Here is something a little lighter from the weekend (but we have still somehow managed to keep it property related!)
Well done to Alexandra for winning the X factor last night. I was (unashamed to admit it) routing for the 19 year old from London to win the 6 month singing competition saga. To be fair, she did a brilliant job and I am sure the 8 million viewers across our Nation were able to forget their ‘credit crisis’ woes, albeit for only an hour, and enjoy an inexpensive Saturday night in with some quality television.
So what happens next for the rising star?
LettingaProperty.com offer a few words of wisdom for Alexandra and her new found fortune of fame.
1) Buy property in Northamptonshire: According to the latest property figures released by Hometrack, Northamptonshire has seen the steepest drop in house prices in 2008 by a massive 10.6%. History teaches us, what goes down – must go up, or is it the other way around?
2) If you intend on spending your winnings on becoming a Landlord, there is an under supply of purpose built student accommodation in London with at least 100,000 student bedrooms required. Keep a look out for accommodation near a University that you can convert and cater for the demand.
3) Make sure that you have adequate cover for rent guarantee and building and contents insurance. The cost of premiums may be on the up due to the economic conditions however, avoid going for the cheapest – most often, it is never the best!
4) Avoid taking any advice from Inside Track’s founder, Jim Moore. Inside Track offered investor buyers the scoop on hot property locations for a small fee (several thousands of pounds). As reported in the Mail on Sunday, Mr Moore is now planning a property fund that will plan to buy back the failing assets at bargain prices. Ouch.
5) Plan a holiday. You will need a break from the last six months however, with the strength of the Pound against the Euro, you are better off staying local. I hear Norfolk is lovely this time of year for a spot of pheasant shooting.
Point 4 is a good one but a little too late for all their existing customers!
I am a landlord with student property and I am finding it more and more difficult to achieve the rents I need to cover the mortgage – I think it is time to be investing in other projects – long live spanish property – joke.