This is the cheapest three bedroom house currently for sale in Chichester, priced at £264,500, having been reduced a little over £5,000 this week. That in itself makes it worth consideration as a decent buy-to-let property in Chichester.
It is reasonably modern inside so a small clean up and potential re-decoration is all that should be required to rent it out for around £995pcm. That would provide a decent 4.5% yield based on paying the full asking price. It has a good sized kitchen/diner downstairs as well as a good sized separate lounge. The three bedrooms (two doubles and a single) are upstairs, along with the family bathroom. The house has gas central heating, double glazing and a parking space next to the house.
Many of you will know that I look for a development angle in some of my buy-to-let picks and there are a couple of options with this end-of-terrace house. The first would be to turn it into two flats, but I think there would be limited uplift in value from doing so (although the rental return would increase). In the longer-term, buying next door may be the smartest option, as it would then give you full control over the shared parking area, which is alongside the house and seems ample enough to accommodate another house; now that would be profitable!
This house highlights what an amazing return has been produced from property in Chichester over the past couple of decades, having last sold for just £74,000 in March 1999. That means the current owner is going to walk away with around a 257% gain, which is over 10% a year! It seems to me that buying this 'cheap' three bedroom house in this popular part of Chichester could set you up to make a similar long-term return in the future.
It is on the market with Bell & Blake and full details can be found on Rightmove via the following link:
http://www.rightmove.co.uk/property-for-sale/property-66936461.html
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c/o CRJ Lettings, 30B Southgate, Chichester, West Sussex, PO19 1DP
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