How to Find a Great Walsall Buy To Let Property!

How to Find a Great Walsall Buy To Let Property!
How to Find a Great Walsall Buy To Let Property!

One of the best things I love about my job as an agent is helping Walsall landlords with their strategic portfolio management.  Gone are the days of making money by buying any old Walsall property to rent out or sell on.  These days, property investment is both an art and science.  The art is your gut reaction to a property, but with the power of the internet and the way the Walsall property market has gone in the last 10-15 years, science must also play its part on a property’s future viability for investment.

As a property professional I use many metrics (as do others), when deciding the viability of a rental property i.e. the price, the average rent, the yield and one you may not be too familiar with is – an average value per square foot.

However, another metric I like to use is the average rent per square foot.  The reason being is that it’s a great way to judge a property from the point of view of the tenant … what space they get for their money.  Now of course, location plays a huge influencing factor when it comes to rents (and hence rent per square foot).  Like people buying a property, tenants also have that balancing act between better/worse location, more vs. less money and size of accommodation (bigger and more rooms equalling more money) and where they live (location) verses making ends meet.

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Self-Managing a Walsall Property… I Can DO It…!!

Self-Managing a Walsall Property… I Can DO It…!!
Self-Managing a Walsall Property… I Can DO It…!!

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.

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Recovering Possession of a Walsall Property.

Recovering Possession of a Walsall Property
Recovering Possession of a Walsall Property

I am getting more and more enquiries from my blog reading friends on some technical aspects of property management.  In the past I’ve avoided writing about these types of questions on the Blog by answering them directly.  I find writing about the Walsall property market more interesting but people power has to prevail and I feel I must provide the readership what they seek.

There are various reasons why you may need to recover possession of your rental property.  Below is an enquiry I received recently and my answer.  Hope you find it informative and as always I welcome your feedback.  Do let me know if you have any burning questions you would like me to answer in a similar vein and I’ll do my best to accommodate.

Question:

‘Dear Salek,

I rented my property out when I moved into my husband’s house about 6 years ago and we are now going through a divorce.  I need my property back as I need to move in as soon as possible, so I know I will need to evict the current tenants. How do I correctly serve a notice?

Thank you,

Sue.

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Rents in Walsall Set to Rise to £714 pm in Next 5 Years

Rents in Walsall Set to Rise to £714 pm in Next 5 Years
Rents in Walsall Set to Rise to £714 pm in Next 5 Years

A good 18 months has passed since annual rental price inflation in Walsall peaked at 10.7% (June 2016).  Since then we have seen increasingly more humble rent increases to 7.3% in November 2017.  In fact, in certain parts of the Walsall rental market over the autumn, the rental market saw some slight falls in rents.  So, could this be the earliest indication that the trend of high rent increases seen over the last few years, may now be starting to buck that trend?

Well, possibly in the short term, but in the coming few years, it is my opinion Walsall rents will regain their upward trend and continue to increase as demand for Walsall rental property will outstrip supply, and this is why…

The way I see it is this…the counterbalance to that improved rental growth would be to meaningfully increase rental stock (i.e. the number of rental properties in Walsall).  However, because of the Government’s new taxes on landlords being introduced between 2017 and 2021, that means buy-to-let has (and will) be less attractive in the short term for certain types of landlords resulting in fewer new properties being purchased to rent out.

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Walsall Property Market Predictions 2018!

Walsall Property Market Predictions 2018!
Walsall Property Market Predictions 2018!

A belated Happy New Year to all my Blog reading friends!!  Trust the holiday season has treated you all well.  Now that you are rested, relaxed and rejuvenated I’m sure you have gotten into the full swing of things with vigour and enthusiasm.  We’re already passed the middle of January 2018 and finally I feel like the dust has settled allowing me the opportunity to catch my breath to reflect on the past year.

Wasn’t 2017 eventful?!  Last year was the greenest year in the UK.  We broke all previous records by June 2017 when our use of wind, nuclear and solar power created more UK power than gas and coal combined.  From England women winning the World Cup in July to an incredible breakthrough by scientists at University College London who have developed a drug that they hope could stop Huntington’s disease.  To top the end of the year there was the Royal love story with the announcement of romance, a wedding between Prince Harry and Megan Markle and something close to the hearts of every buy to let landlord and homeowner in Walsall… the changes in the local property market.

So, let’s look at the headlines for the Walsall property market in 2017…

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WALSALL LANDLORDS – THREE THINGS I’ll be doing over Christmas 2017!!

WALSALL LANDLORDS - THREE THINGS I’LL BE DOING OVER CHRISTMAS
WALSALL LANDLORDS – THREE THINGS I’LL BE DOING OVER CHRISTMAS 2017

My Blog reading friends and existing clients will know that at some point over the Christmas break I get fed up of all the eating, drinking and partying.  “Bah! Humbug!” I hear you say…but in reality I think it’s simply that as a busy business owner, my mind and body can’t take the change in pace from mad and hectic to practically a vegetative like state.

So it’s usually around this time of the year, when I hit that point and I need to re-engage my brain, this is what I plan to do…

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Today’s Buy To Let Deal Is A Winner, Winner Chicken Dinner!

Leading on from my last BTL deal, I came across another similar property on Tamebridge on Harebell Close this time. Namely, a two bedroom terraced house, WS5. The full details here.

The marketed value is for offers around £124950k. Now, if the stats on the listing are correct, the last sale of the property on 22/08/2017 was £90k. Therefore, this means in just under 4 months, the property has increased in value by almost £35k! Now that’s some mad capital growth in such a short space of time!

Again, I don’t see this property selling at the asking price. Seems to me the seller bought it at a bargain price and is now trying to capitalise quickly, but as to whether it is worth the asking price, I don’t think it is. The spec is absolutely what you would expect from a property on Tamebridge and there is nothing out of the ordinary nor unique that would set it apart from other similar properties on the estate

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