Wednesday, 29 October 2014

Is a 9% Yield up Whitehall in Darwen a good deal? Too right it is!

I'm always getting asked by people which are the best areas in Darwen? So, to someone who has lived in Darwen all of their life, this is a dead easy question for me to answer.

Which are the best areas in Darwen?
The answer is simple, the 3 best areas in Darwen are Whitehall, Sunnyhurst and Boldventure, which is where the 3 parks are. Now don't get me wrong, there are other nice areas too, but you will find these are not so far from the parks either.

So when landlords come to me and ask I am struggling to find properties to buy at the 'right money' in these areas, I tend to agree they aren't that easy to find.

Sunnyhurst or Whitehall?
Anyway, I was having a chat with a local landlord on Monday this week, he's looking for another property to buy and it was a toss up between a nice 3 bedder up Sunnyhurst at 90k (which I always think is an awful lot to spend in a renter round here) and another up Whitehall. So I offered to look at them both online to see which I thought was the better one for him to make an offer on.

He's the sort of landlord who is very clear on his requirements and what he wants to achieve with his property business, which is always good, and I could tell he always favours Sunnyhurst because he has other up there, (an he lives up there too).

Sunnyhurst wins
So after a happy chat I could tell his mind was set on the one up Sunnyhurst and I think he just wanted my comments to affirm his thinking. After our chat he made an offer on the one he preferred, so I'm looking forward to finding him a nice tenant for that one.

But I thought I'd just show you the other one up Whitehall he was considering....

3 Bedroom house, Whitehall Darwen

Now this one has been on the market for a while, in fact since 6th February 2014. I haven't checked, but it could have been on with another agent before that.

The asking price isn't too bad for what it is, but the face it hasn't sold in this amount of time tells me it's too much money, and looking at the internal shots taken by the agent, it's clear that a few bob needs to be spent just to bring it upto standard (have a look at it yourself and I'm sure you'll see what I mean).

Anyway, after a minor spend on the right things, I'm confident we could get a nice £550 per month on this little baby, which would mean a potential yield of 9%. Now that kind of yield up Whitehall is good!

If you see some properties you're thinking of buying and just need that extra input why not give me a call or bob down to see me at the office on Market Street in Darwen? Happy to chat about it over a brew (we only do nice coffee).

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