Summary:
3 bed house in Chichester Listed for sale on 19/09/18 @ £375,000 Now = £339,000 Rent = £1,300pcm Yield = 4.6% Last sold for £250,000 in 2006 (+36% in 13 years)
This three-bedroom house in Chichester is an interesting buy-to-let property pick for a variety of reasons.
Firstly, it could actually be described as a four-bedroom house. The garage has been converted into what the details call a 'bedroom / study'. Generally when garages are converted like this they are classified as a (double) bedroom and thus, the agent marketing it as a three-bedroom house could potentially be short-changing the vendors. Secondly, the property has been on the market for a long time - since last September in fact. Originally priced at £375,000 it was reduced in November by £25,000 but still didn't sell. It's now just been reduced by a further £11,000 to sit at a current asking price of £339,000 (which is a strange figure). Thirdly comes a combination of the above, as I spotted an identical house on an adjacent street that has had the same treatment i.e. a garage conversion, come onto the market last week...priced at £380,000. All of the above suggests to me that this house is very reasonably priced and offers great potential for a very nice family home, for which I think you'd achieve around £1,300pcm. That would provide a 4.6% rental return based on the current asking price, which is a decent return from a freehold house in Chichester in such good condition. Furthermore, there is scope to increase this return further by utilising the four-double bedrooms as a shared professional let, considering its close proximity to the hospital. Personally I'd rent it as a family home, safe in the knowledge that it's been bought at a decent price and should do well in the future capital growth stakes as it's a good size detached house close to the hospital - something that should always be in demand and isn't being produced as much nowadays by the new-build developers. The property is on the market with Purplebricks and full details can be found on Rightmove via the following link: https://www.rightmove.co.uk/property-for-sale/property-67601371.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:
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