Monday, 26 October 2020

BUY-TO-LET DEAL OF THE WEEK: 2 bed flat in Westhampnett, £280,000, 4.7% yield

Summary:
2 bed flat in Westhampnett
Listed for sale on 12/10/20 @ £280,000
Rent = £1,100pcm
Yield = 4.7%
Last sold for £240,000 in 2017 (+17% in 3 years)

Having bestowed upon you the potential benefits of buying a ground floor flat, it seems fitting that I choose one as an example for this week's buy-to-let deal to demonstrate my points.

This property was actually chosen as a buy-to-let deal a few years ago, when the current buyer paid £240,000 for this very large two bedroom ground floor flat. Its size remains a key selling point, with two double bedrooms, a good-sized kitchen and a large lounge, plus a conservatory (you rarely get those on the first floor!).

The fact it has a conservatory might offer a clue that it also has its own private garden - one of the perks of being on the ground floor! It also has its own private entrance, meaning there are no communal areas you need to share with neighbours, so it is much more like a house than a flat in many senses.

In fact, I'd say it's better than many of the two-bed houses nearby! Other than a set of stairs and being on two floors, it offers everything the houses do and more - with more floorspace to boot! It is also in good condition and remains modern throughout, with double glazing, gas central heating, as well as an en-suite shower room off the principal bedroom and a separate bathroom with a full-height shower above.

I've suggested a rental figure of £1,100pcm, which is quite punchy when the two bed houses in Westhampnett typically rent for £1,000pcm - £1,100pcm. But, if its marketed in the right way. I feel this is justifiable based on the points I raised earlier. The two double bedrooms and two bathrooms open it up to couples, young families and sharers - many of whom are likely to work at Rolls Royce, which is a key employer in the area and is within easy walking distance. This should make it popular with prospective tenants at a time when there are a limited number of good-quality rentals in the area.

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



No comments:

Post a comment