1 bedroom terraced house for saleRailway Street Howden Le Wear, Crook, Crook, DL15
1.ABOUT THE PROPERTY
It has one bedroom, one bathroom and one living room making it very attractive due to low running costs for the potential tenant. Having only one bedroom it is also attractive to renters fearing the bedroom tax. It is also much more attractive to potential tenants over a one bed flat as they have their own back yard and have no one living above or below them. Tenants remain in situ for longer plus the risk of your potential tenant being reported for antisocial behaviour is much lower. Having been recently refurbished the property looks fresh and new as shown by the pictures.
The property is a FREEHOLD property which is far superior to a leasehold property on many fronts. Firstly you control the maintenance costs. You decide when things get replaced and by which contractor. Leasehold properties often have high service charges and works carried out by expensive contractors.
Secondly you set the rules. With freeholds you get to choose to rent to a wider pool of tenants. You can decide whether you allow tenants with pets, tenants claiming benefits or students. Leaseholders do not have such freedom and it’s often when a leaseholder falls foul of the rules is when they find out.
Thirdly this property appreciates in the long term. Leasehold properties depreciate in the long term as they are diminishing by their nature. If you have a 99 year lease property then in 30 years the value dramatically drops due to the lease length falling below 70 years as no lender will lend. After a further 69 years your property is worth nothing unless you extend the lease at great cost. With a freehold you never find yourself in this situation.
2.ABOUT THE LOCATION
Howden-le-Wear is a village in County Durham, in England. Howden-le-Wear is approximately 1 mile south of the large market town of Crook. It has a number of shops including the village One Stop convenience store, hairdressers, butchers and the petrol station. The 2001 Census reported that Howden has a population of 1,234.
The local housing allowance for this property is £325 per month. For a private tenant you could achieve £400 per month. This represents a 15.2% yield. When you compare this to other areas around the UK this has to be one of the top performing areas. Many areas struggle to achieve a 6% yield and if they do it’s usually a leasehold property which comes with all it’s flaws as mentioned above.
If you were to finance this property we would still expect you to achieve around £300 profit after interest costs and maintenance.
4.CAPITAL GROWTH POTENTIAL
The last 3 sales of terraced properties in the area within a quarter of a mile of the property were £60,000, £39,999 and £63,000 giving an average of £54,333. Although having one less bedroom we still think the asking price is below the market value. Therefore we believe you already have capital growth locked in from day one of ownership. It is worthy to note this is the cheapest property in Howden Le Wear at the time of publishing.
You will also notice that the price is below what mortgage lender’s minimum purchase price is of £40,000. Over the next few years we expect the property to rise in value as more and more investors discover the attractive yield that can be had. A bidding war will ensue between cash buyers pushing the price beyond £40,000. This will then attract non-cash buyers who will outbid the cash buyers pushing the price back to the 2006 price levels of around £70,000. When this will happen is anyone’s guess however we expect it to be within 5 years.
We have been investing in low value high yielding properties for over 20 years. We have seen the boom times and the bust times and adjusted with the market. We believe you can make money from property in any climate. We buy and sell around 40 properties a month to buy to let investors around the world. We do not have any fancy brochures or slick sales people. We are a no frills provider of investment properties to knowledgeable investors.
What we have said above are only our own thoughts and opinions of the property, the location and the possible profitability of the property investment. We encourage you to do your own research to satisfy yourself the viability of this investment. The property is sold as seen and comes with no warranties or guarantees. It is your responsibility to ensure you have all the right licences, certificates and permissions to buy, refurbish and rent the property based on the laws of the country this property is located in. We expect you to take legal advice before entering in to this or any transaction involving investing in property.
Other tenanted properties available. 100% finance possible. The other properties are:
Carlton Street, FERRYHILLCounty DurhamDL17 0DX2 bed House£28,000£299
Hawthorne Terrace FERRYHILLCounty DurhamDL17 9EP2 bed House£27,250£374
Hawthorne Terrace FERRYHILLCounty DurhamDL17 9EP2 bed House£26,000£324
Wensley Terrace FERRYHILLCounty DurhamDL17 0DA3 bed House£30,500£299
Magdalene Place FERRYHILLCounty DurhamDL17 8BA2 bed House£28,000£281
Magdalene Place FERRYHILLCounty DurhamDL17 8BA2 bed House£32,000£279
Arthur Street FERRYHILLCounty DurhamDL17 0PZ2 bed House£33,000£281
Birch Road FERRYHILLCounty DurhamDL17 9EW3 bed House£50,000£400
Highcliffe Terrace FERRYHILLCounty DurhamDL17 8AE2 bed House£34,500£324
Verdun Terrace FERRYHILLCounty DurhamDL17 9LN2 bed House£27,700£249
Hutton Terrace CROOKCounty DurhamDL15 0DS2 bed House£33,000£299
Railway Street CROOKCounty DurhamDL15 8HQ1 bed House£32,000£400
Firwood Terrace Ferryhill StationCounty DurhamDL17 0DH2 bed House£28,500£324
Kilburn Street SHILDONCounty DurhamDL4 2JY 2 bed House£33,000£299
Stratton Street SPENNYMOORCounty DurhamDL16 7TW2 bed House£33,000£349
Craddock Street SPENNYMOORCounty DurhamDL16 7TD2 bed House£31,000£399
Station Road East Trimdon StationCounty DurhamTS29 6BS3 bed House£30,000£0
Carlton Street, FERRYHILLCounty DurhamDL17 2 bed House£32,000£0
Property Ref: 1453
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