Summary:
'6' bed house in Fishbourne Listed for sale on 21/07/18 @ £500,000 Now = £450,000 Rent = £1,950pcm Yield = 5.2% Last sold for £127,500 in 1997 (+253% in 22 years)
This '6' bed house in Fishbourne has been on the market for over a year now. In fact the Rightmove data says it was first listed for £500,000 in July 2018, but I've got a feeling from memory that it's actually been on longer than that and for more money too. It's currently priced at £450,000, which makes it good value when you consider what you're actually getting.
What you're actually getting isn't really a '6' bedroom house but a 3-4 bed house and a 2 bed flat. Both are immaculate inside and a dividing wall can easily be put up to split the property accordingly. You could also mark out allocated parking on the large drive to the front and create a private garden for each property to the rear. You have then created a good sized house, which would rent for around £1,100pcm and a 2 bed flat, which should achieve £850pcm. The biggest difficulty would be separating the utilities so they are metered individually, or alternatively you could factor this into the rent so that the bills are included on both properties and you, the landlord, pays the bill. If you consider that the house should then be worth £300,000+ and the flat around £200,000 (you could go to the trouble of splitting the title so you actually do create two properties), there's also scope for an uplift in value too. The location on the main road and next to the pub won't appeal to everyone, but the property looks great inside and the space will sell it to the eventual owner and/or tenants. As it's been on the market so long, has been reduced to a good price considering the vast floorspace on offer and the ability to adapt it to two separate dwellings, there is definitely potential with this rather unusual property to make it a little more 'usual' and thus more appealing to buyers and renters; and doing that normally spells profit! 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-66561565.html |
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