Autumn is upon us, children are back at school and we are hard at work letting more properties to wonderful tenants. This month’s property is on Laxton Drive in Meden Vale and we attracted a number of viewers providing us with a good pick of the bunch! The property was listed at £595pcm which is yet another rental we have listed higher than the surrounding competition which are priced between £540 – £570pcm.
We have rented a number of properties in this popular residential area that has a real sense of community spirit. The local amenities and school services just Meden Vale so we have found that the people interested in this area already have family members or friends that live nearby which allows for further potential increases in the rent.
In our experience the families who have enquired for properties in this area either work towards Worksop/Sheffield or in Mansfield and the surrounding areas, which is really beneficial when it comes to finding working tenants.
This property was purchased in 2007 for £97,200 which was a time where prices peaked before the UK housing market took a significant hit. 10 years have passed and I would say that the asset price has recovered so we could be looking at a value around the £100k mark, additionally, our client is going to be enjoying a gross 7% yield on this property. The main reason we were able to achieve a higher than normal rental and attract the number of enquiries we did is because our client allowed the pets to be in the property.
We have found that a lot of enquiries include having a pet and as most do not want to rehome the animal (which is entirely understandable) the supply of properties that suit their requirements is low. We have procedures in place to protect a landlord when pets are allowed, for example, the tenant must have liability insurance which covers accidental damage to a property.
There is this property up for sale which includes a large garden, utility and detached garage, plus a D grade for the EPC. If an appropriate discount is secured to compensate for the dated interior that will need to be modernising, this could be a property that would achieve in excess of £600pcm; providing pets are allowed. A client of ours purchased a property on the same road with similar features for £82,500 allowing for a complete refurb to be made and £595 was achieved grossing a 7.5% yield.
Do you know what your property is worth? Give us a call on 01623 427 777 or email mansfield@belvoir.co.uk!
