BUY-TO-LET DEAL OF THE WEEK: 4 bed house in Chichester, £275,000, 4.4% yield
Summary: 4 bed house in Chichester Listed for sale on 07/06/16 @ £285,000 Now = £275,000 Rent = £1,000pcm Yield = 4.4%
Let's get down to basics; this isn't really a four bedroom house but a three bedroom house with it's dining room downstairs labelled as a 4th bedroom.
Even so, as a three bed house in a central position to Chichester's city centre, this is a good rental proposition. Worryingly there aren't any internal photos, so either there's an access issue or it's a mess inside and needs money spending on it to get it back into a rentable condition. When this is done it should rent for around £1,000pcm in it's current form (providing a yield of 4.4% based on paying the full asking price).
What might be more sensible from an investment point-of-view is to either use this property as a student let or professional HMO, whereby you could utilise the 'four' bedrooms to provide an income of around £1,400pcm. Or, another option that would provide a similar return would be to convert the property into two one-bed flats, which would also provide a decent uplift in valuable (subject to obtaining the necessary planning permissions).
From the outside picture and details I can see the house has double glazing, gas central heating and good-sized rooms, which is a good foundation to start with in regards to creating either a lettable family-home or a different set-up to maximise your income.
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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