Monday 21 October 2019

BUY-TO-LET DEAL OF THE WEEK: 3 bed house in Chichester, £165,000, ???% yield

3 bed house, Bognor Road, Chichester
3 bed house in Chichester
Listed for sale on 07/10/19 @ £165,000
Rent = £???pcm
Yield = ???%

This week's buy-to-let deal is a bit of a wild card pick as it is an unmortgageable property in need of full renovation. But when a three-bedroom house in Chichester is listed at £165,000 it deserves highlighting, regardless of the property's condition. The fact it needs so much work and is available to cash buyers only will limit its market, but for those looking to take on a (pretty big) project, this could have potential.

The reason it's unmortgageable is pretty plain to see - there are several structural issues of varying degrees and it also doesn't have a bathroom (a bathroom and a kitchen are pre-requisites for mortgage companies to accept a property). The majority of these houses on the street have been converted into (very good sized) two-bedroom houses, by turning the third bedroom upstairs into a spacious bathroom.

It may turn out then that this three-bedroom house finishes up as a two-bedroom house, which is likely to be valued in the region of £275,000 and let out for £975pcm. But with the property in its current state and at its current price, this is the first buy-to-let deal ever where I haven't officially given the property a rental value or yield as it'll all depend on the end product and total spend.

One positive is that I think the council should agree the property is uninhabitable and undergoing major structural works, which under current rules means you work have to fork out council tax whilst the works are done.

There's a couple of open days to view the house and, a bit like an auction property, I expect these will be busy based on the attractive-looking asking price.

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 establishedprofessional 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 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

Chichester rental valuation

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