Summary:
3 bed house in Chichester Listed for sale on 16/05/20 @ £225,000 Now = £199,950 (guide price) Rent = £1,100pcm Yield = ???% Last sold for £95,000 in 2001
The fact this three-bedroom house in Chichester is so cheap and the £199,950 price tag is merely a guide price, should give you a clue that this property is set to go to auction (on 24th June). As such, it's something of a mystery as to what the final price will be, as well as any resulting rental yield you might achieve as a result.
Interestingly for an auction lot though it has been reduced in price from £225,000, for which (I believe) it failed to sell at auction previously. Bear in mind that this method of 'modern auction' comes with a high buyers premium of 2% + VAT (with a minimum of £6,000), which can catch people out. Basically it means the seller doesn't pay the auction house, the buyer does, which in my opinion backfires for the seller as the fees are particularly high and off-putting to buyers, both financially and out of principle. Putting that aside, this is one of the larger three-bedroom houses on this estate to the North of Chichester, which has become a hotspot for student properties. Student lets are out of favour currently due the Covid-19 situation with University intakes down and shared housing less in demand. As a family home though this is a good-sized home with three double bedrooms. It needs decorating and carpeting throughout as well as a new kitchen. I'd take the opportunity to knock the kitchen through into the dining room (often used as a fourth bedroom for students) so as to create a kitchen/diner, which is now attractive to families and young professionals. The bathroom looks to be in good order, but it might be worthwhile reverting it back to a bath tub with shower over the top, which is something of a necessity for families with young children, rather than only having a shower cubicle as it does now. All in all then, this is a good sized house that could be re-purposed for the family market from its current student-let set-up. It needs some money spent on it and you need to be aware of the auction conditions and additional buyers fees. Because of this I don't see it as a short-term renovate and sell project (which rarely works in the current market when factoring in stamp duty, taxes and other costs) but rather a long-term buy and hold; either by weathering the storm of the student let market or re-purposing it to a refurbished single household. The property is on the market with Town and Country Auctions and full details can be found on Rightmove via the following link: https://www.rightmove.co.uk/property-for-sale/property-70542804.html |
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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:
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