By Max & Vicki Andrews are the brother and sister team behind TMS Estate Agents in Broadstairs, Kent. As landlords themselves, they started their portfolio management business back in 2007 looking after other landlords and their properties all over the country. In 2013 they added the estate agency arm to their business and have never looked back.
They are the sole agents for a sophisticated new development in Ramsgate, Kent. It is a fabulous redevelopment of an existing building which will set a new standard for accommodation in the area. 31 luxury, high specification apartments, beautifully constructed, energy efficient, benefiting from a concierge, resident’s gym and business hub. The location is superb, just a short stroll from Ramsgate’s royal harbour, on the doorstep of many amenities.
Max and Vicki have been promoting this development to their clients as most landlords are looking for a good return. With yields anticipated to be in the region of 7%, it is an exciting investment opportunity with prices starting from £195,000. Max says they already have tenants waiting for these homes “We had just started advertising the first phase for sale when we began to receive enquiries from would be tenants. It shows the incredible demand that exists for quality homes to let.”
Vicki is also confident of the long term investment benefits of these properties, “With capital appreciation all but guaranteed, the other benefit of these apartments is that there is the flexibility to holiday let as well which isn’t allowed in every lease.” They both stress the necessity of a long lease if buying leasehold – these apartments for example are being sold with a 999 year lease.
When asked what else he feels his clients should look out for Max advises “When purchasing a property to let, it is not enough to buy something affordable where the rent is likely to provide a good return, you also have to make sure that the maintenance costs are going to be reasonable so when it comes to selling that investment, there won’t be a long list of issues picked up by the purchaser’s surveyor.”
Max and Vicki’s experience of being landlords themselves means they understand what it’s like to manage and minimise void periods, the importance of attracting high calibre tenants but also what it’s like to maintain the property, deal with the fault management and stay on top of all the legislation. Vicki recommends, “It is also important to have a clear strategy before you invest, think about the long term plan, why are you buying that specific property to invest in? Take advice from your accountant, solicitor and a trusted property consultant before you commit to a purchase. Many of our landlords will buy through other agents after taking our advice and then instruct us to manage the property.
We advise our landlords to take many different things into consideration before choosing to buy a property to let. We predominantly cover the Kent area so we are able to confidently comment on the factors we consider to be critical: location, condition & tenure of property, cost to bring up to the required standard legally, cost to maintain and the rental demand for this type of property.”
Max has a real passion for property and can see the potential in almost anything, Vicki goes on to explain “Max is quite happy to inspect properties in person and give a rough estimate on how much it would cost to renovate or refurbish them, subject to survey. We have had clients tell us that if Max would buy it – they are happy to – so he takes that responsibility very seriously. It usually involves him playing golf with the clients afterwards!” If you are thinking of purchasing a property in the Kent area to add to or to start your own portfolio, Max & Vicki are happy to answer your questions.
Call them on 01843 866055 or email info@tmsestateagents.com
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