Perren Property Peek of the Week – 

Any one for cake? 

If your thinking about becoming a landlord, now could be a good time to build your portfolio. The demand for rental properties is still as strong as ever.

But building a good portfolio takes time and a lot of research. There are many decisions to make when choosing a property. The location is one of the most important factors.  When looking at an investment you want to be nearby schools, transport, hospitals and universities.  The size of the property is also important. It will affect the purchase price and current rental income. Speak to local letting agents in the area to find out what type of property has the highest demand. 

If you buy a property that needs work you need to consider the cost of bringing it up to standards. Rental properties need to be in good condition to meet regulations and standards.  However if you choose to refurbish a property yourself, remember time is money. You do not want to spend too long getting your property ready. You will still need to pay the mortgage whether you have tenants or not.  You may want to hire some one to take care and manage the works for you, if you are busy. This may cost you at first but will save you money in the future. The works will be carried out smoothly, efficiently and in the best possible time.

When the property is ready to let always use a letting agent. This will save you a lot of hassle. Letting agents will give you the best local market advice and good agents will understand how to attract the best sort of tenant for your property.

My top tip - always invest in a good letting agent to manage your property. This will free up your time to find your next investment.

If your thinking of becoming a landlord or looking to expand your portfolio then lets meet for a cuppa (I’ll even bring some cake!) I can show you my system and strategy to grow your portfolio.

Please call me on 07794056668 for the fastest response.

Perren Property Peek of the Week 

Should we be concerned about the Dorking Property Market?

Rightmove announces that the average ‘asking price’ fell slightly last month by 0.4% in the South East leaving them 5.8% higher than a year ago.

Looking at all the data regarding the Dorking property market and putting aside the need for more houses to be built in the next decade to balance out the increase in population. My research shows there is a huge gap between what property buyers want and what is available to buy.

Many more buyers are looking for the smaller one and two bed properties whilst there is still a larger proportion of the four and five bed properties.

Demand for smaller properties comes from both first time buyers and the growing number of buy to let landlords.

In the last 15 years, the average terraced house in Dorking has risen in value from £283,266 to £371,894 whilst the detached house has risen in value from £657,830 to £890,193. Nothing seems amiss until you look at the percentage growth. The terraced house has grown in value by 34.66% and the detached house 33.12% meaning the gap between the inexpensive terrace’s and expensive detached properties has in percentage terms narrowed.  This isn’t just in Dorking where it is happening but all across the country.

More houses need to be built, not only in Dorking but in the South East and the UK as a whole.  There is a huge demand for affordable starter homes. For both tenants (and the landlords that will buy them) and first time buyers. Unless we can get more building land the issue will continue to worsen.

The country needs 200,000 houses built a year to keep up with demand. In the last three years the average amount of properties built were 141,133 a year. Unless acres and acres of beautiful greenbelt is built on demand will always exceed supply when it comes to property for the foreseeable future. 

Therefore buy to let investment in the local Dorking property market could be the best move. 

There are many hoops to jump through when it comes to investing in property. You must take lots of advice and seek out the best opinion. If you would like to have a chat about the local property market or regarding buy to let then please do get in touch- charlotte@perrenproperty.co.uk or call me on 07794056668

Perren Property Peek of the Week

Wow what a fantastic week and to top it off the sun has been shining. Will it last? Probably not this is England after all.

We have been busy at Perren Property- project managing, house sitting, pet sitting, plus we have some fantastic properties available to let and we have agreed some lets to some great tenants. We still have a lot of good quality tenants waiting to find their perfect home. So please do call me on 07794056668 if you are thinking of letting your property.

There have been a couple of legal updates I would like to remind you about which came in to force on the 1st October 2015 regarding smoke and carbon monoxide alarms and changes to Section 21 notices- don’t forget if you need any advice with the new legislations then please just get in touch.

Finally, a property find which in my opinion has great potential. It needs a little TLC but after that you could achieve a rental of £1200pcm that is a yield of  5.7% Have a look…

http://www.rightmove.co.uk/property-for-sale/property-54737969.html