New to the market this week is this good sized and fairly priced three bedroom house within a mile of Chichester's city centre.
It is just round the corner to a near identical property I recently let out at £995pcm, with the garage fetching an extra £50pcm. I'd market this three bedroom house similarly; £1,000pcm for the house and £50pcm for the garage. That allows you to keep the house under the £1,000pcm figure that many people will choose on the portals as their maximum price. This means you'll capture as many people as possible via the search criteria, compared to marketing the whole thing at £1,050pcm (to include a garage that, on rare occasions, the tenants don't want anyway).
That would provide a 4.4% rental return from a property that is in very good condition throughout, with modern kitchen and bathroom as well as being fully double glazed and benefitting from gas central heating. It is in a pleasant setting close to Chichester's city centre and the A27, with greenery to the front and plentiful (on-road) parking. The rooms are a good size, although in future it would be of great benefit to open the kitchen into the dining space to create a family-friendly kitchen/diner.
The current owner purchased the property in 2003 for £180,000, meaning they will soon receive over £100,000 in capital appreciation since buying it. That may sound a lot, but the 58% increase in 14 years is actually below the long-term trend property prices have followed over the decades, demonstrating the impact the 'credit crunch' had on the overall property market.
It is on the market with Sims Williams and full details can be found on Rightmove via the following link:
http://www.rightmove.co.uk/property-for-sale/property-51288081.html
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