BUY-TO-LET DEAL OF THE WEEK: 3 bed house in Westhampnett, £374,950, 4.2% yield
Summary: 3 bed house in Westhampnett Listed for sale on 12/03/19 @ £399,950 Now = £374,950 Rent = £1,300pcm Yield = 4.2% Last sold for £359,995 in 2017 (+4% in 2 years)
Property investment comes in all shapes and sizes. Some landlords prefer to buy lots of small, cheap properties, whilst others prefer to buy fewer, large, more expensive ones. Some like to buy old properties that have stood the test of time but now need updating, whilst others prefer to buy new-builds. No strategy is necessarily right or wrong; it all depends on your outlook, ambitions and tolerance to risk (and often how much time and money you have available!)
Quite often though I find Chichester's landlords take a 'Goldilocks' approach to property investing; choosing properties that are not too old but not too new and not too big but not too small. And that brings me to this two year-old three-bedroom link-detached house in Westhampnett. With three good sized bedrooms and a well thought-out downstairs space, it would be perfect for young professionals or a young family and is bang opposite the Rolls Royce factory - handy for a line of ready-made, well-heeled tenants.
Sure at £374,950 it's a third more expensive than the cheapest three-bedroom houses in Chichester. But then again it's bang on the average price for a home in Chichester and needs no money spent on it. It's simply a very nice house, which won't be lost on tenants and it should hold up well to future housing stock as it's built in the city. It should rent for £1,300pcm, which means it would provide a relatively modest 4.2% rental return. This could definitely be beaten via other properties, but some will sacrifice a little return in exchange for their time and ease of management. It's for sale for just 4% more than the owner paid when it was brand new two years ago and it's just been reduced by £25,000.
The property is on the market with Pegasus Properties 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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