BUY-TO-LET DEAL OF THE WEEK: 4 bed house in Chichester, £350,000, 4.5% yield
Summary: 4 bed house in Chichester Listed for sale on 15/07/16 @ £350,000 Rent = £1,300pcm Yield = 4.5%
This is a modern and very large (1,326 square feet) townhouse in a popular rental area of Chichester, just behind the hospital.
Think of it as a 3 bedroom house (which would rent for around £1,000pcm) but with the additional floor, which in this instance contains a large reception room (4th bedroom to most), a garage and a cloakroom. That extra space and the driveway to the front means it should achieve around £1,300pcm - alot if you see it as a three bedroom house with a redundant lower floor, but a good price for someone looking for a the extra space.
With a price tag of £350,000, it equates to a very reasonable £264 per square foot. With the average square foot of property in Chichester costing around £350 you could certainly argue that it offers extremely good value for money.
The only caveat with such a sizeable property is who you might rent it to? Without a HMO licence it's of no use to sharers so you'll be reliant on a large established family. Ordinarily such a family set-up will be looking to buy rather than rent, so as I've pointed out before, you should bear in mind that a large house such as this might take a little longer to let than smaller (more affordable) units.
If you are looking for an agent that is well-established, professional and communicative in Chichester, then contact us to find out how we can get the best out of your investment property.
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