Property Investment in South Manchester

[lukemg]

Working near Chorlton at the moment and it was buzzing when the sun was shining, I thought it was brilliant, with a bizarre mix of people milling around.
Having said that, Aviva is yielding 7%+ and good chance of capital rise too for zero effort....

[Spacecadet]

Whalley Range is the new "Up and coming" area in South Manchester. Slowly turning more and more hipster as Chorlton and Didsbury renters grow up and look for somewhere to buy without moving too far away from their friends and old haunts.

And it's reasonably close to Media City as well, possible 10-15 minutes by bike and about the same distance to the city centre

[pickod]

Chorlton

End of.

[nomadd]

Basic story:

I am arranging a property purchase for a close relative for investment purposes. I have been in contact with numerous agencies and have asked for the following features:

a property that:

1) is easy to rent out
2) has a good yield
3) brings in good quality tenants

I have been doing research into the kind of areas which are appropriate and it seems areas like Heaton Mersey (and the other Heatons), Didsbury are good for this.

I am currently looking at properties for families i.e. Semi-detached 3 bed etc. Also I have been reading other threads on here and it seems some have a good experience of renting out on a room by room basis.

So here are the questions

1) Which is the best way to go - family rental or room by room (i.e. professionals/students).
2) Am I approaching this correctly - speaking to multiple agencies and trying to get an idea on what is the best type of property to buy
3) Any ideas on which areas are best for investment purposes with the criteria at the top?

Cheers guys

Try posting this on as a new thread on the main forum of House price news, information and discussion - HousePriceCrash.co.uk. Seriously.

You may not get the answer you are looking for, but at least it will give you something to think about (just in case you thought housing was a one-way bet, and buying a BTL at the tail-end of the biggest housing boom in history was a good idea... Especially as prices outside of London are already falling...) There are some excellent posters on the site, and not just negative-Normans as you might expect. Pose it as a serious question, and you will get some serious, considered answers.

[northernladuk]

1000 posts hit! Do I get a special members card now?

Yeah, we can change your screen name... Now where is that thread....

[NorthWestPerm2Contr]

Did any of this research include actually speaking to an estate agent about what is and what isn't renting in the current and forseable future?

Just my 10 penneth but I would personally steer away from renting room by room, particularly to students unless you like spending lots of cash re-decorating every year. Didsbury happens to be one of the worst burglary spots in Manchester because of students.

For me the house would be the long term investment so would take tenants on that would treat it fairly well rather than having to spend a lot of money keeping it looking tatty at best. My plan is low maintenance tenants but not aggressive profit margins but obviously that is purely my take on it.

I don't believe any house is gauranteed 'good quality tenants' either. You can narrow it by having a nice house with higher than average rates. The trouble sort may be tempted to go somewhere cheaper but it is by no means gauranteed.

Most definately need to speak to agents about percived rates and types of properties in the area. Didsbury is going to cost a bomb to get anything decent where as a new flat/renovation in an up and coming area might be much more attractive for example.

1000 posts hit! Do I get a special members card now?

Cheers for the advice by the way - when I say didsbury I am speaking more East Disbury/Heaton Mersey border area. Semi-Detached/3 bed end-terraced houses are going for between 160 and 200k

[Basil Fawlty]

Basic story:

I am arranging a property purchase for a close relative for investment purposes. I have been in contact with numerous agencies and have asked for the following features:

a property that:

1) is easy to rent out
2) has a good yield
3) brings in good quality tenants

I have been doing research into the kind of areas which are appropriate and it seems areas like Heaton Mersey (and the other Heatons), Didsbury are good for this.

I am currently looking at properties for families i.e. Semi-detached 3 bed etc. Also I have been reading other threads on here and it seems some have a good experience of renting out on a room by room basis.

So here are the questions

1) Which is the best way to go - family rental or room by room (i.e. professionals/students).
2) Am I approaching this correctly - speaking to multiple agencies and trying to get an idea on what is the best type of property to buy
3) Any ideas on which areas are best for investment purposes with the criteria at the top?

Cheers guys

1) The areas you're talking about have extremely strong rental markets, so whichever route you take there'll be no shortage of tenants. The MAJOR difference between room by room and renting a whole unit is the amount of time it takes to manage. I spend at least 3 times as much managing the property I rent room by room rather over the property I let as a whole unit. There is greater wear and tear, the tenants disagree about this or that, greater turnover of tenants etc etc. That said the returns are considerably better.

2) Personally I don't trust agents as far as I can throw them (must be the contractor in me ) so I would take anything they say with a pinch of salt - make sure you do your own research.

3) For family/young professional lets - any of Didsbury, West Didsbury, Chorlton or the Heatons.

For young professional houseshares - Didsbury, West Didsbury or Chorlton

For student lets - Fallowfield, Withington, Chorlton, Didsbury, West Didsbury or Victoria Park.

Basically as far as BTL areas go they're all excellent. The biggest problem is they're pricey, but bargains are there to be had they just take a bit of finding....

[northernladuk]

Did any of this research include actually speaking to an estate agent about what is and what isn't renting in the current and forseable future?

Just my 10 penneth but I would personally steer away from renting room by room, particularly to students unless you like spending lots of cash re-decorating every year. Didsbury happens to be one of the worst burglary spots in Manchester because of students.

For me the house would be the long term investment so would take tenants on that would treat it fairly well rather than having to spend a lot of money keeping it looking tatty at best. My plan is low maintenance tenants but not aggressive profit margins but obviously that is purely my take on it.

I don't believe any house is gauranteed 'good quality tenants' either. You can narrow it by having a nice house with higher than average rates. The trouble sort may be tempted to go somewhere cheaper but it is by no means gauranteed.

Most definately need to speak to agents about percived rates and types of properties in the area. Didsbury is going to cost a bomb to get anything decent where as a new flat/renovation in an up and coming area might be much more attractive for example.

[NorthWestPerm2Contr]

Basic story:

I am arranging a property purchase for a close relative for investment purposes. I have been in contact with numerous agencies and have asked for the following features:

a property that:

1) is easy to rent out
2) has a good yield
3) brings in good quality tenants

I have been doing research into the kind of areas which are appropriate and it seems areas like Heaton Mersey (and the other Heatons), Didsbury are good for this.

I am currently looking at properties for families i.e. Semi-detached 3 bed etc. Also I have been reading other threads on here and it seems some have a good experience of renting out on a room by room basis.

So here are the questions

1) Which is the best way to go - family rental or room by room (i.e. professionals/students).
2) Am I approaching this correctly - speaking to multiple agencies and trying to get an idea on what is the best type of property to buy
3) Any ideas on which areas are best for investment purposes with the criteria at the top?

Cheers guys