My final buy-to-let deal of 2017 is a three bedroom house in Chichester, close to the city centre. This will make it popular amongst young professional tenants who can walk into Chichester's city centre to socialise and/or work, as well as accessing the train station to commute further afield.
It's only been on the market for a few months but has come down in price from a slightly ambitious £315,000 to a very reasonable £285,000.
I've pointed towards this Southern side of Chichester several times in the past as being a potential hot spot of the future, if the Southern Gateway plans are delivered well. This would help lift the value of what is a good sized modern house in good proximity to Chichester's amenities and so I feel it could be a very shrewd long-term investment.
There doesn't look to be much work needed to have it ready to rent either, with gas central heating, double glazing and a neutral decor throughout, as well as a modern kitchen and bathroom already in place. The only thing I can spot that may need attention is the lack of a shower in the bathroom, which is something of a must in today's market, so I'd have one installed and the surrounding area tiled.
There are quite a few three bedroom houses sticking on the rental market at the moment, but I think pricing this good sized house at £1,000pcm should be attractive enough to find tenants. I recently let a two bedroom house around the corner for £925pcm so the extra space is worthy of the uplift in price, which sits towards the lower end of the price range of three bedroom houses in Chichester. That would provide a decent 4.2% yield - far better than you can get in a savings account even as their rates are 'rising'.
It is on the market with White & Brooks and full details can be found on Rightmove via the following link:
http://www.rightmove.co.uk/property-for-sale/property-50611239.html
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