This week's buy-to-let property pick is a slightly odd one from me as I so regularly bang on about buying houses rather than flats. That sentiment has been especially true of late, as the number of flats to rent has increased, whilst there is a serious shortage of houses (as people have endured lockdown (and the heatwave!) inside their four walls, rather than being able to use their own private garden).
Nevertheless, some landlords and investors specifically focus on buying flats, so for those people I present this two-bedroom apartment in Tangmere. Built in 2011 it is still modern throughout, so it shouldn't need much, if any, work prior to renting it out.
It should do so at £850pcm, which would be a very decent 5.7% rental return based on the £180,000 asking price. Similar properties in the block had been selling for closer to £200,000 in the past couple of years, so that seems a fair price on that basis too. Having said that, this apartment is slightly smaller than one for sale in a neighbouring block, which is priced at £199,950, and it may therefore be the case, as I've highlighted before, that the 'cheaper' property isn't necessarily the best pick.
Nevertheless, as a relatively entry-level buy-to-let property in the area, this modern apartment is available at a fair price, with a good rental return and with little input needed in regards to refurbishment or immediate maintenance. As the two-bedroom houses in Tangmere continue to increase in price, I'd expect flats to narrow that gap a little at some point too.
The property is on the market with PMS and full details can be found on Rightmove via the following link:
