This blog follows the property market in Warrington. You'll find tips, guidance, and analysis that relates specifically to Warrington and you'll also find properties from all the estate agents in the town on here that may make decent investments. I own and operate Hamlet Homes, a Warrington Estate Agent, and if you're thinking of buying a property in Warrington, I'm happy to offer a second opinion, give me a call on 01925 235 338
Monday, 2 November 2015
Check out the Yield and Capital in this Warrington Terrace 9.6%
Good Afternoon readers - I know the deal have not been as frequent however thats about to change, I will be posting 2 deals of the week every week. To start it off take a look at this GEM of a property.
On the market at £50k which is a steal, the location is extremely popular for renters, this is due to a selection of local schools in walking distance from each other, town centre is also a 10 minute stroll.
Anyway let's get to the nitty gritty, as I know the void on a property in this area is very low and you will get the pick of a lot of enquiries.
This is a very big 2 bedroom terraced, not just your usual two up two down. It has two reception rooms and a large kitchen to the rear. What I usually find with these properties are the bathroom tends to be downstairs and right at the back of the house which can put a lot of people off however in this case the bathroom is upstairs, as well as an extra toilet room.
As you can see from the photographs this will need a full refurb - I estimate around £10k-£15k will need to be spent on this, It may need be a case of taking it back to brick and starting again with the electrics and plumbing. So you will be looking closer to the £15k it may even be slightly more.
I believe if this refurb is done correctly then the property will achieve around £525 pcm so if we use the figure of £15k refurb cost then you can achieving a yield of 9.6%
Take a look at another property on the same street which is very similar in terms of size and layout although there bathroom is downstairs. Sold for £120k earlier this year. This shows you that even if you spent a good £20k on getting this property to a high standard not only are you going to achieve great yields you will also achieve good capital growth.
This is a no brainer. Give the agents a call and arrange a viewing. Remember im always here to share my knowledge, if you would like me to pop along on the viewings to do my own pricing on what i think needs doing and what i think it will cost then feel free to give me a call on 01925 235 338 or drop me an email on manoj@hamletwarrington.co.uk sometimes an extra set of eyes will spot something you may have missed. I will always give you my honest opinion whether thats good news or bad news.
No comments:
Post a Comment