New to the market this week is this three bedroom mid terrace house in Tangmere, which I think would make a great buy-to-let property.
Tangmere is an area I regularly highlight as containing really good investment properties. It offers better value than nearby Chichester, yet is still popular with tenants and easily accessible via the A27. It is also having something of a resurgence as more housing developments lift the area as a whole.
Considering last week I saw a two bedroom house in Tangmere come on at £250,000 (which, frankly, is utterly ridiculous), you'd think this three bedroom house around the corner at £250,000 is a bargain. It's not far off that, with double glazing, gas central heating, a refurbished bathroom, modern kitchen, garage and a beautifully created rear extension proving additional living space.
Having sold for £175,000 in December 2009, you may feel a 43% increase in seven years is a little steep. Bear in mind though that December 2009 was around the low for the market and money has been spent on that rear extension and bathroom since. When you consider it was sold in August 2004 for £189,950, you can see what a great buy it was for the current owner. It also shows the potential such a property has for capital growth in the future.
As it is well presented, has two double bedrooms plus a smaller single and has the unusual addition of the extra living space downstairs, I feel a rent in the region of £975pcm is achievable. That would provide a great 4.7% yield from a freehold house in a decent area that appears to need little work to get it ready to rent.
It is on the market with Cubitt & West and full details can be found on Rightmove via the following link:
http://www.rightmove.co.uk/property-for-sale/property-64263350.html
___________________________________
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.
Don't forget to visit the links below to view my previous buy-to-let deals and Chichester Property News articles:
c/o CRJ Lettings, 30B Southgate, Chichester, West Sussex, PO19 1DP
__________________________________
|
|
No comments:
Post a Comment