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  • Buy-to-Let

    Good spec. house - not so good location

    Hello,

    Any views on good spec house but not so good location?

    How much should one weigh the location against the house within? The area is off main road near facilities but considered dodgy.

    How does one peg one's price based on that?

    Rekha

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    Don’t do it!


    the spec can be changed, a dodgy location will probably stay dodgy, and good tenants will avoid it no matter how nice it is inside

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    Thanks Gary...

    I have someone who is in the business of short lets and not really bothered about area as long as it is within 2 miles to city centre.

    He is happy to give me a good rent guarantee pcm.

    So considering that, how much can I offer? Asking price is 170k.

    Fourth bedroom is 18ftx5'9"!

    Rekha

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    If you go on this forum for advice, you should then pay attention to the advice you are given.

    dont do it !,,

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    Yes you are right. Advice on this forum has been really helpful.

    Rekha

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    Vendor pricing expectation is hard to overcome sometimes when they think their interior is the bees knees

    I can pick up plaster, paint,  a kitchen and a bath and move it in and around to add value

    But try as I might i cannot pick up a whole house and move it elsewhere even if the land registry would let me

    So choose 3 out of the 4

    Good location grotty condition - yes

    Good location good condition - yes

    Grotty location grotty condition - yes

    Grotty location good condition - no

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    Jonathan Clarke. http://www.buytoletmk.com

    Thanks Jonathan..

    So the house is well done up..

    The location is good as in 2 miles from city centre..Area has its dodgy aspect but HS2 is coming soon.

    Rekha

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    There's an old saying. Buy the worst house in the best road. Therefor the reverse applies.

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    I am more concerned about your friend offering you a "guaranteed rent"!

    I cannot believe anyone would consider buying a substantial asset on this basis.

    How long has your friend been in business?  What is his track record?  How is he able to guarantee the rent?  What do his financials look like on Companies House?  What happens to the asset you bought on someone else's hearsay if that person goes bust?

    "Taking someone's word for something" is one of the most risky things an investor could ever do imho.

    I would re-think your whole approach to this to avoid potential financial loss.

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    Yes true..

    I agree with what you say..I am working my financials out on the basis of the conservative rent offered by the lettings agent.

    Many thanks

    Rekha

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