Monday, 16 April 2018

BUY-TO-LET DEAL OF THE WEEK: 3 bedroom house in Fishbourne, £280,000, 4.3% yield

3 bed house, Mosse Gardens, Chichester
kitchen lounge
Summary:
3 bedroom house in Fishbourne
Listed for sale on 16/03/18 @ £290,000
Now = £280,000
Rent = £1,000pcm
Yield = 4.3%
Last sold in 2012 for £212,000 (+32% in 6 years)

This week's buy-to-let property pick is a three-bedroom house in Fishbourne. Fishbourne is one of the areas I often highlight as great for local buy-to-let, as it offers decent value compared to the (very) nearby Chichester, yet remains popular with tenants due to its proximity to the city and the A27, as well its good schools.

This is a good sized family house, with two double bedrooms and a smaller single bedroom upstairs, along with a family bathroom. Downstairs there's a good-size lounge that opens into a dining area and kitchen, plus there's a cloakroom.

Whilst it's been reduced a little since coming to the market a month ago, I'd like to see a little more shaved off the asking price of £280,000 on the basis that it really needs replacement windows to upgrade it from single glazing, and it lacks a garage. At the end of last year a similar property nearby with a garage and double glazing sold for £270,000. It's also a pretty strong premium of 32% since the current owner purchased the property for £212,000 just six years ago.

Even if we base our numbers on paying the current asking price though, a rent of around £1,000pcm would generate a decent 4.3% rental return.

Something worth checking is the fact there are solar panels on the rear roof. Now, if the property owns these than that could be a great additional source of income (which is what the details suggest). If, however, they were installed under one of the schemes offering to effectively rent your roof to install the panels...I'd avoid it completely. Depending on their date of installation, solar panels like these can generate anything between £50pcm-£200pcm from the governments feed-in-tariff; which could bolster that yield (the owner keeps the money) quite significantly!

The property is on the market with Purplebricks and full details can be found on Rightmove via the following link: www.rightmove.co.uk/property-for-sale/property-64504057.html

If your 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.

E-mail me on clive@crjlettings.co.uk or call 01243 624 599.

Don't forget to visit the links below to view my previous buy-to-let deals and Chichester Property News articles:


c/o CRJ Lettings, 30B Southgate, Chichester, West Sussex, PO19 1DP

Chichester rental valuation

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Location: Mosse Gardens, Chichester PO19 3PQ, UK

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