Hi,

I'm about to buy my first house (well start the process). I am really looking for an investment, somewhere i can live and rent out the other bed rooms to help with the morgage and the value of the house increases over time.

Unfortunatley i only have 90k which is the problem.

Where can you get a house which you can rent out bed rooms in and only spend 90k, in an area where the house prices are going to increase quickly?

Any advice or help will be most welcome cos i'm clueless!

Cheers, V

Start with www.vebra.com as this site hosts the big 2 sheffield agents, Blundells and Haybrook, so you can search both together (and more besides)

Who are you hoping to rent the other rooms out to? What services/facilities will you need nearby to keep your own sanity? Do you need good public transport links, or perhaps sensible quantities of parking available for other housemates?

oh, and to watch the housing market shifts, you need to have a prod about on www.upmystreet.co.uk until you find the property graphs :thumbsup:

manor etc. areas seen as deprived by the general public, which are close to a town centre/universities. the cheapest areas would seem the best place to buy, as with the difficulties of getting onto the property ladder one would look for the cheapest house and therfore push up the prices of the cheaper homes

thanks guys! All great advice!

The property graphs will be really usefull when i want to know more about potential areas.

I'm still at the start of my quest really.

I want to rent to foreign students. I've lived with people from other countries before like China, France, Spain, Middlesbourgh (they speak a language a bit like English) before and found them to be excellent housemates, quiet, repect self n others and so on.

Therefore, proximity to uni's and public transport are important.

But £90k doesn't go far when it comes to houes in sheff. Not sure there is a place i can move into and start renting out rooms that has the qualities above. I think im gonna have to look at plan B, what do think?

Plan B.
If i can't find something to fit the above i will look at the hospitals to see if theirs much demand for rented accom near them and check house prices.

What do you think?

there is demand for housing near the hospitals (thats where I live!) but you will be lucky to get anything for £90,000 in walking distance of the hallamshire..might do further out in walkley but then there is the isue of whether lodgers would want to be a bus ride away when there are lots of houses to rent nearer...I dont know about the area around the northern general.
good luck!

Hi

I am not sure £90 000 will buy you a lot in Sheffield anymore, as I am sure you are now finding out! Even ex-Council properties are starting to top £80 000 odd, depending on the area (not sure about the prices on the Manor).

Crookes and Broomhill, near the Hallamshire, I think will be out of your price range. Also there is a lot of student accommodation around there so you will have a lot of competition for potential lodgers.

I am not sure how many staff who work for the Northern General live next to the hospital. Fir Vale does tend to have a bit of a reputation.

I think you need to buy a property you can afford, bearing in mind the transport links and local amenities and then try to find a lodger.

Good luck!

Thanks Joeyannie, this forum's excellent!

I was on the phone to mike Jolly (the owner of mike jolly estates) and homebuyer ltd. I think my best bet is looking in S2, theres a 3 bed house for 75k but it needs a lot of work.

I feel my search will be for hosues in S2/1/10/11/6/7 but 90k does limit me but i get the impression the letting market in these post codes is strong. I will need house mates so that important.

Keep the advice comming guys.

Your right Diz, really hard if your looking for the finished artical but i might get lucky with 'in need of modernisation' aka a bomb site! Def want a house but i might find the idea of builders puts me off and i go for a flat instead.

Cheers V

If it helps, I bought an absolute wreck (3 bed terrace) in S10 four years ago for a shade under £100,000...and have spent about £20,000 doing it up over the 4 years (mind it needed everything from windows and roof to rewiring and complete redecoration).
There are various "how much will it cost to ..." threads on here that might give you an idea about how much you can expect to pay to do up a wreck...and remember that no lodger will want to live in a building site unless you offer ridiculously discounted rent when the work is in progress.
The best thing you can do is start viewing properties to get an idea of what you can afford and what you might be taking on!

Hi Veman, I've just sent you a PM.

Thanks, i have replied.

I'm still keen for all and any advice. Posting on this website has helped alot. I'm surprised about the high quailty of replies i've got. I just expected my mate Johna to leave some dodgy statement taking the mick but there are loads of helpful people on line who are happy to contribute their ideas.

Cheers.

Hi Matey, if you want to buy near a hospital to rent. You could try near the Northern General hospital. It's not the greatest area in the world but your 90k will go a lot further round there. I bought in grimesthorpe 5 years ago a 3 bed terrace with front and back garden and ample parking.moving soon will expect to sell for about 70-80k.
The area is improving steadily with eu money and grants being used to give houses facelifts.
Same house in crookes would set you back double the cost.

Cheers Dave, do you know if it is easy to rent out rooms there? are people keen to let there?

Sounds like the sort of property i would want to spend my money on. I feel ill at the concept of properties in crookes for 150k and bedrooms like shoes boxes and no gardens to speak of.
Thanks V

You could get somewhere near where I live (Lower Walkley end of Hillsborough) that's not in top notch presentation for 90k (just possibly, if you catch the vendor on a good day and can sell your strong position as a first time buyer with them).

We're only a hundred yards from the tram lines, and bus stops into town too, so well within reach for students.

Cheers, So far i have Lower walkley and S2 as places i could buy a house for 90k and let out the spare rooms. The more bed rooms the better to help out with the morgage.

Even thou i'd prefer walkley i think S2 is my more likely choice. The only affordable houses i have seen in walkley are 1 bed for 70k. I really want 3 bed for 80k (found in S2).

I'm a few weeks away from actually viewing houses in person and may be in for a shock when i actually see them. I've been renting like a student for 9yrs in numerous flea bitten, slum bomb-sites so the place will have to be really bad to truely shock me.

Keep the ideas and advice coming guys, becuase i'm checking, reading and appreciating the help.

Don't forget also that houses in Sheff usually go for more than the asking price (vendor may even expect this), so houses you think are in your price range in reality go well beyond it at the dreaded 'best and final offers' phase.

This can waste a lot of your time, so see what people really paid for houses in any given street via sites like:
www.ourproperty.co.uk

That web site looks very useful! Cheers! I'm trying to not think too much about that, hoping my First house, new buyer with no chain status will help, i even hope to offer and pay less then the asking price!

I can dream!

The thing that will really upset me is if i have an offer accepted and do a survey then someone else offers more and buys it! Don't think there is a way of stopping that.

I'd recommend the fir vale/ grimesthrope area riound the northern general. several frinds of our, and us, have seen our house values double or more in 5 years, there's lots of investment going into the area, and there is a lot of demand for rented, including junior drs and nurses from hospital. Also selling points are the links to the M1 for tarvel out of the city.

hope you get on well.