Monday 19 November 2018

BUY-TO-LET DEAL OF THE WEEK: 3 bed house in Chichester, £249,950, 4.7% yield

3 bed house, Spitalfield Lane, Chichesterkitchenlounge

3 bed house in Chichester
Listed for sale on 22/06/18 @ £249,950
Rent = £975pcm
Yield = 4.7%

This three-bed house in Chichester is an interesting buy-to-let pick for a few reasons. In principle, being both the cheapest three-bedroom house on the market in Chichester and the cheapest semi-detached house on the market in Chichester makes it worth a look. It's also in a decent location for rental purposes, being so close to St Richards Hospital.

It does however need some refurbishment, and this is where it gets interesting. Firstly, it is rated as an 'F' on the EPC scale , which means in it's current state you cannot legally let it! So there's some upgrades to be done on that front. Then there's the kitchen and bathroom, both of which need replacing.

And that raises the question - is it now worth moving the (currently downstairs) bathroom upstairs, at the expense of a bedroom? I had this discussion with a landlord this week and between us we agreed we'd rather have a 'nice' two-double-bedroom house with an upstairs bathroom, a large downstairs and good sized kitchen than a 'not so nice' three-bed house with a small kitchen and downstairs bathroom. But, that wouldn't be everyone's response - logically a three bedroom house will be more valuable than a two-bedroom house. What I would say however is that in the future, as the dreaded downstairs bathroom becomes less-and-less desirable, the job in finding tenants that accept it will become tougher and tougher.

I also think you could rent it at £975pcm as a large refurbished two-bed home and yet the premium of keeping it as a three-bed house is likely only to be an extra £20pcm (£995pcm) because of the inherent issues it would have. This would of course all change if you were thinking of renting it to students or sharers, like quite a few of the houses have been on the street, where maximising bedrooms can be the key to it's financial success.

What do you think - is it better to keep it as a compromised three-bed or convert it to a polished two-bed?

The property is on the market with Sims Williams and full details can be found on Rightmove via the following link:

If you 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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