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I am interested in a property as a buy to let that is about half a mile from my town center not far from the back of a train station.
Its going through probate apparently, its a 2 bed, with a box room that could probably be another bedroom. It looks in good condition with no major issues.
The negatives is it has no off road parking and down a fairly narrow street, it also only has a small courtyard at the rear, no central heating installed, no dining room and needs totally renovating. Also looks like the neighbour has cheekly put his satellite dish on the wall after rendering his own house!
I am thinking renovation would be around 9K, but no expert in this!
It's going at a reasonable price at £88K when similar houses have sold for around £100-115k in the last 3 years, hopefully i could get it a couple of grand cheaper, and rent it out for the next ten years or so. And its below my budget so I would have a small fund left over towards the next project hopefully in a year or two.
Agent rekons it would achieve between £500-£550 pm.
I am just wondering if having no parking and no rear garden is a big drawback for rental to families or others and could be hard to rent out, and what do the tribes think of the deal.
Make sure there is rental demand in the area. I would ask the agent for a list of completed lettings for similar properties over the last 3 months in the area.
Hi Aaron,I think it is a problem. Most tenants will have a car and want somewhere safe to park it. If you are renting to a family, they may also want a back garden for kiddies to play in.There is also the issue of when you come to sell - it will be a major drawback selling the property to an owner-occupier.It would be prudent to visit the street at different times of the day and night and see what the street parking is like, and if there are permits required etc.There is nothing more off-putting than not being able to park close to your home, particularly if you have children and also when you have been shopping or have to lug other items from your car to the house.On balance, I would not buy it because of trying to sell it with no parking. It will always be a stigma imho, and may vastly reduce the pool of tenants you can rent it to as a significant number of them will want to be able to park their car safely at the property and be guaranteed a parking space when they get home from work. It will also affect the level of rent you can charge, so it needs careful consideration.As mentioned above, phone a few local lettings agents and ask their thoughts on this matter. Let us know what they say.
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**
I thought it might be an issue, there in no permits but i had problems parking outside the house on viewing the property as other cars were there and had to park a few doors down. I just hoped maybe there was a market for people without cars and being close to town center would help the issue, guess it would be a very limited market. Thanks.
I currently rent out three properties close to my town centre, one has two parking spots no garden, another has a small garden and small courtyard no parking and the final one has a decent size rear garden and no parking. I don't have any issues renting these properties out, whenever I get a void I have a new tenant selected and ready to go within a month.But it all depends on your particular town and rental demand for that area.
Are you worried about the values not increasing much in years to come, if you are going to sell on.
I think you are trying hard to convince yourself about this house's suitability when you are clearly unsure. You have answered it yourself.