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TonyHSFC

Buy to Let - South Yorkshire

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Hi All,

I have decided to sell my HMO as the area is fast declining and now is the right time to shift it.

I am thinking of buying either a flat or smaller 2 bed house in any of the following areas, Chesterfield, Sheffield, Rotherham, Barnsley, Doncaster, Wakefield and Leeds as I already have a successful flat nearby.  I would also consider other highly recommended areas.

I would be grateful to hear from anyone who has experience of these areas in terms of where to buy and where to definitely avoid. I know that I can contact estate agents but would be wary about the information I might receive.

A nice flat always seems a good choice but I am concerned about the maintenance charges being high as I would want to pass these on in the calculation of the rent which might be difficult but not impossible. A freehold house with a nice small maintenance free garden might appeal to couples with a small family. I will be looking for singles, couples or small families. My criteria is to get the area right and obviously it needs to be attractive and no work required. Other considerations are the job market in those areas and unemployment rates. I realise that I will have to do extensive research which is just beginning so any advice and tips about where to get information would be greatly appreciated.

My initial review has revealed that there is no shortage of properties on the market and from what I am seeing plenty are selling so that's obviously a good sign too.

I would also be interested in opinions on the merits or disadvantages of buying close to the city centre. In the past I have always thought that property close to the centre is easy to rent and tends to have a higher purchase cost...but given what is happening to the high streets with businesses closing even before Covid 19 does it really mean much these days? I am wondering if it could be a disadvantage given that many centres also have a lot of trouble especially at weekends when people go out and drink to excess. I have seen a couple close to the centre so just wondering what others think concerning this?

My rental income is my only source of income so I cannot afford to get this wrong. I will have my own 'wish list' which should help me narrow properties down quickly but it's the areas that I'm stumped on.

Any help and advice would be much appreciated.

Thanks Tony 

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