Monday 2 December 2019

BUY-TO-LET DEAL OF THE WEEK: 3 bed house in Chichester, £266,000, 4.5% yield

3 bed house, Elizabeth Road, Chichester,
3 bed house in Chichester
Listed for sale on 16/09/19 @ £280,000
Now = £266,000
Rent = £1,000pcm
Yield = 4.5%

Last sold for £208,000 in 2008 (+28% in 11 years)

Reduced by 5% this week from its original asking price of £280,000 is this three-bedroom house in Chichester. It's been on for about 10 weeks and has now been reduced to a very reasonable £266,000. That puts it amongst the cheapest three-bedroom houses in Chichester, so it's definitely worth a closer look.

It's located around a mile east of the city centre and is nearby to both primary and secondary schools. It's very much a house aimed at families, with a fairly standard layout including two double bedrooms and a single. It's in decent condition but could do with a few new carpets and a modernisation throughout. This could be easily done to the white suite bathroom by changing the wooden panels, whereas the kitchen might warrant a replacement. If this was done it presents a good opportunity to move the wall between the lounge and kitchen so as to create a spacious kitchen/diner and a fair sized lounge, rather than the current large lounge and compromised kitchen layout.

With the basic updating it should still rent for £1,000pcm, which would mean a 4.5% return based on the full asking price. If the kitchen was replaced and expanded it might warrant a little more than this and would certainly help in making it a sought after property (as well as increasing the property's value). It last sold for £208,000 in 2008, so has risen in value by 28% in 11 years.

The property is on the market with Cubitt & West 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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