Over the weekend I was having a good clear out in the attic when I spotted my first monopoly board game, it’s the original one, unlike these fancy new ones with card readers and so on. I decided to get the family around and we cracked the old box of monopoly open. I actually forgot how much fun it was and secretly how competitive I am. Yes it’s just a game however I had a game plan (buy everything I land on!).
Having a game plan is key when investing your money in a Warrington property.
All landlords are different in the way they play the property game. Some landlords prefer to accept a modest yield/return on their investment for an increased certainty of finding a quality tenant. Other landlords are interested in high returns, with a greater risk with regards to the quality of the tenant. Before you start playing, it is a good idea to have a game plan.
For a low risk investment, you could buy property in the areas of Appleton, Chapleford village or even Grapphenhall which are perceived as being more desirable, where you may be able to achieve an annual yield of around 4-6%.
Following my article a few weeks ago, if you don’t mind a slightly higher risk of void periods or a more varied quality of tenant, you are likely to be rewarded with a higher annual yield of 6-8%. This level of risk can be typically taken with Victorian terraced houses around Warrington, I am happy to discuss and outline specific areas down to the streets.
If you are after annual yields of 8%+ and over, you could take more of a risk with houses of multiple occupancy (HMO’s) we have plenty of experience with HMO’s I own a few of these myself and they bring in a much higher yield however you have to always remember that tenants moving into HMO’s are not tenants for life and you will have to expect void periods. This blog has tops and strategies to reduce the void periods and to attract potential tenants to your rooms.
If you are thinking of getting into the property rental market and don't know where to start, speak to us for impartial advice and guidance to get the best return on your investment. Pop along and speak to us in person at our offices at 6 Bankside, Crosfield Street, Warrington, WA1 1UP, or email me personally on 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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