Posted on Wednesday, July 5, 2017
If you’ve always fancied investing in property, the auctions run by FSS at The Pavilions of Harrogate are a great place to start. We asked auctioneer Richard Smailes to share his tips on investing in the local market.
“Buy-to-let can be an excellent way for people to generate a good return on their money if they do their homework before taking the plunge,” he explained.
“The great thing about buying at auction is that it is clear and straight forward with all of the legal documentation available prior to the day. There is the possibility of buying a property needing renovation or indeed a straight forward investment.”
One of the lots in the FSS auction on July 20th is a two bedroom house on Mayfield Grove in Harrogate which has a guide price of £140,000.
Richard said: “Currently let out on an Assured Shorthold Tenancy at a rental of £675 per calendar month until the 31st March 2018, this offers a gross return of just under 6% based on the guide price.”
A large corner terrace property on Mayfield Grove is also being auctioned with a guide price of £150,000.
Richard’s advice is to do as much research as possible on the property and the area before auction day.
“I am always very happy to spend time sharing my experience of the property market throughout the district,” he said.
The July auction lots include an opportunity to create a self contained one bedroom apartment behind Knaresborough High Street, which has been partially completed. Crucially, the apartment comes with two parking spaces, making it very desirable in the busy town centre. It is being offered with a guide price of £40,000. Also in Knaresborough, a three bedroom semi-detached home on West Park View with a guide price of £185,000 is likely to appeal to investors and those looking for a home to move into.
A little further afield in Pickhill, near Thirsk, a level piece of land is being auctioned as an investment and development opportunity with a guide price of £370,000 there is an existing cottage and planning permission for an additional three houses.
For those looking for a character property to renovate, there is a rare opportunity to bid for a Grade II Listed cottage within walking distance of Wetherby town centre. The three bedroom former coaching inn has a guide price of £300,000 and boasts many original features including an Inglenook fireplace, exposed beams and stonework and window shutters. It also has a level lawned garden with a patio, summerhouse and ha-ha leading to a further garden area.
The next FSS property auction is at 3pm on Thursday 20th July at Pavilions of Harrogate. For an auction brochure call 01423 501211 or visit www.fssproperty.co.uk