Welling Investment Property of the Week - 11th April

The property market in Welling is no different to any other area in that it can go up and down over time. 

At the moment, finding a decent buy-to-let is getting more and more difficult in and around Welling. The supply and demand in the local area is in favour of vendors, as most family homes are selling at asking price, and often above. The opportunity to make a "cheeky" offer and get a bargain has reduced (for now), and obviously it isn't a great investment from day one to be paying over asking price!

Therefore, like I raised in my post last week (4th April), adding value is important for anyone wanting to make a Welling property investment. 

This example requires some renovation internally, but the real opportunity is in the extension potential of a family home located within easy walking distance of the excellent Harris Academy at Falconwood, and therefore always likely to be a strong rental or re-sale property for local families.  

Marketing Price - Offers in Excess of £365,000

Rental as is - £1350pcm

Extension potential - Two become a four/five bedroom, and modernisation

Potential Re-Sale/Rental - £475,000 / £1800pcm

Rental yield with this sort of investment is obviously not going to be as high, but then there are no service charges or lease extensions to worry about with a freehold property, so the NET figure in your pocket every month is often better than first thought. 

You'll notice from the external photos that there is a small garage to the left hand side of the property. Internal renovation is ideally required, but I suppose technically not critical, but adding value by way of an extension would maximise your rental income, but more crucially, add significant value for re-sale in the future. 

Perhaps not a property developers dream deal, but to the average local investor or someone looking for a steady monthly income and longer term pension, well worth a look at. 

Although planning permission is required, you would have thought getting it would be a fairly easy process. You wouldn't be the first person in the local area to want to go into the loft, nor would extending over the garage be an impossible ask. 

If done correctly, extending over the garage would produce another two bedrooms, or a larger bedroom and the potential to add an en-suite to the master bedroom, or additional family bathroom. 

Alternatively, extending in to the loft and having another large double bedroom and en-suite would be a good move. 

Be cautious though, it properly isn't worth doing both and making your house a five/six bedroom as you may find you are pricing yourself out of the area and creating a house larger than most people either need or can afford. 

Given we have recently sold a house on nearby Somerset Avenue, Welling, DA16, a spacious two bedrooms extended only on the ground floor, for £391,000 I'm genuinely surprised that this house hasn't moved at £365,000. But I guess that's other peoples loss, and your potential gain. 

A call to the marketing agent in nearby Blackfen is well worth it on face value ... http://www.rightmove.co.uk/property-for-sale/property-65414342.html

If you are looking for an agent that is well established, professional and communicative, then contact us to find out how we can get the best out of your investment property.

Email me on kevin@dansonpropertyservices.com or call on 020 3397 4499. If you are in the area, feel free to pop into the office – we are based on 116 High Street, Welling, Kent, DA16 1TJ. There is plenty of parking and the kettle is always on.

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