the town centre are flats. If
you are a regular reader you will know I am not a fan of Flats as an investment
strategy for many reasons!
If you are looking to attract families then you may want to
look at property that’s away from the hectic town life with noise and traffic
etc and find somewhere which is close to shops, schools and parks.
Warrington offers plenty of areas suitable for both, you
have areas such as Padgate, Orford, Latchford to name a few and these locations
are all great for rentals both Families and Professionals as town is not too
far away but far enough from all the hustle and bustle.
Rule 2 - motivated sellers
Im not sure what you think of
when you hear motivated seller but what pops into my mind is someone who will
take a very low price for a quick sale. When I say low I mean anywhere between
10%-30% below market value. Finding
these motivated sellers is not easy, you can start by looking at how long a
property has been on the market. Usually November seems to be a good time to
negotiate the price down on a property as people want to be out and in their
new home for Christmas. Another motivated seller is usually someone who has
inherited the property.
Rule 3 – The figures.
So we have established the sort of tenant you want, you now have the
location and a list of motivated sellers. Now you need to make sure all this
stacks up financially. At the end of the day you are in this to make money
rather than breaking even or being in a loss. Make sure you do plenty of
research on the sorts of rents your potential investment property can achieve –
my advice is to give my team a call and pick our brains. We are local to
Warrington and we are Warrington Landlords. Me and my team will be able to give
you accurate numbers of the rents you can achieve in and around
Warrington. You will also need to set a
buffer aside for unexpected expenses, usually this is general maintenance but
we have had the odd boiler needing replacing which requires forward thinking.
From my experience with my own properties and properties I manage
is when undertaking work. Often other issues arise which need sorting out and
this will always add more time to the job and it usually means you will go over
budget. But if you do it correctly then
you will have a sound solid investment.
Rule 4 – Not a get rich quick
The Warrington property
market has gone up and down in the last 10 years and it’s very difficult to
predict what the changes will be and if the prices will change. As a Landlord in Warrington, think about the
long goal. Use this as a plan for the future and the short term ups and downs
will not affect you as much.
Rule 5 – Understand your market.
This is similar to Rule 1
(location) however you can never do to much research, ring other landlords from
Warrington, speak to several local agents. The independent agents can make
instant decisions there and then as the owner of the business tends to be close
by (you will always find me in the office). They are more likely to sit down
and give you their time, even if it means they get no business from it they
just love to talk all things property.
There you have it, my 5 top tips to investing in Warrington.
If you are a seasoned landlord or you are just looking to start me and my team
are always happy to chat about your goals and plans. We can point you in the
right direction and even accompany you
on viewings so you have a second opinion.
If you find yourself passing our office then pop in (the
kettle is always boiling). We have plenty of free parking available and I’ll
even get the ‘posh’ biscuits out.
Our office address is based at 6, Bankside, Crosfield Street, WA1 1UP. Many of my blog readers also email me with RightMove , Zoopla or On The Market links to look at and offer a second opinion so if that’s more convenient my email address is manoj@hamletwarrington.co.uk
Our office address is based at 6, Bankside, Crosfield Street, WA1 1UP. Many of my blog readers also email me with RightMove , Zoopla or On The Market links to look at and offer a second opinion so if that’s more convenient my email address is manoj@hamletwarrington.co.uk
Don't forget to visit the links below to view back dated deals and Warrington Property News.
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