Jump to content
House Price Crash Forum

Beautiful Flat. ;-) For 12K Update - Sold For 30K


Recommended Posts

Remember the awful flat in Nottingham

VALUED at just £12,000, 79 Parkview on Bath Street, Sneinton, had been hailed one of the country's cheapest flats.It was snapped up at auction for £30,500 by Ajuma Okoko, 29, a planning engineer, from Sheffield, who afterwards confessed she hadn't actually seen the property in the flesh.

My link

Who are these mental people. Lol. Wonder if they'll pull it off

Lol

Link to post
Share on other sites

Remember the awful flat in Nottingham

My link

Who are these mental people. Lol. Wonder if they'll pull it off

Lol

Meanwhile in a NEIGHbouring county this allegedly happened :o

http://www.thisisnottingham.co.uk/Peter-Coulby-Ilkeston-charged-having-horse-sex/story-17018965-detail/story.html

What a weirdo !

Edited by Warwick-Watcher
Link to post
Share on other sites

She said shed do the work herself and spend £7k

Well it needs new windows,new kitchedn,new bathroom,new heating,ceilings pulling down and replacing,plaster knocking off walls and re-doing,probably electrics,flooring etc.

So yeah if she can do all those jobs herself probably do it for £7k.Or is she thinking it needs new cupboard doors ,magnolia paint and some twigs in a vase?,

Could be a decent investment but i doubt it.

Link to post
Share on other sites

Yes wow.....

An example of the world economy trying to balance out current accounts. The Sneintonites pack out Poundlands everyday at the Broadmarsh to buy their manufactured goods (the UKs most successful Poundland) and they buy our houses.

Edited by crashmonitor
Link to post
Share on other sites

300 pounds a month... when it's not vacant and if the tenant actually pays you.

Then subtract for short and long term maintenance. (And consider that the sort of tenants you're going to have are quite likely to trash the place.)

Now subtract building/landlord insurance. (Again, the insurer will consider the type of tenant you have/the area the property is in.)

Now subtract auction purchaser fee, conveyancing fee, letting agent fee, and (especially for the Chinese guy) the letting management fee (on-going).

Now subtract income tax.

And - as a leasehold property - there'll be a ground rent/service charge no doubt.

And all this is before you consider what other use you could have made with your purchase money.

Oh and did anyone mention "depreciating asset"? :P

Hmm. A tidy profit. ROFL

:rolleyes:

Edited by Chuffy Chuffnell
Link to post
Share on other sites

If shes trying to rent out at 300 a month then lets see what you could buy with same payments

Mortgage: 2yr 3.45% Fixed BBR H/P LTV 80% Direct

so 300 a month -> 60k at 3.45% (need 20% deposit though :S at 12k and fee of 1k)

would buy you in similar area:

http://www.rightmove.co.uk/property-for-sale/property-19116288.html?premiumA=true

11414_0186_HRT018618411_IMG_00_0002_max_620x414.JPG

I suppose the problem for people is getting hold of the deposit

Edited by swankyman
Link to post
Share on other sites
1350555088[/url]' post='909164611']

She said shed do the work herself and spend £7k

Well it needs new windows,new kitchedn,new bathroom,new heating,ceilings pulling down and replacing,plaster knocking off walls and re-doing,probably electrics,flooring etc.

So yeah if she can do all those jobs herself probably do it for £7k.Or is she thinking it needs new cupboard doors ,magnolia paint and some twigs in a vase?,

Could be a decent investment but i doubt it.

When you put it like that, it appears that this silly woman spent £30k on a few hundred cubic feet of fresh air! biggrin.gif

Link to post
Share on other sites

Sneinton, St annes, Hyson green. Anywhere around there may as well be Detroit. Not near the universities, convenient for the town centre, if you can dodge the mini-yardies coming from one direction, and the good old chavs from the other.

Im surprised £30k is the cheapest flat around there, ive seen detached houses go for not much more.

Link to post
Share on other sites

Remember the awful flat in Nottingham

Who are these mental people. Lol. Wonder if they'll pull it off

Lol

"Auction winner Ajuma was delighted she upped her offer by £500 and afterwards disclosed she would have gone even higher, as she'd set her limit at £37,000. It's her first investment property and she eventually hopes it will be one of many"

Warms the heart :(

Link to post
Share on other sites

Hmm. Listed building. Plans to DIY renovation for less than £7k. By the look of the state of that place, it's going to need a bit more work than that.

I'm guessing this muppet really hasn't thought things through. I bet the service charge will be significant too - and it looks like the windows are going to need to be replaced soon - so a big major works bill.

£300 per month gross. After agency fees, service charge, and general maintenance; this is going to be a major time drain for very little income. Not to mention that at £300 per month, the class of tenant is likely to be suboptimal.

Link to post
Share on other sites

Hmm. Listed building. Plans to DIY renovation for less than £7k. By the look of the state of that place, it's going to need a bit more work than that.

I'm guessing this muppet really hasn't thought things through. I bet the service charge will be significant too - and it looks like the windows are going to need to be replaced soon - so a big major works bill.

£300 per month gross. After agency fees, service charge, and general maintenance; this is going to be a major time drain for very little income. Not to mention that at £300 per month, the class of tenant is likely to be suboptimal.

can't go wrong with bricks and mortar

Link to post
Share on other sites

Presumably this will go to someone on benefits as that will get her the best yield?

LHA for the area about £90 a week http://nottinghamcity.gov.uk/index.aspx?articleid=2865 so she'll be looking at closer to £400 a month.

The yield will actually be pretty good unfortunately, even if she puts in more than her planned repair budget. Question is, how much access to funds does she have and how long can she keep going without rent coming in while getting the place sorted. She will presumably use the cheapest materials and bodge a job cheap workers as it's only going to a renter after all.

LHA as usual keeping up cost of living for all. Also, LHA offers same rate for studio flat (which this is) as well as a one-bed, giving good yields for profiting from renters.

Link to post
Share on other sites
  • 6 months later...

UPDATE :D

It was snapped up at auction for £30,500 by Ajuma Okoko, 29, a planning engineer, from Sheffield, but had started out at auction with an initial guide price of £10,000.

Ajuma and her brother Mark have spent three months renovating the flat. The brother and sister hope to rent it out and that others in the area will also renovate dilapidated properties to improve the community.

Ajuma Okoko said: "Looking at other prices I think it will be worth £47,000 at the moment.

Link (updated)

Edited by swankyman
Link to post
Share on other sites

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.

Guest
Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.

Loading...
  • Recently Browsing   0 members

    No registered users viewing this page.

  • 433 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



×
×
  • Create New...

Important Information

We have placed cookies on your device to help make this website better. You can adjust your cookie settings, otherwise we'll assume you're okay to continue.