Investment Opportunity
My family and I currently live in and have done so for 10 years, a 3 bedroomed, double fronted dormer bungalow / house circa 1974. In a rural location on the Fylde coast [post code FY6] not too far from Blackpool. The house is owned by a major building society and is managed by a small housing association.
Due to policy changes at the building society they have decided not to renew our lease [Sept 15th 06] and are selling their property portfolio. This is rather a surprise as they have spent a considerable sum of money maintaining this property. All new flat roofs, partial upvc facias and double glazing [the remaining windows are in good condition]new upvc front door and to top it all 4K recently [3months ago] spent on replacing widows facias and the roof on the rear dorma. There is however some more updating to be carried out on the Kitchen and bathroom. If we were to have this work carried out we would expect to pay in the region of 5K and this would bring the property into the 21st century.
We have been given the opportunity to purchase this property prior to auction and I believe I can negotiate a purchase price of about 115K to 130K, which would give an instant profit as this property in tip top condition would demand a price of around 160K, based on similar property available in this area. Unfortunately we do not have the funds available to make this purchase and now find ourselves having to register as future homeless.
We would like to remain in this property that we have loved and looked after for the last 10 years.
Hence this posting.
We are looking for a property investor that is looking for a long term risk free investment, that will purchase this property and give us a long term lease. My wife is severely disabled and I am her registered carer, our rent is paid directly to the landlords [ housing association] via housing benefit. My wife's condition will not improve so housing benefit will remain in place, giving you the investor a long term instant income stream from day one. Not to mention the paper profit from the difference between the purchase price and the actual market price and a property in a low crime area and much sought after location.
Last but not least tenants that would look after the property as if it was their own.
We pay a modest rent of £113per week, which reflects this property being run by a housing association. There hasn't been an increase now for 12 months but is normally reviewed and increased annually. I'm sure that a more realistic rent would be achieved by a private landlord. We would be happy to commit ourselves to a minimum of a 5 year renewable lease giving you and us the the security that this affords.
Anybody wishing to take this matter further would have to give us written assurances that a long term lease would be offered to us upon the completion of a purchase, prior to us releasing the owners details to their solicitors. We will be more than happy to show any potential investor around the property at their earliest convenience. For further information regarding this genuine opportunity .
Please email me Richard at : nap090 @ yahoo.co.uk
Specifications
The House is situated in a 12 property cul-de-sac in a small village 10 mins from the sea.
Through Lounge 24x12 [widest]
Dining room office 18x8
Rear hall incorporating a small utillity room 8x12
Full width single storey extension with double sliding patio door to the garden 12x20 incorperating the kitchen and rear lounge.
Small porch, small hall leading to enclosed stairs
3 beds 11x8, 8x8,7x5 + small dressing room 7x5
Bathroom 7x5
This is a very light property with a good proportions down stairs with a more compact upstairs. There is room to extend above the single story extension..
Outside
Double off road parking with a cars width to the rear, small shed , no garage.
Easily maintained gardens front and rear.
