Monday, 14 September 2020

BUY-TO-LET DEAL OF THE WEEK: 3 bed house in Chichester, £280,000, 4.7% yield

3 bed house in Chichester
Listed for sale on 28/09/19 @ £325,000
Now = £280,000
Rent = £1,100pcm
Yield = 4.7%

Having been marketed for nearly a year, this three-bedroom house close to Chichester's city centre is now available at a great price. First marketed at £325,000, it has been reduced in price by 14% to bring it to its current asking price of £280,000.

That makes it cheap compared to most three-bedroom houses in Chichester. When you factor in its excellent condition, which will require little or no input to make it a desirable home for tenants, it is as close to being a bargain as properties in Chichester can be.

It is in a popular location for families, being close to the city centre, train station and Chichester High School. The garden is a little smaller than most in the street, but it does benefit from having had the bathroom moved upstairs (although that does make the bedrooms abit smaller), as many of the houses retain the original downstairs bathroom location, which is becoming less acceptable to many.

Due to its great condition, it should quickly let for £1,100pcm, which would equate to a decent 4.7% rental return from this freehold property. One thing just to check is the outer brickwork. The main photo shows a colour difference, which suggests some work may have taken place at some point. I was chatting only the other day to tenants experience shrinkage in a new-build home how the different property types can be affected to different extents i.e. flats & mid-terraces are unlikely to move, whereas end-terraced and detached homes are definitely worth checking as they are obviously more susceptible to movement and external influences, such as the weather.

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

Chichester rental valuation

No comments:

Post a Comment