Brrr works in those areas but you are only relying on capital appreciation which is a very small amount due to the price of the house. It only works without a mortgage up north as rent gives a good return on investment with a small amount of capital appreciation
I'd respectfully disagree, Saville's predicts both the north and Wales will grow 27% in the next 5 years, and the yield here is excellent. Also, everyone's focused on those areas which drives up purchase price, which means less competition in securing a cheaper property in areas such as South Wales.
Although having to do boiler at last minute, it’s piece of mind for the tenant that moves in that if they have an issue with the boiler they can just call the boiler manufacturer direct and have it fixed. Without you having to organise a heating engineer. I imagine you got a 10 year warranty with it as well for two grand.
Little word of advice, as I've noticed in a few videos people mention damp and damp proofing. Now I may be wrong, but a lot of the properties you and students buy look to be single skin (no cavity wall). If this is the case it's important that all external walls are plastered with Lime based products internally and pointed / rendered with lime based products externally. This will allow the walls to breath and should moisturise get into the wall it's able to leave. Gypsum based or cement based products will trap moisturise in the walls and then absorb it, causing damp. Unsure if this is the issues people are getting and you potentially already know this. But I just thought I'd share in case not known. This would save on huge Damp proofing costs or re plastering if damp does arise. A bigger cost initially, but the job done properly at the start hopefully saves on any further costs. From a long time plasterer 👍
Hard to say isnt it, but dont forget that many manufacturers offer 5 or 10 year guarantees, and builders know which brands are the best based on their experience. Overall, it's important to look at the bigger picture - house prices in south Wales are due to rise 26% over the next 5 years according to Saville's - issues like replacing your boiler sooner than expected are relatively small fry compared to where the real wealth is built if thats putting you off. hope that helps.
@@matthewcox6490 I was thinking that I have 2 old Potterton Neataheat boilers in my house for 30 years and never had to do more than change a 1 PCB board and 1 fan at £20 each in that time myself.
@@johntheaccountant5594impressive lifespan that! You may be right in that quality isn’t the same anymore, but at least we’re all on the same playing field. One of those ‘is what it is’ situations.
How long did the process take from deciding to buy the house until the exchange of contracts and the completion of refurbishment? Did you need any permits from the council for the refurbishment?
typically this takes 2-3 months depending on speed of vendor, their solicitor, how quickly you can get your searches back, your survey done and if you need any lending yourself (ie a bridge). You dont need permits for a standard refurb on a freehold property - if it's leasehold, or indeed you are structurally moving things in the property such as walls, chimney breasts etc - then you will need to sign that off from the council.
@@mehmetturkertakci2852 Again for a full back to brick refurb - we would typically say 12-16 weeks. More premium builders you can potentially do 10 weeks - but thats if they're not spinning multiple customers at once, which many do for cashflow. Amy's took 12 weeks I believe, the builder we set her up with is different gravy!
I am a deaf person but can see very well. Can anyone please write a brief of numbers here? Purchase price, fees, refurb cost and revaluation £amount after refurb? Thank you
Thanks very much Justin. Was it purchased through auction? If yes, it was paid by 75% mortgage? If yes, was a bridging mortgage used? Then replaced by normal mortgage? How long did refurb take to finish? That’s all my questions 😊 thank you
@@mehmetesen6670 no it wasn't purchased through auction, but a 75% bridging loan was used for the refurb period and is now on a mortgage, and the refurb took 12 weeks
Nice job Amy! Great numbers and hopefully the start of a strong journey!
Thanks Richard! Great property and well deserved result for Amy
Brrr works in those areas but you are only relying on capital appreciation which is a very small amount due to the price of the house. It only works without a mortgage up north as rent gives a good return on investment with a small amount of capital appreciation
I'd respectfully disagree, Saville's predicts both the north and Wales will grow 27% in the next 5 years, and the yield here is excellent. Also, everyone's focused on those areas which drives up purchase price, which means less competition in securing a cheaper property in areas such as South Wales.
I base my investments on past performance not future predictions
@milkyporridge5929 totally agree. Some areas have also dropped in value.
Although having to do boiler at last minute, it’s piece of mind for the tenant that moves in that if they have an issue with the boiler they can just call the boiler manufacturer direct and have it fixed. Without you having to organise a heating engineer. I imagine you got a 10 year warranty with it as well for two grand.
Great point Guy! This house should be a great rental as it’s had a complete overhaul now.
Thanks Justin, great content.
Little word of advice, as I've noticed in a few videos people mention damp and damp proofing. Now I may be wrong, but a lot of the properties you and students buy look to be single skin (no cavity wall). If this is the case it's important that all external walls are plastered with Lime based products internally and pointed / rendered with lime based products externally.
This will allow the walls to breath and should moisturise get into the wall it's able to leave. Gypsum based or cement based products will trap moisturise in the walls and then absorb it, causing damp.
Unsure if this is the issues people are getting and you potentially already know this. But I just thought I'd share in case not known.
This would save on huge Damp proofing costs or re plastering if damp does arise. A bigger cost initially, but the job done properly at the start hopefully saves on any further costs.
From a long time plasterer 👍
completely agree with lime based products, thank you for your feedback and sharing this.
Great video Justin, well done 👏
I do not think a modern boiler is going to last and be trouble free for 10 years let alone 20 years.
Too many electronics in them now.
Hard to say isnt it, but dont forget that many manufacturers offer 5 or 10 year guarantees, and builders know which brands are the best based on their experience. Overall, it's important to look at the bigger picture - house prices in south Wales are due to rise 26% over the next 5 years according to Saville's - issues like replacing your boiler sooner than expected are relatively small fry compared to where the real wealth is built if thats putting you off. hope that helps.
@@matthewcox6490 I was thinking that I have 2 old Potterton Neataheat boilers in my house for 30 years and never had to do more than change a 1 PCB board and 1 fan at £20 each in that time myself.
@@johntheaccountant5594impressive lifespan that! You may be right in that quality isn’t the same anymore, but at least we’re all on the same playing field. One of those ‘is what it is’ situations.
does anyone know which area of south wales this is?
How long did the process take from deciding to buy the house until the exchange of contracts and the completion of refurbishment? Did you need any permits from the council for the refurbishment?
typically this takes 2-3 months depending on speed of vendor, their solicitor, how quickly you can get your searches back, your survey done and if you need any lending yourself (ie a bridge). You dont need permits for a standard refurb on a freehold property - if it's leasehold, or indeed you are structurally moving things in the property such as walls, chimney breasts etc - then you will need to sign that off from the council.
Thanks for your reply. How about refurb duration? For example this house?
@@mehmetturkertakci2852 Again for a full back to brick refurb - we would typically say 12-16 weeks. More premium builders you can potentially do 10 weeks - but thats if they're not spinning multiple customers at once, which many do for cashflow. Amy's took 12 weeks I believe, the builder we set her up with is different gravy!
12 - 16 weeks! This one took 12
I am a deaf person but can see very well. Can anyone please write a brief of numbers here? Purchase price, fees, refurb cost and revaluation £amount after refurb? Thank you
Purchase price £55,000
Refurb £32,000 ish
End value £120,000-£130,000
Rental price achieved £750 pcm
Thanks very much Justin. Was it purchased through auction? If yes, it was paid by 75% mortgage? If yes, was a bridging mortgage used? Then replaced by normal mortgage? How long did refurb take to finish? That’s all my questions 😊 thank you
@@mehmetesen6670 no it wasn't purchased through auction, but a 75% bridging loan was used for the refurb period and is now on a mortgage, and the refurb took 12 weeks
Never put those black taps in a rental
Interested to know how come? I always use them, not much more expensive, look fresh and also don’t get dirty as easily as standard silver taps.
They will abolish sec 21 soon.
Probably, but life will still go on. landlords will still be able to give notice if there is a valid reason