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Hello once again. I'm here on behalf of House Buy Fast. My name is Jonathan Rolande, and
I'll be answering 3 questions that my colleague George is going to ask. I promise I haven't
seen the questions before.
So, if I don't know the answer, apologies. I will just let you know and I could always
go and look it up. So, fire away, George.
First one is from Antzoopla, on Zoopla. How much value would a garden add to my flat?
Okay, it's difficult to say just without knowing say the type of property, the area, the supply
and demand of property in your area. I could be kind of roughly accurate with it, though.
It makes a little bit of a difference if you got a balcony or not.
So, if you have got have a balcony, a garden is not going to add quite as much as if you
haven't. What garden would do though is open up the property to a whole new catchment of
buyers.
So, for example, you can get people with children or people who are keen on gardening obviously,
also people who might want to put a big shed or home office or something like that in the
garden.
So, you will you get a lot more people interested in your flat. So, it would sell potentially
much more quickly.
On average, I would say that a garden adds about 15%, perhaps between 10 and 15 depending
on area. So, of course, if your flat is worth about £100,000 you could be looking adding
that up to £115,000. But as I say, it's difficult to say exactly without knowing the area.
So, if you want me to look at it in more detail, don't hesitate to send in some more information.
Thanks very much and we'll do the next question.
Okay next one is, how long it will take to rent out my 2-bed Maisonette in Belvedere.
This is from Kelly on Zoopla.
Right. Hi Kelly. The answer is hopefully not very long. The market at the moment is about
as good as it has been, certainly in my memory, which is quite a few years. There is real
demand from tenants at the moment.
There's a little bit of a shortage of the property which is very much on your favour.
This is caused really by a bit of a bubble in the letting market because a lot of people
who would otherwise buying are not able to do so or don't want to, perhaps because of
mortgage problems and this sort of thing.
You certainly can let the property very quickly. Do be careful though not let it as quickly
as possible to the first tenant who comes along.
It may be better to wait a little while longer to get a tenant who is, for example, more
reliable, will look after the house a bit better, and of course pay you rent more sustainably.
So, what I would do is to go around 2 or 3 letting agents in your area, see who is the
strongest around there with numbers of "to let" boards or "let by" boards. Pop into the
agents, see who you actually like the feel of, so to speak.
So, pop into the agents, see who you actually like doing business with because it is a long
term relationship when you have a letting agent because the tenant will be in there
for some time. Then, instruct them.
I would have thought you should get a good number of inquiries and a potential tenant
within a 2-week maximum period, and certainly the way the market is at the moment. So, I
hope that helps and good luck with it.
The last question is from someone local, Sue PW in Worthing, West Sussex. What price should
a 1 bed flat in Lavington Road fetch?
Yeah, I know Worthing very well. I have lived here for many years. It does depend, I mean,
Lavington Road has got all sorts of different types of property.
I know for example when we are recording this at the end of April, there is one on the market
just at Broomfield Avenue end, which is I think about £250,000, although that is a
2 bedroom large garden flat.
So, you can see the prices go up really about as high as possible. It's a very good area,
very popular, good for local employment, schools, roads, all these sorts of things that people
want.
One bedroom flats are normally capped at about £125,000. That's where the stamp duty comes
in and very often they are below that figure.
It could go above depending on whether, for example, you got parking, a garage, a garden,
anything like that, the condition of course.
Also, these days people tend to look at the lease situation.
So, if the lease is running a little bit low, by that I mean sort of anything about 70,
75 years left for remaining, you will want to perhaps look into the cost of renewing
that lease.
But, I would have though somewhere around about 125 should be about right. If you want
me to put you in touch with 1 or 2 good local agents, I'm very happy to do that. Just let
me know. Thanks very much.
Thank you very much once again for sending the questions in to me today. Do keep them
coming. We enjoy answering them all.
Any other queries you got, don't hesitate to let me know.
Thanks very much.