We had word from the solicitor today – we have completed* our first property purchase in the UK! *For non-UK readers, completion here means we have paid the full purchase price and the Title will now be registered in our name.
Just a quick project update today, the tenant is still in the property, however the contracts are ready to be finalised as soon as the tenant leaves. Funds are in place and ready to go for this purchase quickly.
This property came from PSW, and receiving their email with the summary document started the process of deciding if it was a good investment, what the strategy would be, if the suggested strategy paid off or not etc. The basics: Purchase: £45,000 Other costs: £5,000 Refurb: £15,000 Total Spend: £65,000 Walk score: 77 Very Walkable Port Talbot is a new area for us, so a full area analysis was completed to determine if the area is a suitable with appropriate demand to match projected outcome. To keep the blog tidy, we have separated that off to another post here: Port Talbot Area Analysis. Some more indepth details below.
We have a property in Port Talbot to access, this is an unfamiliar area, so here is my full area analysis. Port Talbot has varying neighbourhoods from low end to high end. It is about 15 minutes from Swansea, with a fairly large population. The following are some area stats from my favourite source, Zoopla: Area average price: £82,747 (terraced) The area has a lower than average crime rate, possibly due to the large employer in town being the steel works. There are a lot of single individuals and single parent families in the area, so the HMO strategy should work well here. Blodwen Street will not be as easy to sell due to the lower numbers of first time home buying families, whom we will target, but there is a market for it. The area is typical of a large, low skill or medium skill level employer (the steel works)…