It may be a case of de-ja-vu but I’m pretty certain I went to see this property last year when it was on the market with another agent. At the time I was sourcing a BTL property for one of my property sourcing clients and knew, with a bit of TLC, this property would make a great rental. It was snapped up very quickly back then but it seems, for some reason, the sale probably fell through which, can sometimes happen if the buyer is not able to secure a mortgage or arrange the funds etc. For Walsall landlords this is a perfect property for a long-term BTL.
“So where is the Walsall property market heading?”. “How will a recession affect the market?”. Just a couple of common questions I’ve been fielding recently. As usual, for the benefit of my Blog reading friends, here are my thoughts…
There are plenty of investors who think nothing of legally committing to buying a property ‘off plan’ before it’s built – yet over the last few weeks, it has become the norm in the resale (second-hand) Walsall property market and they have now stolen a march and bagged some property bargains.
Normally, the physical viewing is the first step of the resale house buying process … yet now it’s becoming the ‘new normal’ that some Walsall agents are carrying out semi-professional video viewings or video tours. Even homeowners are getting in on the act and managing a Facetime or Zoom video viewing by walking around their house with their mobile phone.
On the 13th May 2020 the Government announced that the Estate & Letting Agency industry could reopen meaning people could view houses, visit agents and move home be they tenants, buyers, landlords or home sellers. This is all subject to general and specific social distancing rules, specific hygiene regulations and suitable PPE being used.
So what has been happening in the last few weeks in the Walsall property market?
When it comes to buy-to-let (BTL) deals in Walsall, there hasn’t been much to sing and dance about in recent times. But if you look underneath the covers…there are always hidden gems to be found. Some of my Blog reading friends may know that I have been quietly plugging away in the background looking at deals and helping clients connect the dots to help make those all important life changing decisions. Like people come in all shapes and sizes so does their area of knowledge/ expertise. In recent times I have had my Walsall Property Sourcing Clients ask me a similar question which, I thought I would answer here by providing an insight into some of the reasons why I view Walsall BTL investments the way I do…
…so without further ado…!! Above pictures are of two seemingly investable properties for a Walsall Landlord to consider. However, when you delve a little deeper and past the numbers, what do you actually see…?
We are writing this to let you know that we are here to offer help and advice, and would like to clarify the situation with regards to your rent.
The government has requested that banks give a 3 month mortgage holiday to those landlords that are unable to make mortgage payments. This is not free money, the mortgage payments are simply deferred with interest to be collected at the end of this crisis.
At the same time the government is providing employers with 80% wage subsidy to avoid having to lay off staff. So they can continue to pay wages.
Your rent will be treated in the same way, if you are unable to pay your rent, it will accrue during this crisis and we will need to set-up a payment plan later. In the meantime there is plenty of help available from the government, we have provided the links below, so please do start your claims for Universal Credit or Employment Support as soon as possible to avoid any delays to your payments.
Your landlord will need evidence of your claims to provide to their lender to be able to activate the mortgage holiday, so please keep your agent and landlord informed and please forward details of your claims to avoid any unnecessary hardship to your landlord.
Above all, please stay safe.
Self Employment & Universal Credit
Employment & Support Allowance
Covid-19 Small Business Government Grant https://smallbusiness.co.uk/how-do-i-get-the-government-3000-coronavirus-grant-2549866/
Coronavirus Business Interruption Loan
If you would like to discuss further please do not hesitate to get in touch.
Phone: 0345 257 9850
Many of my blog reading friends contact me for various property related advice and as they will testify, I try my best to assist where I can. As you can imagine I see a lot of property and meet both buyers and sellers alike so I get to see and hear from both sides. As the Walsall Property Market starts to pick up again after the usual winter lull, I have been approached by some sellers struggling to sell their property. So here’s my tuppence worth…
…you’ve put your home on the market and now you’re eagerly waiting for those viewings to come rolling in. You may be receiving some viewings but actual offers are lacking. Unbeknownst to you, you are sabotaging your sale. The good thing is there is time to turn things around.