BUY-TO-LET DEAL OF THE WEEK: 3 bed house in Chichester, £275,000, 4.3% yield
Summary: 3 bed house in Chichester Listed for sale on 31/08/16 @ £275,000 Rent = £975pcm Last sold for £210,000 in June 2013 (+31% in 3 years) Yield = 4.3%
New to the market this week is a three bedroom house in Cullum Close; a good rental location just behind St Richard's Hospital in Chichester.
The current owner has put a stud wall in the lounge to create a 4th bedroom - not a bad idea if you want to rent to sharers and increase your monthly income (certainly a possibility with the hospital so close by), but should you want to rent it to one family unit you should probably remove the wall to return it back to a large lounge/diner.
If you did, it should rent for around £975pcm due to its modern build (including double glazing and gas central heating), good presentation and location. It also has a reasonable garden and off-road parking for two cars, so it would make a lovely family home.
My only slight issue is the price. The asking price is actually quite reasonable, but my belligerence would mean I wouldn't wish to pay 31% more than the current owner paid just three years ago (£275,000 today vs £210,000 in 2013). That was certainly an excellent purchase just a few years ago and it does illustrate the strength of the area, Chichester as whole and the potential for further future capital growth from what should be a relatively simple property to let and manage.
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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