Monday, 8 June 2020

BUY-TO-LET DEAL OF THE WEEK: 4 bed house in Tangmere, £325,000, 4.8% yield

4 bed house, Osborn Drive, Chichester
kitchenlounge
Summary:
4 bed house in Tangmere
Listed for sale on 10/02/20 @ £350,000
Now = £325,000
Rent = £1,300pcm
Yield = 4.8%
Last sold for £334,995 in April 2018 (-3% in 2 years)


The weekly buy-to-let deal is back!

It seemed sensible to stop promoting the idea that people should be viewing and buying properties during lockdown, but as the property market seems fully open for business now, it seems reasonable to trawl through Rightmove and start recommending a few of the best buys out there.

Whilst noone is sure what will happen to 'house prices' as a whole, there will still be people wanting to buy and invest in property. Hopefully I can continue to steer those people towards a few of the gems amongst the crowd of listings and away from any potential lemons...

This four-bedroom townhouse in Tangmere wraps up pretty much all my top tips and recommendations when buying a buy-to-let into one property!

It's a freehold house in Tangmere, which is a growing 'village' and in my opinion well-positioned to appreciate in value over the long-term. The house itself is large, with over 1,100 square feet of space, as well as a driveway and garage. That makes it adaptable and suitable for a variety of tenants, whilst offering excellent value for money on a 'pound per square foot' basis.

Talking of value for money; it was originally listed in February at £350,000 and was reduced just before lockdown to £325,000. That offers excellent value for money, but also suggests a few months on that there could be some room for manoeuvre in regards to price. Bear in mind the current owners bought it for £334,995 in 2018 when it was brand new and it means you can buy it for less than they paid two years ago!

That also neatly brings me on to my final point, which is the fact the house is 'new-ish'. This is something of a sweet spot in my mind in that you aren't paying the original developers new-build premium, have had time for the property and estate to establish, whilst the house remains in great condition with all the mod-cons today's tenants often expect.

The property is on the market with White & Brooks 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 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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