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  • Property-a-holics

    Would you buy the..worst house on best street or best house on worst street?

    (02-06-2014 02:31 PM)Jonathan Clarke Wrote:  
    (02-06-2014 12:29 PM)john_corey Wrote:  Worst on the worst street can mean the worst tenants. Who wants to live on the worst street? Most likely only people who have been rejected from better locations.

    Why waste the time. Life is short. Focus on decent or better streets.

    Common mistake John if you dont understand the LHA market.

    Jonathan,

    Where I live in the North West there are roads that even a LHA tenant will deem of living in! As I understand it, large areas of the North East have the same problem.

    In MK you have more LHA tenants then landlords that will take them, that is not true in all areas.
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    (02-06-2014 03:16 PM)ian2128038772 Wrote:  
    (02-06-2014 02:31 PM)Jonathan Clarke Wrote:  
    (02-06-2014 12:29 PM)john_corey Wrote:  Worst on the worst street can mean the worst tenants. Who wants to live on the worst street? Most likely only people who have been rejected from better locations.

    Why waste the time. Life is short. Focus on decent or better streets.

    Common mistake John if you dont understand the LHA market.

    Jonathan,

    Where I live in the North West there are roads that even a LHA tenant will deem of living in! As I understand it, large areas of the North East have the same problem.

    In MK you have more LHA tenants then landlords that will take them, that is not true in all areas.

    Fair point Ian i had a bit of tunnel vison thinking just about my own patch .

    Maybe i should though redefine my comment.

    .. ..`if you dont understand the LHA market in the area you invest in`

    In MK the worst streets with the worst houses have LHA tenants in. Demand is high But everything has a price. LHA rates covers a big geographical area so I find myself wanting a house to not tick all the traditional boxes that are deemed desirable. It goes against the grain of course I agree but I still see sometimes too much emotion attached to the decision to invest in an inanimate object.

    I see cash flow hungry investors pay 10 - 20K or so more for a property with exactly the same yield. This I find sometimes perplexing as by doing that they cannot always achieve their target income to enable them to leave their day job in the timescale they set themselves.

    If they say they want to achieve say 3K pcm within 5 years I can show them a way maybe. But if they decline to invest in a low market estates I have to say that because of that decision they better delay their own works leaving party by maybe another further 3 years.
    That makes them think hard about what they really want

    If they really hate their job then some bite the bullet.
    Others are happy to take the slower route
    .


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


    JC,

    Ian nail the point I was trying to make.

    I can understand how there could be places like MK where the worst street is still OK rather than a war zone.
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    John Corey 


    I host the London Real Estate Meet on the 2nd Tuesday of every month. 11 years and running. If you have never been before, email me for the 'new visitor' link.

    PropertyFortress.com/Events

    Also happy to chat on the phone. Pay It Forward; my way of giving back through sharing. Click on the link: PropertyFortress.com/Ask-John to book a time. I will call you at the time you selected. Nothing to buy. Just be prepared with your questions so we can use the 20 minutes wisely.

    Interesting article here:

    Why you should buy the worst house on the best street 

    Excerpt:

    ​Selling agent Gary Hammond from Hamptons International says that buyers often dismiss a Sixties or Seventies box and “go gooey-eyed” over something with character that costs 25 per cent more and would be difficult to add much value to. “With a little vision, these unattractive properties can be transformed into far more desirable homes.”

    Pebbledash, stone cladding and crazy paving can be removed and replaced to improve the exterior of a home – at a cost. Michael Holmes, property expert for the Homebuilding & Renovating Show, says that removing stone cladding from the front of an average three-bedroom semi is likely to cost between £1,500 and £2,000, while repairing the façade with render, brick or timber could cost up to £5,500.

    “Find out what the improved house will be worth by looking at similar properties in the area,” Mr Holmes says. “Don’t spend more on improvements than you could recoup if you decide to sell, unless it’s your forever home.”

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