Flats To Buy Liverpool
Whatever your preference, we have a choice of both student and residential flats for sale in Liverpool here at RWinvest. Find out more about some of our current opportunities and secure your ideal investment.
flats to buy liverpool
City Point is one of our most affordable flats for sale in Liverpool, with prices starting at only 59,995 with 8% NET rental yields. This completed and tenanted development is based in the L5 postcode of Liverpool, and is the ideally located choice for those looking for student flats for sale in Liverpool city centre.
Those looking for flats for sale in Liverpool waterfront locations should not miss Kings Dock Mill. This iconic Liverpool development is set a short walk away from the Liverpool waterfront and Baltic Triangle area, while also being in walking distance to LiverpoolONE. Apartments within this development are available to purchase from 175,000, and come with yields of 7% for some attractive returns.
There is a variety of housing available here, from terraced properties to larger period homes. A lot of Victorian properties are also divided up into smaller flats if you are looking for a cheaper investment.
If you are working on a tighter budget then Bootle is a great area to look for properties. The average property price in the last year was 139,407, although flats in the area can sell for around 87,000.
More and more people are embracing the idea of turning a house into flats. The demand for flats is particularly high in London, and by splitting a single property into multiple units you can make the most of your rental income and also profits upon selling the property.
You need to know if there is demand for flats in the neighbourhood you are considering. This simple question is something many landlords neglect to ask when investing in a house to convert to flats. If you choose the wrong location, you could easily end up losing money.
Before you even begin the process of turning a house into flats, you need to ensure there will be a market for your new rental properties. It takes a little time to conduct this research but there is no better way to ensure the flats you create are actually going to be something people want in your chosen location.
When it comes to renting out flats, certain neighbourhoods are in much higher demand than others. Taking the time to research the local housing market is a fundamental step to maximise your rental profits. Locations with higher demand command a higher rent.
In addition to contacting the local authority and Building Control, it is important to consult a solicitor to check if there might be any legal barriers that could obstruct your renovation plans. If you will be taking out a mortgage to buy the house, your lender will need to be involved in the plans as well. Some banks are prepared to accommodate landlords with loans aimed at helping with the development, while others are quite resistant to allowing mortgage holders to convert houses into flats.
Every case is unique when it comes to converting a house into flats but, generally speaking, tax authorities will factor in the money you spend on purchasing the property and making the conversion. You will need to get an understanding of how your trading profit will be taxed and whether you will be liable for capital gains tax. It is extremely important to get quality advice from a tax adviser or chartered accountant to get a clear picture of what your tax liability will be.
In most cases, you will need a specialist mortgage to convert a house into two or more flats. You will need to split the property legally, providing separate leases for each flat. The nature of the loan/loans you will need depends on the extent of the work to be carried out. It will also depend on whether or not you already have the funds to carry out the conversion and what your intentions are for the property once work is complete.
If you are carrying out a straightforward conversion, such as converting a house into two flats by simply adding a single wall, you may qualify for a specialist buy-to-let mortgage. This would save you the hassle of having to remortgage once the work is complete. It may also save you the inconvenience of having to create separate leases, and is likely to be a cheaper finance option than development finance or a bridging loan.
You will need to instruct your solicitor to arrange leases and title deeds for every flat upon completion of the work. This is if you plan to divide the flats into separate leasehold properties. You would almost always do this when converting a house unless you intend to remain the freeholder and rent the flats out instead of selling some (or all) as leasehold properties.
To be able to let out the individual flats, you will need to remortgage each flat separately on a leasehold basis upon completing the work. With no plans to live in any of the flats, you would take out a buy-to-let mortgage on each one, enabling you to retain ownership of the flats and rent them out.
Be sure to have your solicitor sort out ownership of the freehold when you create the separate leasehold flats. The freehold and leases cannot be held in the same name, You can, however, own the freehold indirectly via a limited company and own the lease on your flat personally.
If your plan is to retain the freehold and rent out all the new flats, rather than selling them as leasehold, there will probably be an increase in the value of the freehold, but perhaps not as high as the total value of multiple leaseholds. The reason is that any prospective buyer of the freehold may want to take out a separate lease on each flat to give them flexibility for selling later on.
A lease agreement should state clearly how service charges are to be apportioned between all residents of the building. This may be based on a simple calculation, such as five flats each paying 20% of total service charges, or it may depend on more variable factors such as number of bedrooms.
The best way to form an opinion on a type of property investment is through direct experience, whether that is a good or a bad one. However, with flats, many people form an opinion without any direct experience. This could be because flats have a problem with bad PR, because you are unlikely to be the freehold owner or because of the sense that you are living close to, or on top of, other people. All these things can be true, but equally, there is a huge market of people creating high demand for flats, and hence they can be a lucrative and accessible way to make money in the property market.
Just like the process of buying a house, there can be complications with the flat-buying process, but it can also be less complex and more beneficial to invest in flats rather than houses. Here we will look at both types of property and assess the pros and cons of investment in each, but first we will look at the definition of what a flat is and how it differs to a house.
Investing in flats makes it easier to build up a portfolio of properties, because they are cheaper. You can also still enjoy a diverse portfolio because flats can apply to different markets and exist in different locations, so you can still spread out the risk.
Some properties may not be able to be converted into an HMO (house of multiple occupation) and therefore separate self-contained flats, due to their age or the layout of the rooms not complying with safety regulations. This needs to be researched well before you buy the property.
Some older flats may be subject to restrictive covenants, which refer to restrictions legally imposed on the building to prevent their use for specific activities, or to prevent them being sub-let. These are often very old arrangements, but are legally binding, so you need to employ a specialist solicitor to look into and deal with this.
Yes they are, but as ever, there are some caveats to add. As with any investment, you need to have clear objectives set out in terms of what financial commitment you can make, over what period and when you need a return on your investment. There are plenty of flats out there that can offer you the return you need, as long as you market them correctly and do your research in terms of location.
You should be able to calculate a rental yield % and study the local market to establish the likelihood of void periods and how easy it will be to sell the property on if you decide to. And other than that, the main considerations are similar to investing in a house, ie. location, location, location. If you want to market a property to exec tenants or families, you might be looking to residential areas in the suburbs, rural areas and definitely away from the city centre. This might make a house more appealing. Conversely, if you want tenants that are younger, more short term, students, young professionals or even lower income tenants, then city centre flats or older properties converted into flats might be your best bet.
In the last three years, new flats in England and Wales have increased in size by 8.5 metres squared. This could be because there is a higher proportion of maisonettes (flats with more than one storey, which tend to be larger too) in the housing market.
With our focus on great looks, varied finishes, and value, as well as the very best in fire safety doors in apartments and flats, both external and internal fire doors for apartments and flats, you will find the Premier range an excellent choice to meet building regulations and fire regulations, which are available as 'door sets' to save you time.A fire door for apartment and flat front doors should have at least 30 minutes certified resistance to fire (FD30s specification). In addition we also stock an FD60 apartment and flat front fire door range with 60 minutes fire resistance if preferred. These links to the UK Government, the Local Government Association and the Scottish Government are useful for guidance and information on building regulations. Our technical guidance section and blog can also be consulted. 041b061a72