Is it worth investing a buy-to-let property in Sheffield city centre?

Kelham Island is doing well at the moment. But for me terraced houses in Crookes, Walkley and Hillsborough. Meersbrook and Woodseats is a good bet too.

Is that true that it is easier to let it out to students in Sheffield city centre than in suburbs or outskirts?

---------- Post added 06-10-2015 at 18:41 ----------

you will get a better yield for a lower price buying a terraced property or an ex council semi in sheffield, most city centre flats are inflated price wise and dont always command a good rental, difficult to resell also.

Is it inflated or reasonable price for an 1-bed flat of no more than 100,000 pounds in Sheffield city centre?

Is that true that it is easier to let it out to students in Sheffield city centre than in suburbs or outskirts?

 

---------- Post added 06-10-2015 at 18:41 ----------

 

 

Is it inflated or reasonable price for an 1-bed flat of no more than 100,000 pounds in Sheffield city centre?

A lot of students are attracted by the cheaper rents in house shares in the areas like sharrow, crookes , walkley ,etc . The flats/appts in the city centre ( even accommodation in the purpose built student digs in the city centre ) are expensive and can be offputting for your typical student.

Have you thought about buying a house in one of the popular student areas ? cheaper than buying a city centre flat ,and you shouldnt have no problems filling the rooms .

I used to let to 2 Students in S1. The building my property is in became very popular with Chinese students, of which there are many. This year my property is let to a single professional, but I would have no qualms in, for example, letting to 2 Chinese students again... they have plenty of money, there are 2 of them to split the rent and they are often willing and able to pay a big chunk of rent up front as they understand it is impossible for a Landlord to credit check them.

---------- Post added 06-10-2015 at 20:38 ----------

Is that true that it is easier to let it out to students in Sheffield city centre than in suburbs or outskirts?[/Quote]

 

Very easy to let to foreign students, I would say.

 

Is it inflated or reasonable price for an 1-bed flat of no more than 100,000 pounds in Sheffield city centre?

 

You'll not get a good city centre 1 bedroom apartment for £100,000, if that's what you're asking.

Look at anything with a 24-hour Concierge and secure access.

Riverside Exchange (S3 - Millsands, opposite Nursery St) is good. Lived here for two years and very happy so far.

If buying a flat in Sheffield city centre, where should be avoided? I am from London and don't know Sheffield city centre at all, any idea and advice from Sheffield local people would be welcome.

What do you want to avoid?

(or what do you seek? to turn it around slightly)

I don't know how it's possible to answer your post without this information, particularly on a decision as major as buying a flat in a new city!

What do you want to avoid?

 

(or what do you seek? to turn it around slightly)

 

I don't know how it's possible to answer your post without this information, particularly on a decision as major as buying a flat in a new city!

I want to avoid high crime areas, red light districts, areas with a lot of drunken people, areas with too much noise, etc.

I want to avoid high crime areas, red light districts, areas with a lot of drunken people, areas with too much noise, etc.

I bought at West One in 2009 and lived there until 2012.

Pros:

It's a very well maintained complex, Pete (the concierge) is excellent

Great location for your nights out

Soundproofing between apartments is very good

The block towards West St and the Plaza is mainly owner occupier/long term renters and not student digs

Very secure

Depending on position, is also pretty quiet

Cons:

Anything facing either West St directly or directly onto the Plaza can be noisy, particularly at weekends (mine faces the Plaza, and with hindsight I would have opted for an apartment that faces Cavendish St instead)

Not suitable for kids

Service charge is quite high (around 1,500 a year)

Overall it served me well to live in as an owner occupier and it also has been an excellent investment. I never had a problem renting it out, and the apartment below mine recently sold for around 20% more than I paid in 2009.

Hope this helps.

I bought at West One in 2009 and lived there until 2012.

 

Pros:

It's a very well maintained complex, Pete (the concierge) is excellent

Great location for your nights out

Soundproofing between apartments is very good

The block towards West St and the Plaza is mainly owner occupier/long term renters and not student digs

Very secure

Depending on position, is also pretty quiet

 

Cons:

Anything facing either West St directly or directly onto the Plaza can be noisy, particularly at weekends (mine faces the Plaza, and with hindsight I would have opted for an apartment that faces Cavendish St instead)

Not suitable for kids

Service charge is quite high (around 1,500 a year)

 

Overall it served me well to live in as an owner occupier and it also has been an excellent investment. I never had a problem renting it out, and the apartment below mine recently sold for around 20% more than I paid in 2009.

 

Hope this helps.

Thank you very much for your advice.

An agent sent me the info for this studio flat in West One with asking price of 100,000 pounds: http://www.blundells.com/buy/property/FromRPSEmail/PropertyID-REF-3486329

Is that a good investment? Many thanks in advance.

Is that true that it is easier to let it out to students in Sheffield city centre than in suburbs or outskirts?

It is true, you don't get many student lets out in the suburbs really, they're usually all within walking distance of the Uni.

It's not an amazing idea to try and operate a student let from so far away, they need much more attentive maintenance to keep them decent and the chances of one of the little sods trying to do a runner without paying rent is generally higher than renting to a working couple.

It depends on what you mean by outskirts though. S10 is full of student accommodation as it's just as close to many uni buildings as S1 is, but cheaper (per room).

There are pretty well defined student letting areas for both universities. S1 city centre flats (from the students I know) is only considered by the well off or post grads.

Is that a good investment?

Thats up to you to decide, if you're willing to put down 100 grand on the say so of a few random people on the internet then you go ahead.

Anyone else would visit the area and view a bunch of propertys before making any decisions.