Monday, 18 November 2019

BUY-TO-LET DEAL OF THE WEEK: 3 bed house in Chichester, £279,950, 4.5% yield

3 bed house, Lime Close, Chichester
kitchenlounge

Summary:
3 bed house in Chichester
Listed for sale on 12/11/19 @ £279,950
Rent = £1,050pcm
Yield = 4.5%

Last sold for £275,000 in 2016 (+2% in 3 years)

Built in the 1960's this three-bedroom house is a little older than those I typically highlight as one of my buy-to-let deals of the week. It's also closer to Chichester's city centre than normal though, so being an older build makes sense in this context.

Importantly it's of a sound construction with good sized rooms and the go-to double glazing and gas central heating. It's also relatively modern inside so shouldn't take much work before it's ready to rent (although you may want to revert the current walk-in bath setup to a 'normal' bath tub). It also sits on a particularly nice corner plot that provides a bigger than normal garden.

This street is renowned for being a little tight for cars and parking, although the house comes with a garage in a nearby block. It's new to the market this week (although it was actually on with a different agent previously) and is priced at a reasonable £279,950. Assuming it rents for around £1,050pcm (£1,000pcm for the house and £50pcm for the garage) it would return a decent 4.5% rental return based on that full asking price.

Interestingly it sold for £275,000 back in 2016 so prices seem to have been relatively flat in the past few years for this particular property. The previous two sales in the street for similar houses have both been for £275,000 (both occurring last year), so it seems fairly priced right now given it's decent plot, condition and size (it's had a rear extension that only some of the houses in the street have).

The property is on the market with Kenton Budd and full details can be found on Rightmove via the following link:
https://www.rightmove.co.uk/property-for-sale/property-86552285.html


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 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:

c/o CRJ Lettings, 30B Southgate, Chichester, West Sussex, PO19 1DP



Chichester rental valuation

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