After an initial conversation with us, three properties in their preferred area were chosen to look at. All one-beds, all within price budget and in the vicinity of the Town Centre. One, in particular, stood out as being a great option. In fact ,when taking legal and agency fees into account, it could have achieved a yield in excess of 8%, a great investment - on paper.
Due to time restraints, a colleague and I viewed the property on behalf of the landlord. What we found made me reconsider my initial advice and recommendations.
The property only had rear access through an alleyway that did not present well. The surrounding area was also in need of attention and made the property look less desirable.
Inside, the property had been fully refurbished and finished to a high standard. However upon closer inspection we could see signs of unexplained damp.
I had to report back that the property would not necessarily be a good purchase and recommended that the landlord gave it a very careful consideration before making an offer, of any amount.
The lack of care to the surrounding area, which would be beyond landlord control, could put potential decent tenants off, would affect the rental price and may have well lead to long void periods, all of which would affect the return on the investment.
So the moral of the story is, do your homework. Take a good, long, detailed look at any property you may consider buying. Always look at the surrounding area and ask yourself â€œcould I live here?â€. Talk to your agent, he/she should understand the market and be able to offer good advice. Alternatively you can talk to me for complimentary advice on 01793 487760.