Monday 24 August 2020

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


4 bed house in Chichester
Listed for sale on 19/06/20 @ £375,000
Now = £325,000
Rent = £1,300pcm
Yield = 4.8%

This large four-bedroom townhouse is located close to St Richard's Hospital in Chichester, which will always mean there's a steady stream of tenants wanting to rent the property due to its location.

Whilst many of the townhouses in this area are let to students or sharers, simply letting it to a single household will achieve a decent 4.8% return based on a rent of £1,300pcm and an asking price of £325,000. Bear in mind too that asking price has been reduced by £50,000 since being listed just a couple of months ago for £375,000!

The house is around 10 years old so has modern fixtures and fittings as well as the (now almost obligatory) gas central heating and double glazing. It has also been re-decorated recently according to the advert, so there should be little work required to get it ready to rent.

One thing the advert lacks is a floorplan, which is to the detriment of the seller as perhaps the biggest selling point to the home is its size and, most notably, it having four double bedrooms. In fact, the house is something of a tardis as it looks quite narrow from the outside. It also has a garage, which is always a good extra to have on a large family home. Add all this to its location and it would make a good buy-to-let investment at what appears to be a reasonable price.

The property is on the market with King & Chasemore and full details can be found on Rightmove via the following link: 

Chichester rental valuation

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