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Sunday, June 15, 2008

City centre bargains

I've been looking at city centre apartments since the start of the new millennium. Thing is, they never made sense to me as an investor. What do I want with Philip Stark taps. Who is Philip Stark anyway? What's wrong with Wickes taps, surely a tap is a tap as long as it works.

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I'm not subsidising my tenants
I looked at the costs. Not only was I going to pay out 30-40% more for the flat at the start, but then I had to keep paying some management company: to clean the halls, maintain the lift, the swimming pool, pay a concierge. My tenants don't want all those luxuries and they certainly aren't prepared to pay the extra £150+ a month to cover the costs. That would have meant it would of be me 'muggins' who would left having to foot the bill for them having a gym and swimming pool on tap. What do they think I am, a charity!

City centre apartments at 2001 levels
Miss Jones as you probably know is thinking about going to 'UNI' to study social work. I obviously couldn't bare the thought of her living in a squalid student halls with all those over sexed male students; so I've been looking at getting her something convenient in town whilst she studies. She pointed out this article in the Telegraph the other day. A new apartment in Bradford for £55,000. That's more my sort of price! I'm not paying anything over £100,000 and I don't care what sort of taps they've got. The article seems to suggest that prices for some city centre apartments are now back at 2001 levels. I have suggested to Miss Jones that with this 'credit crunch', if we wait a bit longer maybe prices will be at 1970's levels. That's more my preferred price range.

Still looking for a bargain
I have suggested to Miss Jones that we / I might be better off looking at getting a repossession at auction. After all I always buy my clothes second hand so I don't see why i should pay silly prices for a new property. Miss Jones had accused me of being tight, which i think is a little unfair. I did come across a couple of useful money saving websites for landlords the other day. There was freecycle, a bit hippyish for my liking but a great place to get or get rid off furniture. The other one is Gumtree which enables landlords to advertise their rental properties for FREE

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Any way, I need to go, the tenant up stairs is calling me. The washing machine only work properly if two people sit on it.

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