This three bedroom house in Chichester is only half a mile from the city centre. It's been completely refurbished throughout and has just been reduced for the second time since it was originally listed for sale in June at £315,000. It's now priced at £285,000, which means the asking price has been slashed by nearly 10%, and I believe it now offers tremendous value.
The size of the house (over 1,000 square feet!) and the way it has been refurbished now makes it a great family home. I do think the refurbishment could have taken the opportunity to open up what is a reasonably small kitchen into a kitchen/diner. That's exactly what I recommended the landlords do with a near identically laid out property nearby a few months ago and the end result created a great family home, so I think the owner of this property has missed a trick.
The alternative that might have attracted some buy-to-let investors would've been to make it a house for sharers by using the kitchen where it is now as a bedroom (as it has natural light) and half the lounge as a fifth bedroom. A five bedroom unit with a kitchen/lounge (and conservatory) as a communal space would've been quite the investment so close to Chichester's city centre.
As it is though, a family should be keen to rent this house for around £1,100pcm as it is in such great condition with a good sized garden, gas central heating, double glazing, spacious rooms and a garage and off road parking. That rental figure would produce a 4.5% yield from the newly lowered asking price of £285,000. This in itself is a great rental return from a freehold property, but when you consider it has been completely refurbished, you shouldn't have many maintenance issues chipping away at that income and there should be no major costs to replace anything in the near future either.
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-67318802.html
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