Monday, 24 February 2020

BUY-TO-LET DEAL OF THE WEEK: 3 bed house in Chichester, £235,000, 5.1% yield

3 bed house, Charles Avenue, Chichester
kitchen lounge
Summary:
3 bed house in Chichester
Listed for sale on 18/12/19 @ £246,500
Now = £235,000
Rent = £995pcm
Yield = 5.1%


Having been reduced to £235,000 from £246,500 when it was first listed just before Christmas, this is now the cheapest three-bedroom house for sale in Chichester.

As always, that kind of statistic is enough to warrant a closer look as to how it might stack up as a buy-to-let property. In the case of this house on Charles Avenue, it stacks up pretty well. Sure, that location isn't the most desirable in Chichester - but it's actually cheaper than many of the TWO bedroom houses just a few hundred yards away in Arundel Park.

Furthermore, it appears to be in excellent condition. There's another on the street available for £240,000 that is in need of some refurbishment. And yet this one is cheaper and appears to have all been done for you - neutral décor and flooring, modern kitchen & bathroom, double glazing and gas central heating are all present.

As it's the cheapest three-bedroom house for sale in Chichester you can also expect it to be amongst the cheapest three-bedroom houses for rent in Chichester, should you decide to let it. Whilst there are a few cheaper showing as 'let agreed', the cheapest three-bedroom house currently available to rent in Chichester is priced at £995pcm. My experience suggests that's a fair price for a house like this, keeping it just below the big round £1,000 figure.

At that price, you'd be buying a freehold house in excellent condition that's ready to rent out and earn a potential 5.1% rental yield based on paying the full asking price. Meanwhile, comparable houses around it seem to be selling at a slightly higher price. That definitely sounds like a buy-to-let deal to me!

The property is on the market with Henry Adams and full details can be found on Rightmove via the following link:
https://www.rightmove.co.uk/property-for-sale/property-87596537.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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