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Investing in Wigan for the first time!


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Hello!

I'm new to the forum although I've been a listener of the podcast and YouTube videos for years.  We've started our property journey by looking in Greater Manchester, Wigan in particular.  We've found a property that is currently tenanted, but the tenants haven't kept it in great condition.  From the looks of things, there might be a bit of damp and the bathroom needs re-tilling, if not new fixtures altogether (photos attached).  While the current tenants seem willing to renew their lease, we're worried about how much worse the property will be kept if they were to stay.  If they leave, we feel that we'll likely have to make renovations in order to get it re-let, and we're not sure how to estimate the costs.  Looking for advice on:

  1. Buying properties with tenants in situ
  2. How to go about estimating refurb costs
  3. Thoughts on whether it really needs a new bathroom ie do prospective tenants worry about the state of the bathroom?
  4. Advice on finding contractors to do work if we're investing remotely
  5. Recommendations for reliable and affordable builders to do bathroom, painting, replacing bedroom door and general touch ups, in Greater Manchester.

Final point is that in our research, using an online property valuation site, the property seems to be the most expensive on the street.  We're concerned that this doesn't bode well for future capital growth/resale.  Any thoughts on properties that seem to be at the top end of the market?

Lots of questions, but as this is our first time, we have many.  Thank you!

 

Phil and Kay

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Hi @kayusf - welcome to the Property Hub forum!

Really glad to hear that our videos and the podcast have been helpful on your property investment journey - and it's a good next step to join the forum :)

As far as keeping the current tenants in the property - it just comes down to whether you'll be able to rent it out to people who'll pay the same rental amount or more in the future?

Obviously they've not kept the property in the best shape - a good rule of thumb on whether you'd need to carry out any refurbishments is to ask yourself whether you'd move into a property if it had those same issues within it. I think the tiles being misplaced behind the toilet and the marks on the bath are quite unsightly (personally), so I'd say it's probably a good idea to consider restoring the bathroom or renovating it again.

When you say the property is the most expensive on the street - just how much more expensive is it than the rest? I don't think it being at the top of the market is going to have a negative impact on capital growth prospects. It's probably quite likely that the rest of the properties will increase in value as well, which will in turn help your property's value raise as well.

Mark

Mark Rocks
Community Builder and Content Writer

www.propertyhub.net

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