BUY-TO-LET DEAL OF THE WEEK: 3 bed house in Chichester, £275,000, 4.8% yield
Summary: 3 bed house in Chichester Listed for sale on 25/08/16 @ £275,000 Rent = £1,100pcm Last sold for £219,000 in July 2008 (+25.6% in 8 years) Yield = 4.8%
New to the market this week is a three bedroom house in Little Breach; a popular location amongst families due to it's school catchment area and close proximity to Chichester's city centre.
There are quite a few houses on the street at the moment and this is the cheapest of the lot, priced at £275,000. I appreciate it needs a fair bit of updating (when did you last see warm air heating?) but I believe this is more than fairly reflected in the price. Put it this way; next door is for sale and is in only a slightly better condition and it's £15,000 more. Then there's an identical property for sale but in good (not excellent) condition, which is £50,000 more! There certainly isn't £50,000 worth of work to be done on this three-bedroom semi-detached house.
It even has double glazing already installed and benefits from a garage. It has two good sized double bedrooms and a smaller single room so would appeal to families. It should rent for around £1,100pcm when it has been refurbished but I think it's great potential comes in the form of it's immediate uplift in value once refurbished, as well as it's potential for strong long-term capital growth because of its location.
***UPDATE***
Since being listed the price has been increased to £295,000
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