BUY-TO-LET DEAL OF THE WEEK: 3 bedroom house in Tangmere, £250,000, 4.7% yield
Summary: 3 bedroom house in Tangmere Listed for sale on 03/02/17 @ £275,000 Now = £250,000 Rent = £975pcm Last sold for £170,000 in Nov 2009 (+47% in 7.5 years) Yield = 4.7%
This three bedroom house in Tangmere looked a decent buy-to-let property when it came on the market a few weeks ago at £275,000. An end-of-terrace freehold house in an increasingly popular part of West Sussex, I really like the estate agents details for the property - they're terrible! No floorplan, only four poorly taken photos and a weak description that doesn't say it has double glazing or gas central heating (I worked it out via the limited photos) it's no wonder they haven't sold what is a decent house and have now led to dropping the asking price to £250,000.
That gives us an opportunity to take a look at what could be a very good buy-to-let property.
But don't feel too bad for the vendor that the estate agent is likely to short change, they managed to buy this house in the depths of the previous property slump (November 2009) for a mere £170,000 - an increase of £80,000 / 47% in just 7.5 years.
Those lack of details and photos means it's hard to judge what work, if any, is needed to bring this into a tip top standard that would appeal to tenants. With two double bedrooms plus a smaller single, 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 has already shown the ability to provide excellent long-term capital growth.
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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