Investment Property Oppurtunity in Farnborough Hampshire
Discussion
Well just posting up on here to see if anyone can help me and my family out and get an investment property at the same time.
Basically we moved into our current house as tenants just under a year ago and we were originally told that it would be a long term move as we have 2 young children (8months and 3 at present) and didnt want the upheaval of having to move again. Our current landlord is now selling up and we are not in a position to purchase it ourselves. So wondering if anyone is currently looking for an investment property that has tennants in??
The house is going on the market at £250k and current rent price would return 4.2% per year plus however much the house price rises over the years.
We have been looking into all other options and just cant see any other way to stay in the house, as we really like the house and if were in a position to buy it would do so in a heartbeat.
If anyone can help out then please let me know
Many Thanks
Basically we moved into our current house as tenants just under a year ago and we were originally told that it would be a long term move as we have 2 young children (8months and 3 at present) and didnt want the upheaval of having to move again. Our current landlord is now selling up and we are not in a position to purchase it ourselves. So wondering if anyone is currently looking for an investment property that has tennants in??
The house is going on the market at £250k and current rent price would return 4.2% per year plus however much the house price rises over the years.
We have been looking into all other options and just cant see any other way to stay in the house, as we really like the house and if were in a position to buy it would do so in a heartbeat.
If anyone can help out then please let me know
Many Thanks
Hi there
firstly thank you as if you could help it would be fantastic
It isnt on rightmove at present as the landlord gave us a week to try and sort out finances to buy but unfortunately isnt looking very good at moment, so I know he is going into the agents tommorow and i would expect it to be on rightmove by the end of the week. It is a 3 bedroom house in southwood, postcode is GU14 0PU, if you look on google maps at street level look to the right from the default view our house is the one with the silver sportage and the black peugeot 205 in the drive. The house has got nice enclosed rear garden, which is 1/3 patio and 2/3 grass and borders, attached garage front of property is completely tarmaced as a drive.
Downstairs is cloakroom, fully fitted kitchen with all electric appliances, and to the rear is large lounge/diner with sliding patio doors to the garden, upstairs are 2 double bedrooms and 1 single with family bathroom with thermostaic over bath shower.
We are wanting to be here for a very long time as we only feel like we have just moved in, and have the garden how we want it, and very happy with the area, eldest child getting settled in playschool etc etc if you would like any more information then please let me know.
firstly thank you as if you could help it would be fantastic
It isnt on rightmove at present as the landlord gave us a week to try and sort out finances to buy but unfortunately isnt looking very good at moment, so I know he is going into the agents tommorow and i would expect it to be on rightmove by the end of the week. It is a 3 bedroom house in southwood, postcode is GU14 0PU, if you look on google maps at street level look to the right from the default view our house is the one with the silver sportage and the black peugeot 205 in the drive. The house has got nice enclosed rear garden, which is 1/3 patio and 2/3 grass and borders, attached garage front of property is completely tarmaced as a drive.
Downstairs is cloakroom, fully fitted kitchen with all electric appliances, and to the rear is large lounge/diner with sliding patio doors to the garden, upstairs are 2 double bedrooms and 1 single with family bathroom with thermostaic over bath shower.
We are wanting to be here for a very long time as we only feel like we have just moved in, and have the garden how we want it, and very happy with the area, eldest child getting settled in playschool etc etc if you would like any more information then please let me know.
I know the landlord wants to put on at £250k but haven't really looked at current Market but supposedly had 3values done!?
As we all know property prices on the long term will never go down!! A lot of people on here own cars that are worth double what house prices where 15 years ago!! Management fees are nothing if done privately.
As we all know property prices on the long term will never go down!! A lot of people on here own cars that are worth double what house prices where 15 years ago!! Management fees are nothing if done privately.
If your landlord doesn't get anywhere near the £250k he and his agents are asking, he may not be in a position to sell.
Or he could decide that keeping on long term hassle free tenants is a better option after all.
Could you make him any kind of offer if he doesn't get much interest? £200k for instance! If you're a first time buyer, you'l be exempt from stamp duty.
Have you checked rightmove to see how much he paid for it? It might give an indication of how much equity he has and whether or not it's worth him keeping you on as long term tenants.
Or he could decide that keeping on long term hassle free tenants is a better option after all.
Could you make him any kind of offer if he doesn't get much interest? £200k for instance! If you're a first time buyer, you'l be exempt from stamp duty.
Have you checked rightmove to see how much he paid for it? It might give an indication of how much equity he has and whether or not it's worth him keeping you on as long term tenants.
M400 NBL said:
If your landlord doesn't get anywhere near the £250k he and his agents are asking, he may not be in a position to sell.
Or he could decide that keeping on long term hassle free tenants is a better option after all.
Could you make him any kind of offer if he doesn't get much interest? £200k for instance! If you're a first time buyer, you'l be exempt from stamp duty.
Have you checked rightmove to see how much he paid for it? It might give an indication of how much equity he has and whether or not it's worth him keeping you on as long term tenants.
Looks like he bought it for £165k in 2005, does in theory give him margin to sell at quite a bit less than £250k, unless he has plonked a lot of extra equity in renovating it (that he doesn't want to lose) or has remortgaged since then. Or he could decide that keeping on long term hassle free tenants is a better option after all.
Could you make him any kind of offer if he doesn't get much interest? £200k for instance! If you're a first time buyer, you'l be exempt from stamp duty.
Have you checked rightmove to see how much he paid for it? It might give an indication of how much equity he has and whether or not it's worth him keeping you on as long term tenants.
As said, it doesn't look like a great deal for an investment buyer at anything like that kind of money. 4.2% yield based on full occ won't give much of a margin for agents fees, void periods, maintenence etc. He'll likely get better money from private buyers of course but that won't help you out.
touching cloth said:
Hong Kong Phooey said:
cs174 said:
How much rent are you paying?
+1 (I would guess at £700 - £750)Edited by Gareth79 on Thursday 29th April 11:17
Gareth79 said:
touching cloth said:
Hong Kong Phooey said:
cs174 said:
How much rent are you paying?
+1 (I would guess at £700 - £750)Edited by Gareth79 on Thursday 29th April 11:17
shimmey69 said:
ohh believe me i know it is well over priced, all local agents i asked have said £225k is a lot more realistic. we are just trying to see what we can do in regards to mortgage as we have our own rental property our first house we brought 5 years ago.
...... so how much is the rent 
damn missed out on half the conversation, teach me to start replying then go out looking at other houses then post reply 3 hours later!!
Yes we are paying £875 rent per month. i dont know why he put it on at £250k as the agents has told him its well over priced. but hey ho
Dont know how long it will take him to realise he wont sell it at £250k, he hasnt been a great landlord, taken him 8 weeks and counting to fix a noisy valve in the toilet cistern, and patio door that tkaes he man to open, so we are almost to the point of getting out asap and leaving him with an empty house for months!!! (if we find the right house that is)
Yes we are paying £875 rent per month. i dont know why he put it on at £250k as the agents has told him its well over priced. but hey ho
Dont know how long it will take him to realise he wont sell it at £250k, he hasnt been a great landlord, taken him 8 weeks and counting to fix a noisy valve in the toilet cistern, and patio door that tkaes he man to open, so we are almost to the point of getting out asap and leaving him with an empty house for months!!! (if we find the right house that is)
I would deffo speak to a highly regarded mortgage adviser (must be one on here). Sounds like the house needs money spending on it, therefore try a cheeky bid - he may be desperate, and what have you to loose!
If you have no chain - this is worth a few £k in itself
Although news today is that house prices are up 10%
If you have no chain - this is worth a few £k in itself
Although news today is that house prices are up 10%
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