A two bedroom terraced house on a popular newbuild estate approx 1 mile from Walsall town centre, WS2. The property has a very nice spec and is ready to go.
There are one double bedroom and one single bedroom. A fully fitted modern kitchen, a fair sized rear garden and off-road parking. It would be better appreciated by a viewing. The location is within easy reach of all the major road networks, services and other amenities lending easy access to Walsall town centre.
During my rounds in Walsall town centre this weekend I bumped into one of our Let Only landlords who I hadn’t seen for a while. I’m going to call her Ally Monie just for the fun of it! We decided to have a catch-up over a coffee inside the new Co-Op on Bridge Street (lovely it was too!!). She told me about the shock and dismay when she recently visited one of her properties after 3 years!
It’s ok, it’s not one of those horror stories that you hear where there was a cannabis factory in the loft, or there were four other people living in the property that shouldn’t have been or worst still the property was deliberately trashed, or is it…
Ally owns a number of properties and used our services to provide our Walsall Tenant Find Only service. She didn’t need an Agent for management, agency fees are money for old rope, and she had plenty of time to manage.
A 2 bedroom terraced house in the Rushall area of Walsall, WS4, currently marketed by Purple Bricks (0121 721 9601). Plenty of photos here showing the property off at its best. The decor is all neutral and does not need anything doing to it from what I can see.
Without an internal viewing it is impossible to assess if anything needs to be done as regards upgrades, but as it stands it looks good to go. You could expect a rental of £550.00 pcm. Therefore, if the property sells at the current asking price will result in a yield of 5.50%.
If you would like an instant online appraisal as to the rental value of your property, please click here.
Honestly I could write a book about this. Time and time again through my agency career I would have landlords calling me, desperate for advice after they’ve placed a “lovely” tenant in their property using a free (or low cost) DIY advertising website. The tenant presented themselves as honest, open, and above all very capable of paying the rent.
But the truth is a different matter. They got into the property by deception, and ended up costing these landlords thousands of pounds in damages, unpaid rent, and above all…the stress. These landlords had to cover the mortgage whilst funding the legal battle. One made very difficult because they weren’t aware of all the legislation surrounding lettings. This could prejudice their position in court. Didn’t serve the Prescribed Information? Didn’t register the deposit within 30 days? That means the tenant could actually sue you for 3 times the deposit amount! And there’s more…
It has been said that some 30% of the PRS is made up of accidental landlords (Source: Landlordnews.co.uk). Here lies the problem. As an accidental, or amateur (not a bad thing!) landlord, it is unlikely that they invest the time to make themselves aware of all the legislation surrounding lettings. There is a lot, but as the saying goes “you don’t know what you don’t know,” so most are blissfully unaware – until it goes wrong, and they can do with disastrous consequences!
As you might imagine…“What’s happening to the Walsall Property Market?” is a question I am asked often & repeatedly. Well, would it be a surprise to hear that my own research suggests that there isn’t just one big Walsall property market – but many small micro-property markets? In the past I have written about the dual speed Walsall property market but now I’m seeing the emergence of three!
For ease, I have named them the…
‘lower’ Walsall Property Market.
‘lower to middle’ Walsall Property Market.
‘middle’ Walsall Property Market.
The ‘lower’ and ‘lower to middle’ sectors of the Walsall property market have been fuelled over the last few years by two sets of buyers. The first set, making up the clear majority of those buyers, are cash rich landlord investors who are throwing themselves into the Walsall property market to take advantage of enticingly low prices and even lower interest rates. The other set of buyers in the ‘lower’and ‘lower to middle’ Walsall property market are the first-time buyers (FTB), although the FTB market is in a state of unparalleled deadlock as it’s been trampled into near-immobility and incapacity by the new 2014 stricter mortgage affordability regulations and also fewer mortgages with low deposits.
Some of you may be interested to know how I have classified the three sectors…
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…