Summary:
4 bed house in Chichester
Listed for sale on 29/03/18 @ £525,000
Now = £450,000
Rent = £1,600pcm
Yield = 4.3%
Last sold for £445,000 in 2014 (+1% in 4 years)
4 bed house in Chichester
Listed for sale on 29/03/18 @ £525,000
Now = £450,000
Rent = £1,600pcm
Yield = 4.3%
Last sold for £445,000 in 2014 (+1% in 4 years)
This four-bedroom house on the Graylingwell Park development to the North of Chichester now offers a huge amount of space for the money - over 1,500 square feet for £450,000. What draws me to this property is the fact it's modern and good value; bear in mind it was originally listed for £525,000 in April! That's a huge price drop and the property can now be purchased for similar money to when it was last sold four years ago (for £445,000). Before that, in 2011, it was sold as new for £425,995 - so it's hardly increased in seven years, whereas house prices in Chichester have averaged a 38% growth in the same period.
Nothing needs to be done to the house as it's in great condition, although personally I would install an en-suite shower room to the top floor to create a true master bedroom. A few similar houses have done this and it makes a good difference to what is effectively the same house as the three bedroom variety on the estate, but with a whole extra floor on top. Considering that creates 50% extra space, it would stand to reason that the price is around 50% more than the three-beds (which are currently selling for between £300,000 and £330,000).
From a rental perspective I believe £1,600pcm is achievable (if you add the en-suite); a solid 4.3% rental return from what would be a large family home with little work required and (touch wood) reasonably low maintenance costs in the short and medium term. As ever on this phase of the Graylingwell Park development, there are also solar panels on the roof, which should add an extra £150pcm to your income over the course of the year - boosting the already decent yield for a freehold property at this price point to an excellent 4.7%.
The property is on the market with Sims Williams and full details can be found on Rightmove via the following link:
https://www.rightmove.co.uk/property-for-sale/property-53655327.html
If you 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:
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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