Tel: 01257 547061 (buying) | 01257 547062 (letting)
15 Barnes Wallis Way, Buckshaw Village, Chorley, PR7 7JA

Our Blog

img

Buckshaw Village – Putting your pennies in property

7January Author: Dave Dyer . Date Posted: 7th January, 2015

If you’ve never heard of Buckshaw Village then grab yourself a coffee and read on because we’re going to tell you why you should consider putting YOUR pennies into property.

Originally the former Royal Ordinance Factory which famously spearheaded the development of the “Bouncing Bomb”, Buckshaw Village began its journey roughly thirteen years ago and has now become a unique haven of new build houses for approximately 6000 residents with properties ranging from one bedroom studio apartments to six bedroom detached houses – in a nut shell, Buckshaw is quintessentially the ideal place to live, with a thriving community of families and professionals both young and old as well as excellent commuter links to Manchester and Preston.

Although house prices are rising at their slowest rate since 2013 – Properties are exchanging hands for 6.8% more this month than a year ago, the lowest pace since November 2013 according to Nationwide.

House prices are now 2.4% higher than before the 2008 economic crash – with the average home worth £188,446. Simply put, house prices are on the up which means that if you have money to invest then now is a great time to buy!

Given Buckshaw’s location, services and facilities as well as the excellent commuter links, we have seen consistent rental amounts and very low empty periods – everything a landlord is looking for, and although house prices are generally on the up around the country, prices on Buckshaw are now much lower than they were prior to the crash in 2008 meaning that there may be some great opportunities for any wouldbe investors.

Where do I start?

If you haven’t already done so, speak to a Financial Advisor. They will give you some very sound information on Buy to Let mortgages as well as find you the best possible deals.

Richard at Aspect Mortgage Ltd

“Deals and criteria vary widely from lender to lender. If you get advice as early as possible in the process you will know what is available and be in a strong position when putting in an offer on a property”

Speak to a local agent! If they’re good then they’ll know exactly what properties rent for in their area and what is considered a good investment. If you’re looking at investing on Buckshaw Village then look no further! We’re the only agent based on the village and have over 10 years experience of the sales and rental market. Our staff are well trained on showing you the best possible properties for investment and also giving you all the information you will need in order to make an informed decision.

What to look for

When searching for an investment property one of the most important aspects is without question, what you pay for it, generally speaking, you want to purchase a property under market value – this then gives you a greater possibility of achieiving capital growth and great rental returns. . You want to make sure that the property you are investing into is in a bouyant area for finding tenants as well as having consitent in rental amounts. Combining these two important points can be one of the hardest things when searching for an investment property.

Here are a few handy tips on what to look for;

House Prices is a great tool to use on Rightmove as it gives you valuable information about a properties purchase history
• Repossessed properties can be an investors dream – more often than not they need a bit of work inside but if purchased at the right price they can usually guarantee fantastic rental income
• Service charges can be a bug bear, even for home owners – make sure you speak to the estate agent to get a good idea of what will need to be taken from your rental income
• Leasehold/Freehold – Many new build properties are originally sold Leasehold meaning the purchaser must also pay for ground rent – make sure you find out the cost of this from the agent
• Empty Periods – as good as your agent may be, there will always be an occasion where your property is un-occupied. Make sure you factor in money for any empty periods that may arise. We recommend 1 month is adequte to spread across the year.
• Maintenance – you will inevitably need to repair something in your investment property at some point – make sure you keep a bit to the side for any unexpected costs.
• Managing or Let only? Will you need an agent to manage the property for you or will you do it yourself? Either way, there will be a cost. Make sure you factor this into you sums.

We hope we’ve encouraged you to look at property for your next investment – if you need any in depth information on putting your pennies into property on Buckshaw Village then please get in touch.

 

Featured Properties