BUY-TO-LET DEAL OF THE WEEK: 3 bed house in Chichester, £275,000, 4.4% yield
Summary: 3 bed house in Chichester Listed for sale on 18/10/16 @ £275,000 Rent = £1,000pcm Yield = 4.4%
I'm not sure what's more interesting with this week's buy-to-let deal of the week in Chichester; the fact the agent admits to using a photo from 2013 in their marketing or the fact a property that was bought for £79,000 in 1998 has managed to be repossessed.
In agent speak it's a "corporate sale".....a repossession, meaning the bank (or an intermediary) is the vendor and whilst they have a duty to be seen achieving the best possible price for a property, they can on occassion be more flexible on price. It has now been marketed for one month, which is often when the finance company will look towards a reduction in asking price or their expectations.
What is fundamentally a good-sized property, with three bedrooms and a bathroom upstairs plus a kitchen, cloakroom, living room and dining room (or fourth bedroom or a study) downstairs, is let down by being in poor decorative order. With gas central heating and double glazing already in place though, it would be pretty simple to re-decorate, re-carpet and install a new kitchen and bathroom / cloakroom (if necessary) to transform this tired property in to a great family home.
In doing so you should be able to achieve a rent of around £1,000pcm, which would provide a yield of 4.4% based on paying the full asking price of £275,000 (but not including refurbishment costs).
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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