If you follow the Walsall Property Market News like I do (not just the residential) then, you will be well versed with past, present and planned future developments. Amongst the proposed £90m transformation of the town centre recently it has been announced that more than 100 jobs will be created by developing a piece of derelict land back into commercial use with a further £6.9m investment.
In recent years we have had the new 24hr Tesco, the Primark development (which was extremely busy on Saturday), The Quarter has just been finished with Poundland and B&M taking up occupation anytime now and there are plans to revamp The Saddlers Centre! So, with all this happening around the commercial side of property “what about residential” I hear you ask…?
Something different this week for my blog reading friends…in recent months I have been asked on several occasions to explain certain terminology that has cropped up during Walsall property transactions or just in conversation. For ease of reference I have gone through the list in alphabetical order; the overwhelming array of acronyms and specialist terminology in simple layperson terms. To save the article from being endless pages I have split this into two parts with part 2 releasing soon – so watch this space! If there is anything I may have missed please feel free to comment or get in touch.
The meaning behind the lingo…
Abandonment – Abandonment is when a tenant leaves the property (usually without notifying the landlord or agent) before the tenancy has ended. Very often this occurs when the tenant owes rent and the tenant may or may not leave possessions in the property. Although the tenant is in the wrong for many reasons, they still have a legal tenancy and can return and demand to take up residence at any time, despite not paying rent. Taking over an abandoned property is fraught with difficulties for the landlord and specialist advice should be sought.
Advance – A mortgage loan – an additional loan is referred to as a further advance.
Adverse Credit – Used to apply to a borrower or application that has past problems with bad credit, for instance frequent late payment, breached arrangement, bankruptcy or County Court Judgement.
An excellent spec throughout with modern kitchen, bathroom, gas central heating and double glazing, however the rear garden will need some attention. Parking facilities are not listed in the description.
The location is ideal for commuting to Cannock town centre. Many other amenities and services are all within a short distance away.
I appraise the pcm at a minimum of £575.00 and if the property sells at the current asking price, this makes a yield of 5.41%.
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.
For more information about other potential investment properties that we could introduce you to, or to ask about our thoughts on your own investment choices, call us now on 01922 311016, you can always email me on email@example.com.
Don’t forget to visit the links below to view back dated deals and Walsall Property News
Following on from last week’s article and my marathon break from the blog – I’ve had some interesting queries around freehold and leasehold property. I have written about this subject in the past (click HERE for the previous article) however, the theme I’ve noticed amongst my blog reading friends requests is…’which one is the more beneficial?’
In total there are 23.36 million properties in England and Wales with 64% being of owner occupied tenure and 36% being rented (includes both the private and social landlords).
Over nine out of ten of those English and Welsh owner-occupied properties are a whole house or bungalow. Now, most people would assume they would be freehold – however, of those renting nearly half of rental properties, 44% to be precise, lived in other leasehold apartments and flats.
Keeping a blog updated can be an exhausting affair so I’ve decided to take a break especially, since the children have holidays. The wedding season is also in full swing (I’m attending two weddings next week!!). I hope to return to the blog towards the end of the month.
In the meantime, why not visit these property related websites to hone your property investor acumen?
Whilst I’m away if there is anything you would like me to pick up on/ discuss/ write about upon my return please send me an email or message me via any of my social media sites. Take care and happy holidays…
“Why should Walsall’s pensioners be forced to downsize? A question I received via social media a couple of weeks ago. The mature member of a Walsall society came across my article I wrote at the start of the year (see article HERE), about Walsall pensioners feeling trapped in their homes.
There are around 24,000 home owning OAP’s in Walsall.
After working hard for a life time and buying a home for themselves and their family, the children have flown the nest and now they are left to rattle around in a big house. Many feel trapped in their large homes, hence I dubbed these Walsall home owning mature members of our society, ‘Generation Trapped’.
So, should we force OAP Walsall homeowners to downsize?
I received a very interesting letter the other day from a Walsall resident. He affirmed he was a Walsall homeowner, retired and mortgage free. In the letter he stated how unaffordable Walsall’s rising property prices were and that he worried how the younger generation of Walsall could ever afford to buy? He went on to ask if it was right for landlords to exploit the inability of others to buy property and if, by purchasing a buy to let property, Walsall landlords are denying the younger generation the ability to, in fact, buy their own home?
Whilst doing my research for my many blog posts on the Walsall Property Market, I know that a third of 25 to 30 year olds still live at home. It’s not surprising then that people are kicking out against buy to let landlords; as they are the gluttonous bad people who are cashing in on a social woe. In fact, most people believe the high increases in Walsall’s (and the rest of the UK’s) house prices arethe very reason owning a home is outside the grasp of these younger would-be property owners.