Monday, 17 February 2020

BUY-TO-LET DEAL OF THE WEEK: 4 bed house in Tangmere, £350,000, 4.5% yield

4 bed house, Osborn Drive, Chichester
kitchenlounge
Summary:
4 bed house in Tangmere
Listed for sale on 10/02/20 @ £350,000
Rent = £1,300pcm
Yield = 4.5%


This is a great-sized four-bedroom house in Tangmere. Being semi-detached and spread over three floors means you get a lot of square footage (around 1,100) for the money - it comes with an asking price of £350,000.

It is relatively new and has been kept in great condition. This means there should be virtually nothing necessary to get it 'ready to rent'. It will also appeal to well-heeled tenants, who typically like living in such modern properties.

Having said that, one thing that does irk me with this property, and is common in many new-builds, is the lack of tiling and a full height shower over the bath. The developer's logic here is simple - there's a shower in the en-suite, so we'll save money in not putting one in the main bathroom. But in a house such as this that would mean three bedrooms on the middle floor coping without a shower or, more likely seeing as most people shower rather than bath nowadays, queuing to use the sole shower in the master bedroom upstairs.

Regardless of that detail, which isn't insurmountable, It should rent for around £1,300pcm. This would equate to a 4.5% rental yield based on that full asking price. That's a decent return for a freehold property in this area, particularly when you consider the age and condition of the house.

The property is on the market with White & Brooks and full details can be found on Rightmove via the following link:
https://www.rightmove.co.uk/property-for-sale/property-77352301.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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