Scooby96

Description:

Freehold two storey double fronted end of terrace house with four rooms and a yard. The property has development potential for conversion into flats. Vacant possession.

Scooby96

Also has anyone on here bought an investment property with a tenant who has a 'regulated tenancy' or should these be avoided?

richs2891

I read it as 4 rooms, but it states it has the potentional to make it into 4 seperate flats. IE convert the lower two rooms to bedrooms.

Richard

ProperCharlie

if there are more than 4 habitable rooms in there then it must be a fookin tardis.

ProperCharlie

i'm prepared to offer 48,000 nectar points for it, though.

Scooby96

I think I'll go take a look, its up for £25-30k - similar houses (modernised) are going for £50-53k

Anyone know what Stoke on Trent is like?

DavidBrown

I was looking at houses in Stoke a couple of years ago.. prices really have shot up recently.

The house I was looking at was just like the above, with a tenant, and they wanted just £5000 for the house !!!

scoobypreza

My friend lived in various parts of Stoke when she was at uni for 4 years. She loved it there.
Its like anywhere really I imagine ...good areas...bad areas.
Any idea what area its in?

Have you phoned the auction place for more details.
That description doesn't really tell you anything does it.
I think it looks bigger than a two up two down.
You can never judge a house from the outside.

When we were looking to buy our first house we drove past any we thought we might go and view. Get a first impression from the road kind of thing.
We soon realised though when we viewed the houses how you can't tell much about the size or number of rooms from the outside.

Here's a pic, crap quality taken with a phone cam but gives you the first impression view from the road.
Its a victorian end terrace.




Go on have a guess how many rooms!


just a bit of fun
cath
mrs.scoobypreza

ProperCharlie

question for the landlords - how do you guage what the rental market is like in a particular area? i have been looking in estate agents windows and from what i can see, a house like mine would only fetch about £1200 pcm, maybe a little more. as that only just covers the mortgage, it wouldn't be worth renting it, especially given the £90k plus capital that is tied up in it. Do you calculate your probable return based on cost of house, renovations required etc?

Scooby96

I take a look at letting agents online for a given area and it gives a good idea of rental income. However I'm also interested in buying property with tenants already installed so it starts making money as soon as you've bought it.

I've seen a commercial premises in Hythe which is up for £230k but its currently let out at over £30k pa! (Edited to add - its also on a 10 year lease from 2002).

Unfortunately I dont have the 15% deposit required so I'm trying to find a lender with a more relaxed criteria (10%)

[Edited by Scooby96 - 1/21/2004 10:17:14 AM]

[Edited by Scooby96 - 1/21/2004 10:17:36 AM]

scoobypreza

hhmm didn't work first time and it wont let me edit my post???
Is edit post not working or is it just my comp?

edited to say ...
it's letting me edit now
lol
doh!

[Edited by scoobypreza - 1/21/2004 10:21:09 AM]

Scooby96

That looks like a 3 but probably a 5!

PC - its in the Tunstall area (Glendale Street) ???

[Edited by Scooby96 - 1/21/2004 10:21:33 AM]

scoobypreza

3 reception rooms (including 19 x 18ft living room)
Kitchen
2 Bathrooms
5 Bedrooms!!!

Ya never can tell lol

(to be fair though its had a dorma attic extention but from the front you'd never know)

So it could be possible that the one in your pic could be 4 bedrooms. I'm not sure though!

Scooby96

Well thats one mighty long beemer in front of the house

scoobypreza

told you it was a crap camera phone
lol

Spoon

Scooby96- It say's 4 rooms because it has planning potential for 4 flats although I'd say more like 4 bedsits. The amount of bathrooms and their location will be the key figure in all this.

Regulated tenants can quite easily be paying £4/month as well and you can't change that. Hardly an investment. You need to be aware of the terms of regulation before you consider it.

Scooby96

This is vacant - however I've seen some cheap as chips houses with a regulated tenancy generating £1,976, £2,356 and £3,750 pa

£22k property with a return of £3,900pa isnt bad!

Obviously I'd not bother with a rental income of £48pa

[Edited by Scooby96 - 1/21/2004 11:06:44 AM]

ALX

If it's an old terrace...more likely it's a "2 up 2 Down" terrace...i.e 4 rooms!

I'd be surprised if it has'nt had an extension at the back

Spoon

You risk never being able to sell the house vacant too on a regulated tenancy agreement as the existing tenant can pass the tenancy along to his/her chums.

Scooby96

Not in all cases.

I just wondered what they were - I will look at going for those with AST's instead

Spoon

No, that's why I said you run the risk and not it was a dead cert.

Scooby96

Just seen a 3 bedroom house with reg tenancy @£27.50 per week