ASK277: Will I be down-valued? PLUS: What landlord insurance do I need?

It’s another week of your property questions on Ask Rob & Rob. 

The first question this week is from Noel.

He’s recently purchased a property at auction that was up for £150,000, but after getting into a bidding war, he ended up paying £175,000 for the property. 

Noel is happy to pay that price, however he’s just a bit cautious that the surveyors might not value it at £175,000 and if that’s the case, what are his options? 

He’s planning to convert the terrace property into a 3-bed but there isn’t anything comparable in the local area. 

Terrace properties of smaller square footage have sold for £175,000 but if there’s nothing comparable to his property, what are his options?

Next up is Max who has a question about yields.

He’s currently running the numbers on a potential deal before he purchases it to see what his ROI would be. 

One fee he’s included is landlord insurance which he knows is optional but he’s keen to know how much Rob & Rob think landlords should be spending on it. 

Is landlord insurance absolutely necessary? 

Tune in to find out.

 

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