Monday 9 July 2018

BUY-TO-LET DEAL OF THE WEEK: 3 bedroom house in Chichester, £275,000, 4.6% yield

3 bed house, Maplehurst Road, Chichester, West Sussex
3 bedroom house in Chichester
Listed for sale on 02/07/18 @ £275,000
Rent = £1,050pcm
Yield = 4.6%

Last sold for £192,500 in 2009 (+43% in 9 years)
Three different three-bedroom houses have been listed for sale in Chichester this week for under £300,000. With the average three-bedder in Chichester costing £375,000, anything under £300,000 is generally worth taking a closer look at. My pick of the newly listed trio that could potentially make a decent investment is this one; it's actually the cheapest of the lot at £275,000, although that's not the only reason I picked it.

It is in fact also the most generous in size, although it's let down a little by a tiny third bedroom. Nevertheless, the other two bedrooms are good-sized doubles and there's a large kitchen, a separate dining room and lounge. That dining room could be used as a fourth bedroom, which gives the house a little more flexibility (and value). It is also modern throughout, with little need to do any work, although there's scope to add value by adding a cloakroom downstairs and maybe even an en-suite upstairs (probably a little overkill for the area, but good to have the option if this becomes the norm in the long-term).

The potential of using the dining room as a fourth bedroom would be especially valuable if it were used as a student let, which a lot of the houses in this area are. Personally I'd rather keep it as a family home, sacrificing a little yield for a longer-term and more secure tenancy. I'd expect to rent this house for around £1,050pcm currently, providing a still decent 4.6% yield.

The current owner has seen a 43% increase in the property's value since paying £193,500 for it back in 2009. This isn't all profit though as there has been upgrades both cosmetically and fundamentally to the heating, electrics and windows under their ownership.

The property is on the market with Cubitt & West and full details can be found on Rightmove via the following link:

If your are looking for an agent that is well-establishedprofessional 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 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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