This three bedroom house in Chichester has come to the market this week priced at £250,000. Or so you might think...as it was actually previously marketed with another agent for £273,500, which actually means it has had a near 10% reduction in its asking price.
It now looks pretty good value and is of a brick construction, which is good to point out as some of the properties down Oving Road are much older and suffer from additional maintenance issues as a result. It also has space for multiple cars on a private driveway to the front - which is great as the busy street can be tricky for parking. It has decent sized rooms and seems fairly modern throughout, including double glazing and gas central heating. It also has a good sized rear garden, which would appeal to families should you rent it as a 3 bedroom family home (for around £995pcm, achieving a yield of 4.8%).
The alternative would be to create a house for sharers, which might appeal to students as it's got decent transport links as is only a 1 mile flat walk into town.
The two things I'd consider simply looking at the details are:
1. Who installed the kitchen? Can you spot the electrical cables hanging from standard sockets into the appliances? This doesn't look good (or particularly safe / up to regulations) to me. Not only would this want checking but you may also wish to consider to what standard the rest of any works have been done.
2. The bathroom is downstairs. For me there's a pretty simple fix to this as you could use space from the large bedroom directly above the bathroom (complete with a window in the right place) to move the bathroom upstairs and still retain a double bedroom. This would have far more appeal to families and could even allow the removal of the downstairs bathroom to create a kitchen / diner - another big plus for a family.
All in all this seems to be a lettable unit as it is right now, as well as offering ways to improve it to appeal to more tenants and buyers alike.
It is on the market with Purple Bricks and full details can be found on Rightmove via the following link:
http://www.rightmove.co.uk/property-for-sale/property-56012392.html
***THIS PROPERTY SOLD OVER THE WEEKEND***
This buy-to-let deal of the week was sent to the Chichester Property News subscribers on 9th September and sold over the weekend - proof of what a great deal it was! To receive the buy-to-let deal of the week as soon as it's released, sign up to the free weekly Chichester Property News at www.tinyurl.com/chipropnewssubscribe
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c/o CRJ Lettings, 30B Southgate, Chichester, West Sussex, PO19 1DP
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