Nice Refurb Opportunity Lynwood Avenue, Darwen. £15k for a couple of months work? Not bad!

I'm always being asked for refurb deals, and to bag nice deals it's not always easy as they tend to get snapped up pretty quick.

But just scouting round on Rightmove and Zoopla this morning I noticed a decentish property that looks as though it could well be a nice little earner. Its not gonna make you rich overnight but it looks to me like one worth picking up to keep you refurbers busy for the next couple of months......

It's up with two Darwen Estate Agents - YourMove Darwen and Ainsworth Lord Estates. It's been on the market since middle of October which is over a month now, and not snapped up... so it needs a good looking at with a critical eye cos something that's been on for a over a month and not sold may have issues?

Reduced by £10k
Then just looking at it again, I notice it's been reduced from its original asking price of £75k... so its been dropped twice - £5k each time to £65k- that could well explain why its not gone yet mmmmmm?

Here's the baby....

and here's the link..
Potential Refurb Deal on Lynwood Ave Darwen

So what would it be worth when its been refurbed to a 'good' standard? Well I asked Deborah our sales director who is one of the agents selling it and she reckons with a nice refurb job done on it it's worth around the £100k mark. But she also stressed it neds to be a nice job, not a cheap job!

£10-£15k for a couple of months work? 
So I reckon a fat £20k spend on it should do the job. Given it's been dropped form £75k to £65k with a £20k spend will mean it stands you at around £85k. So if Debs got £99k for it you woud walk away with between £10-£15k profit. Not bad for a couple of months work (tax free if you box clever)?

So go have a look and make the offer, see if you can get it for £65 or thereabouts. I should imagine with the price reduction the interest levels have spiked a bit. Certainly don't go over £70k as the risk becomes a bit too fine, and I always say refurb deals aren't worth bothering with if you can't clear £10k min.

Remember if you see anything worth looking at drop me an eamil or call in to my office on Market St in Darwen. Always happy to chat and offer a second opinion. Debs will usually be around to offer her advice too. my email is paul@ainsworthlordestates.com
Happy hunting!

7% Yield in Lower Darwen, is that good enough? You could do better....

I love Lower Darwen, it's one of those areas where you can't go wrong as a landlord, or can you?

Perfect Location
It's a nice little place just in-between Darwen and Blackburn, close to some good schools and more importantly smack bang between two motorway junctions - 4 and 5 of the M65, plus loads of other attractive attributes of potential renters.


10% Yield Minimum
To date, every property we have on our books delivers over 10% yield for my landlords, and some give double that! but that's for another day.

Deal or No Deal?
Anyway, Ive just come across a little cottage that's being advertised by two estate agents in Darwen, which in itself raises questions in my head.... why would someone have 2 agents marketing the same property at the same time? It's probably the worst thing you could do as a seller, because this does nothing at all to motivate either agent. It goes right to the bottom of their list! Plus it will giv out the wrong signal to buyers, which is the seller is desperate to get rid. So assuming the latter is correct my ears prick up because we have a potential deal on the horizon, or do we?

Deal or no deal for us Landlords?

http://www.zoopla.co.uk/for-sale/details/35179591#VjWbejD77Smbgy4r.97


Let's look closer...
As I mentioned earlier, all my Lower Darwen stock delivers 10% or more. So what's wrong with this one? Well, I think we'd struggle getting above 7% on this one, for a variety of reasons, unless we can get a cheeky offer accepted.

I personally think it's too much money at £72,500, after-all you only need to look at what's available on Rightmove or Zoopla for that kind of money to see for yourself.

Always be mindful of your exit before you buy
Given where this cottage is situated, which is on a very busy road, with narrow footpath and difficulty parking, that's why I think I'd struggle to deliver above a 7% yield on this little baby, assuming we paid the asking price. Even then, as I always say to all my Landlords, we must always consider the exit on a property before you buy, and selling this in the future could well be a challenge. So worth keeping an eye on how the two agents selling this one perform?

Low voids & happy with 7%?
On the upside, whilst it might be in a tricky spot, if you're happy with 7% then it's worth a look, the demand in Lower Darwen is such that it should be full all the time with very few void periods.

Go on, make a cheeky offer, but don't tell them I sent you though ;-)

If you see anything else in Lower Darwen, why not send me the Rightmove link to paul@ainsworthlordestates.com and I'll let you know my thoughts. Or bob into my office in Darwen town centre.

Lower Darwen, 10% Yield on a 1 bed cottage. No brainer

I've said it before, that's cos it's true... I love Lower Darwen. It's great Landlord investment territory. The location ticks so many boxes and demand is so strong, which in turn means we can always get the best yields on decent stock.

Check out this little baby that Debs at our office has just sold from one Landlord to another.

The reason the previous owner decided to sell is quite simple and pretty common. He bought it as a refub property, did it up to a nice standard. We then rented it out within a matter of hours from when we put it on the market for a nice decent rent of £100 per week. The plan was to rent it for a year or two and then sell it so he could do another refub job and buy something closer to where he lived.


Anyway, Debs put it on the market at £55k (a sensible price) and it sold nice and easy to another newbie landlord. A great addition to any portfolio. Nice yield too. (Petty much 10%)

Take a look at it...

Lower Darwen great Landlord Investor territory

http://www.zoopla.co.uk/for-sale/details/33997589#mmAeeoozwEZ95DdV.97


If you are thinking of buying in Lower Darwen why not send me the details and I'll give you my thoughts? Better still, why not call in for a coffee (we only do nice coffee) and a chat. You know where I am... Ainsworth Lord Estates on Market Street in Darwen town centre, opposite the Darwen Your Move office. I'm in most days.
If you want to drop me an email, send it to paul@ainsworthlordestates.com I'll drop you a reply - no probs!

Property Values Rise by £55 per Week in Darwen Paul Ainsworth Lord explains..

Last week, a landlord who lives in the Sunnyhurst area of Darwen came into our office to discuss the rising property values in our part of Lancashire.  He owns a varied portfolio of rental properties, primarily in Darwen, Accrington and Blackburn, so it was interesting to compare the increase in property values around the area. 

Prices up £55 per week in Darwen

Over the last 12 months in Darwen, the average property value has risen from £108,700 to £111,600, a rise of £2,900 or £55 per week.  When I looked at some of the other surrounding areas, average property values in Blackburn have risen from £125,800 to £130,100, a rise of £4,300 or £82 per week.  However, Accrington property values had risen impressively from £99,200 to £107,000, a rise of £7,800 or £150 per week.  This means that values in Darwen have risen by 2.6% over the last 12 months, in Blackburn 3.4% and in Accrington a very impressive 7.8%. Therefore on the face of it, Accrington is surely the best place to invest in buy to let?

Darwen

As a landlord, one must consider the medium to long-term when it comes to property values together with additional factors like yields and void periods.  In future articles I will discuss those matters in greater detail.  However, looking at property values over the last three years, the tables have turned.  In Accrington even with the recent impressive increases in property values, property prices here are only 2.6% higher than they were three years ago, whilst in Blackburn they are only 1.72% higher but our town of Darwen is an impressive 7.9% higher than three years ago.  The research I have carried out enables me to give landlords the best advice on what to buy (or not) in either Darwen, Accrington or Blackburn.

When considering a landlord’s buy to let portfolio yields in Darwen can be in the order of 5%-10% per year, depending upon where you buy, so combine that with steady rental growth, excellent increases in capital values of the property itself and it could be a good time to invest in the Darwen property market as values begin to increase.

If you would like some advice about buying to let, be you a landlord with an existing portfolio or someone thinking of investing in the rental market for the first time, please come and see me at our office on Market Street in Darwen.