BUY-TO-LET DEAL OF THE WEEK: 3 bed house in Tangmere, £290,000, 4.6% yield
Summary: 3 bed house in Tangmere Listed for sale on 15/02/19 @ £290,000 Rent = £1,100pcm Yield = 4.6% Last sold for £283,000 in 2017 (+2% in 2 years)
This three-bedroom house in Tangmere is only 18 months old and is available for just 2% more than the original owner paid from new. At £290,000 I think it makes this house good value, when you consider the new ones on the estate are more expensive than this and the pre-existing two-bedroom houses on the estate are selling for £260,000-£270,000. Older three-bedroom houses in Tangmere go for a similar price, so you're getting a new property for virtually the same money.
It also means for just 10% more money than the two-bed houses you get:
50% more bedrooms (three vs two)
50% more toilets (three vs two)
100% more showers (two vs one)
17% more space (834 square feet vs 713 square feet)
It also has a fair sized garden, two allocated parking spaces, an en-suite shower room and, as it's an end-terrace, lots of extra windows that will provide extra light. All in all it's a very pleasant house that should attract tenants for around £1,100pcm, providing a 4.6% rental return. That's pretty good anyway, but when you factor in the modern building (which will still have full warranty until July) it makes it a simple and relatively low-risk buy-to-let investment.
The property is on the market with Henry Adams and full details can be found on Rightmove via the following link:
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:
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