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| This week's buy-to-let deal comes in the form of a three-bedroom semi-detached house close to Chichester's city centre. It is not far from the Southern Gateway regeneration plans, so could benefit from the flurry of activity that is planned there. Priced at £285,000 is it also well-priced compared to another in the same street that is currently on the market for £300,000. Considering this one has a 'loft room' it seems excellent value for money, particularly if that room could be converted to a 'proper' fourth bedroom (I assume fire regulations prevent this currently). Even without this, it is a well-positioned house for Chichester's city centre and has good sized rooms. There's a large lounge, kitchen/diner, two double bedrooms and a smaller single, with the bathroom having been moved upstairs. The house seems to be in a fair condition - it probably won't make anyone's jaw drop or heart flutter, but it seems to be solid and neutral enough for most people. It has gas central heating and double glazing, which is becoming a pre-requisite for most tenants nowadays. This means it could be let with minimal changes for around £1,100pcm. That's a fairly strong rent for these houses, which typically go for around £975-£1,000pcm, but the bonus room in the loft and the increase in the rents of three-bedroom houses in Chichester (the cheapest available in the city is now £975pcm), means a 4.6% rental return could be achievable. Fundamentally this seems to be a sound proposition; a solid house in a good location that should benefit from future regeneration plans. It is for sale at a reasonable price compared to nearby properties and has that extra room in the loft that could even be improved further to maximise the return. It's certainly proven to be lucrative for the current owner; who paid just £76,000 for it in 1998; meaning they're due a 275% profit after 20 years of ownership! The property 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-73764521.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
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