We’ve got a treat for you on this week’s property podcast.
Back by popular demand, we have a whole podcast featuring our listener deals - so tune in to hear Rob & Rob reviewing three property investment deals which were sent in to us.
But first, we’re talking about a property headline that’s grabbed our attention (and wound Rob B up!):
Where does rent hit young people the hardest?
There’s no surprise that the answer is London. And there’s also no surprise that people in their 20s who want to rent their own home have to pay an unaffordable amount.
It’s not unusual for someone to pay around 30% of their salary on rental payments, and this is a figure used quite often now. However, in London a whopping £51,200 salary is needed to afford a one-bedroom rental property - much higher than the average across the whole of England which is just under £25,000.
Now, there are a few things in this property and rental report which Rob B just wasn’t happy with. You’ll have to listen to this week’s podcast to find out.
Click here for the full story on BBC news.
Whilst we’ve got you - let’s talk about tax.
The Property Hub Tax is something we launched because we had to - we were simply inundated with tax enquiries and since launching, we’ve been unbelievably busy.
However, we’re about to increase capacity. Great news for you - but bad news if you’re not on the priority list. You could be missing out on valuable, tax advice which could save you thousands.
We’ll be opening new slots up very soon, so make sure you join the priority list by clicking here.
Now, let’s get down to business. It’s been a while since we’ve reviewed your investment deals and after our shout-out for deals to review, you literally bombarded us! We’d love to have gone through all of them, however we’ve chosen three of the best to run through on this week’s property podcast.
Deal 1 is from Agi in Ipswich. It’s a 2-bedroom end of terrace property with a classic buy-refurb-refinance strategy which Agi is considering.
He’s concerned about his offer and the likelihood of acceptance - this is in addition to a £17,000 refurbishment.
Will this be enough? Would the Robs consider this to be a healthy refurb budget?
Listen as Rob & Rob take us on a journey, tackling research, key indicators and the all-important comparables. Is there lots going on in the area or is it a ghost town?
Follow their conversation as they consider surveyor valuations along with their ultimate verdict on whether this property investment has potential or whether they’d walk away.
Deal 2 is from Adam in Little Paxton, St Neots.
This property needs a lot of work - listen to the podcast for the lovely description given to us by Adam! But despite its condition, does this investment deal have potential?
With a wide range of executive homes in the area, is it best to raise the standards with this one and give it a healthy refurb budget? Or simply do the bare minimum to bring it up to standard?
Whether Adam wants to flip the property or hold and rent it out, the numbers need looking at closely. If it’s the numbers your interested in, hit the play button to hear Rob B run through the calculations and find out whether Adam’s property investment deal would pass the ultimate stress tests.
Finally we have Deal 3 from Sunny who is based in London but considering buying this rather lovely property in Whalley Range, Manchester.
Once Rob & Rob stop quibbling over who’s likely to move in (just take a look at the pictures!) they get down to the all-important financials. Whilst an investment property needing no work doing to it is a major bonus, the numbers still need to stack up.
The Robs investigate capital growth, lack of transport and also agent tactics and the fact that they’re not allowing Sunny to make an offer.
This deal is an interesting one as we listen to pointers on leasehold arrangements and service charges - the devil is most certainly in the detail.
Listen now - it’s a good one. We promise.
Hub Extra:
This week’s top resource is a great tool to help you find a deal using the property portal, Rightmove.
It’s a feature that’s slightly tucked away, but once you know it’s there, you can use it to narrow down your property criteria and deliver the search results you really want to see.
We’re always sharing great tips - particularly in our Hub Extra email which will hit your inbox every Friday if you're signed up. And if you’re not, you can do so here.
Get involved:
Are you on social media? We’d love to hear from you, so get following and message us your thoughts on this week’s podcast. And if you have any topics you’d like us to cover on future property podcasts, let us know on Facebook, Twitter or Instagram.
You can also get involved with our property community by joining us on the Property Hub forum.
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