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I'm interested in the investment potential of BTL in Coventry, because of the money currently going into the city (inc the big Ansty Park factory), plus of course the two universities and proximity to Birmingham, etc. I have 100k to invest in a first BTL property and obviously need to do a ton of my own research, attend meetups and go and talk to locals, but would be hugely grateful to hear the thoughts of anyone who knows Coventry and especially the particular areas within it, when it comes to desirability and demand for BTLs.
I know that a lot of new student flats have been built (so HMOs and multi-lets perhaps aren't in great demand), but ideally we would buy a 2/3-bed house. My boyfriend has a history in construction/decorating, so this would hopefully be a house that was a little cheaper that we could renovate.
Massive thanks in advance for any thoughts on this - very grateful to Property Tribes members and I look forward to being able to repay the favour!
Hi Kat,We have a couple of threads on this topic:BTL in high demand at bumper Coventry auctionViability of BTL in Coventry? I don't invest in Coventry so cannot give specific input. However, my view is that, if you buy a solid house in a good street with good transport links and in a good school catchment area, you would be hard pressed to go far wrong. These houses are the "work horses" of the PRS and I doubt they will go out of fashion with tenants.Even better if you can buy one in need of refurbishment and force the appreciation through improvements. This will help build an equity cushion and also help you grow a portfolio faster, should that be your ambition.Hope that helps for starters?
Vanessa Warwick Landlord and Co-Founder of PropertyTribes.com **If you have got value from Property Tribes, find out how you can support it in remaining a free to use community resource**
Thanks very much for the reply and for Property Tribes - such a valuable resource!
I had seen those threads but know how much can change in a short amount of time, and although still useful, the one about the viability of Coventry BTLs was from the end of 2017, so I thought I should try and make connections with people who know the lay of the land right now (particularly in light of new investment in the city and the recent influx of student new-builds).
Agreed re a BTL always being a solid investment, providing you get the area right and are meeting demand. Since unfortunately I can't invest in my local area, I am keen to reach out to Coventry investors to find out more about particular areas at this stage (and intend to follow your sound advice on another thread re getting to know specific areas of a city that's not your own).
Attending property meetups will obviously be really helpful, and if there is any other way you advise to reach out to Coventry investors on here as well, then please let me know -thanks so much.
If your looking at the student market in Coventry, forget it, the Uni has all the students in its own accommodation. A relative did an HMO for students up there for years, now its empty as the students prefer the Uni offering. Do your research thoroughly.
Thanks for this! I had already found the same. Definitely one to steer clear of! Good luck to your relative. Has he/she got any non-student BTLs/plans to convert the property into something that could be used as a family home, or is that not possible? Cheers.
I am from Coventry I have got two btl's I would say the best areas for single let's would be holbrooks , chapelfield , Radford , coundon , tile hill these are a mix of cheaper /mid range areas within Coventry but rent for a good prices.
Stay away from hmo's had a look online spare room 660 rooms to rent 225 people looking so definitely will be hard to fill your rooms but not impossible if it's really good quality.
Need any more information about anything let me know.
Where would you reccomend in those areas?
I am born and bred in Coventry and always stuck to Wkyen, walsgrave, Binley areas as I know them very well.
I've seen house prices in Radford and Holbrooks which always look appealing but never known any of friends/family who have invested in that area.
I also have a couple of HMOs in Coventry purchased five years ago that my brother manages for me. He's also confirmed it's getting harder to let due to all new building going on and also private landlords that have bought and converted to high spec accommodation.
I grew up in Coventry but haven't lived there for 40 odd years but my family is still there so it was a good choice for me as they were willing to assist with the management and the house prices / yield was good back then.
I still like the idea of Coventry as a place to invest and single lets, though not as profitable would make sense. In the areas you mention, what kind of prices are we looking at for 2/3 bedroom houses and what rental can you achieve as single lets and do you use agents to find you tenants ?