Monday, 2 November 2020

BUY-TO-LET DEAL OF THE WEEK: 2 bed house in Tangmere, £250,000, 4.6% yield

Summary:
2 bed house in Tangmere
Listed for sale on 29/08/20 @ £259,950
Now = £250,000
Rent = £950pcm
Yield = 4.6%
Last sold for £209,950 in 2016 (+19% in 4 years)

Highlighting a two-bedroom house in Tangmere as a buy-to-let deal is not uncommon for me. What is uncommon is highlighting one that isn't particularly cheap. The reason for that though is it is in truly fantastic condition. It is a very good example of how to modernise a house - nothing too flashy or outlandish, just simple, neutral spec to provide a really great end product.

Ordinarily I'd rather highlight the same house down the road for £25,000 less and then suggest you update it to create a great end product like this. But, many landlords don't want a project, nor the lack of income for several months whilst the property undergoes its makeover. For landlords like that, this house could be a great buy.

The fundamentals are all there; two bedroom houses are in short supply, yet remain ever-popular and in demand. Tangmere continues to be a good hunting ground to find tenants and this particular house should have no problem standing out due to its great condition. It also has gas central heating and double glazing alongside the modern kitchen & bathroom, plus a conservatory and a garage.

It should therefore rent at £950pcm, which is relatively high for a two-bedroom house of its age and location, but is justified by all the good qualities it possesses. This includes two double bedrooms, which will also help widen the scope of who might want to rent it from a young couple / family to two sharers not having to fight over the bigger bedroom.

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



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