Woke up this morning, feeling bad about my causing offence. Sent off a quick text to apologize and ask for a meeting with the person concerned. Turns out, it is not nearly as bad as I had been led to believe but I still apologize for any misunderstanding. And then I charge into the rest of my day.
Today was the day of completion of a property just around the corner from me. I am feeling good and as always, a slight bit nervous about property and what issues could be lurking under the very pristine surface. Let me tell you all about it.
The Purchase of a house
A few months ago, I had done some leaflets in my local area. The leaflets were used a way to generate leads for people looking to sell their property. Leads were flowing and then all of a sudden, while doing my internet window property shopping, I came across what seemed to be a gem of a property priced well below what others had been going for. I called my local agent, arranged a viewing for later that day and was surprised by how great a deal it seemed to be.
We agreed a price, the vendors and I, but then they had to ask for an increase as they had accepted a sum that would not cover their mortgage. After a little hesitation, I agreed to this new price because, even then it was not a bad buy. The Porsche was to be the deposit.
As is the case, in buying property, there can be various delays along the way as vendors take too long to return things to solicitors, searches take a while to come from the council etc, etc. There are some wonderfully amazing people who complete in days, but unfortunately, I am not one of them. Two months later, we complete. Woohoo!
The great thing about the house is that it is all ready to be let out and infact, I have already done a viewing on it earlier this evening. The boiler, which can be a great big expense if a replacement is required, has only recently been done. There is storage space in abundance all round the property. The vendors had carpeted the property recently, the bathroom looks cool, there is a toilet downstairs and all in all, I am pretty happy with my accidental buy.
Purchase price – 63k
Work to be done – Zilch, just things like obtaining energy performance certificates and gas safety certificate
Rental figure – £575 (I might take £550, we will see)
Gross Yield – 10.95%
Return on Investment – Money I placed in the deal is £16k and annual rent is 6900. so return on cash invested is 43% annually.
Not bad really, not bad at all. If I had placed that 16k in the bank, in a year I might make £489.60 with the best ISA today (calculated on the money saving expert’s website) :-(. So investing in property, this property is definitely a great deal, don’t you think?
If you need any help with trying to locate properties like this, please do get in touch.