Chichester Property News: donnington

Showing posts with label donnington. Show all posts

Monday, 6 February 2017

BUY-TO-LET DEAL OF THE WEEK: 4 bed house in Donnington, £279,950, 4.7% yield

Summary:
4 bed house in Donnington
Listed for sale on 27/01/17 @ £279,950
Rent = £1,000pcm
Yield = 4.7%

This week's buy-to-let property pick is in Donnington, just to the South of Chichester. It's a popular area with families who want to be just outside Chichester and yet are within easy reach of the city. The major dark cloud hanging over the area's head is the A27 and what, if anything, will happen to it. A large concrete flyover would rather spoil what is currently a pleasant place to live.

This four bedroom house is on Waterside Drive, whose residents the keen readers of my weekly newsletter will have seen are up in arms at the moment due to a bungalow on the street that is due to be replaced with 16 houses - adding alot of extra cars to an already busy little road.

This particular house would make a good investment right now though, being able to easily achieve £1,000pcm (if not a little more) and thus providing a solid 4.7% return from the £279,950 asking price. It has gas central heating, good size rooms (including a 4th bedroom from the converted garage) and a modern kitchen. Unfortunately the majority of windows are only single glazed, so some money should be spent improving them, as well as needing a new bathroom and some redecorating.

There would also be the option to those who want to turbo charge their monthly income to rent the four bedrooms individually, and split the lounge in half to produce a 5th letable room. Being so close to town could make this a good proposition to either young professional sharers or students and at around £350-£400pcm a room, it could double the monthly income, although ordinarily you would then need to pay the council tax & utility bills.

It is on the market with Bell & Blake and full details can be found on Rightmove via the following link:

http://www.rightmove.co.uk/property-for-sale/property-64278932.html

THIS PROPERTY IS NOW SOLD STC. This was released to our newsletter readers on Friday and was such a good property it has sold over the weekend. If you wish to be amongst the first to receive the buy-to-let deals of the week then click here www.tinyurl.com/ChiPropertyNews.

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If you are looking for an agent that is well-established, professional and communicative in Chichester, then contact us to find out how we can get the best out of your investment property.

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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c/o CRJ Lettings, 30B Southgate, Chichester, West Sussex, PO19 1DP

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Monday, 5 December 2016

BUY-TO-LET DEAL OF THE WEEK: 3 bed house in Chichester, £350,000, 4.1% yield

Summary:
3 bed house in Chichester
Listed for sale on 08/11/16 @ £350,000
Rent = £1,200pcm
Yield = 4.1%
Last sold for £250,000 in May 2006 (+40% in 10.5 years)

This week's Chichester buy-to-let deal is a lovely three bedroom detached house on The Meadows estate; an estate I wrote about last year - "Why The Meadows might be my favourite estate in Chichester ".

As you can imagine from that title, I rather like this property. The house has good sized rooms and is on a particularly nice plot on the estate, with a driveway and garage alongside the house and a private front garden (a rarity in today's new-builds!).

Being only ten years old it also still feels modern and well-built and this particular home seems to have benefited from a replacement kitchen in that time too, further lifting the appeal to tenants. It is neutrally decorated and modern throughout so needs no money spent on it.

It's a little more than the £300,000 - £325,000 range I've seen three bed houses sell for on The Meadows in the past year or two, but it must be said it is a particularly nice one. A 40% increase since it was bought new in May 2006 for £250,000 is not wholly unreasonable.

Because it stands out as one of the nicer homes on the estate, it would also command a slightly higher rent than is normal; I think £1,200pcm is realistic although that would only provide a 4.1% yield. That's not a bad return from a freehold house that should rent well, not incur too many costly maintenance bills and should provide good capital growth in the future.

It is on the market with Bell & Blake and full details can be found on Rightmove via the following link:

http://www.rightmove.co.uk/property-for-sale/property-45340089.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:

c/o CRJ Lettings, 30B Southgate, Chichester, West Sussex, PO19 1DP

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Monday, 21 November 2016

BUY-TO-LET DEAL OF THE WEEK: 3 bed house in Chichester, £275,000, 4.4% yield

Summary:
3 bed house in Chichester
Listed for sale on 18/10/16 @ £275,000
Rent = £1,000pcm
Yield = 4.4%

I'm not sure what's more interesting with this week's buy-to-let deal of the week in Chichester; the fact the agent admits to using a photo from 2013 in their marketing or the fact a property that was bought for £79,000 in 1998 has managed to be repossessed.

In agent speak it's a "corporate sale".....a repossession, meaning the bank (or an intermediary) is the vendor and whilst they have a duty to be seen achieving the best possible price for a property, they can on occassion be more flexible on price. It has now been marketed for one month, which is often when the finance company will look towards a reduction in asking price or their expectations.

What is fundamentally a good-sized property, with three bedrooms and a bathroom upstairs plus a kitchen, cloakroom, living room and dining room (or fourth bedroom or a study) downstairs, is let down by being in poor decorative order. With gas central heating and double glazing already in place though, it would be pretty simple to re-decorate, re-carpet and install a new kitchen and bathroom / cloakroom (if necessary) to transform this tired property in to a great family home.

In doing so you should be able to achieve a rent of around £1,000pcm, which would provide a yield of 4.4% based on paying the full asking price of £275,000 (but not including refurbishment costs).

It is on the market with Cubitt & West and full details can be found on Rightmove via the following link: http://www.rightmove.co.uk/property-for-sale/property-62583686.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:

c/o CRJ Lettings, 30B Southgate, Chichester, West Sussex, PO19 1DP

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Tuesday, 8 November 2016

BUY-TO-LET DEAL OF THE WEEK: 3 bed house in Chichester, £329,000, 4.4% yield

Summary:
3 bed house in Chichester
Listed for sale on 28/10/16 @ £339,950
Now = £329,000
Rent = £1,200pcm
Yield = 4.4%
Last sold for £299,995 in October 2013 (+9.7% in 3 years)

I've let and now manage several three bedroom homes in the Donnington area of Chichester. They are generally highly sought after due to their close proximity to the A27, train station and Chichester's city centre.

Pecketts Gate is a three year old development of varying sized properties. This property is a three bedroom, three storey house, with excellent sized bedrooms and a good sized lounge and kitchen downstairs. For a townhouse the layout is traditional (living area & kitchen downstairs, bedrooms above), which is good as some can have the kitchen and living areas set over different floors, which can be off-putting to some.

Being just a few years old it is in excellent condition with no works required prior to letting. It will also appeal to tenants due to its clean lines and spacious rooms, so a rent of £1,200pcm should be achievable, which would provide a 4.4% yield. Priced at £329,000 it has also just been reduced by over £10,000 just one month into marketing. This shows a keenness to sell and with shopping for Christmas now on most families radars rather than shopping for a new home, it could be a good time of year to buy such a property.

One dark cloud hanging over this property's head though is the A27...what will happen? Noone likes uncertainty and with Donnington being particularly badly affected should option two go ahead, it could be another reason that the property could be bought for a good price. It's a shame it doesn't have a driveway or garage but at least it has two allocated parking spaces. Having increased just 9.7% in three years it also hasn't gotten ahead of the market (unlike the smaller one round the corner that sold for £290,000 in 2014 yet the owners decided to try and sell it for £350,000 a couple of months ago!!!....funnily enough it didn't sell).

It is on the market with Martin & Co and full details can be found on Rightmove via the following link:
http://www.rightmove.co.uk/property-for-sale/property-44591508.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:

c/o CRJ Lettings, 30B Southgate, Chichester, West Sussex, PO19 1DP

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Thursday, 23 April 2015

Why The Meadows might be my favourite estate in Chichester

I’ve recently been trying to help a landlord find another buy-to-let to add to the house he owns in The Meadows in the Donnington area of Chichester.

The landlord believes that a modern two or three bed house in or around Chichester would best suit his property investment requirements. The problem has been finding a suitable property that both matches that description, the budget and feels right to him.

Quite naturally, everything comes back to a comparison of the three-bed detached house he already owns in The Meadows. When bought, it had strong demand from tenants (let agreed within 48 hours) and produced a decent yield (circa 4.2%) from an immaculate property that should suffer from less maintenance issues due to its relatively young age.

The Meadows estate in Donnington was built in 2005/2006, consisting of just 24 houses in The Meadows and 23 houses in Deer Close (note: neither road has a number 13).

Being less than ten years old means the properties themselves remain modern inside, with white-suite bathrooms, an en-suite and modern kitchens, albeit not with the ultra-slick gloss units many new-build homes come with today.

Unlike most new-build sites though, The Meadows is a spacious development with good sized rear gardens and plentiful parking as each house benefits from a driveway and/or garage. The majority of the houses are detached, which adds to the feeling of space and privacy that is so often lost on new-build developments that tend to favour terraced properties with on-street parking to maximise their usage of land.

Donnington itself is an area I’ve spoken of positively in the past, with property being cheaper than in more ‘central’ Chichester, whilst in fact The Meadows is just 1 mile from Chichester railway station and has immediate access onto the A27.

The most recent sales on the estate have all been three-bed detached houses, bought for £299,950, £292,000 and £271,500. Able to achieve a rent of around £1,050 - £1,100 per month, this would result in the properties providing a yield of around 4.2% - 4.6%, based on their purchase price.

What’s also interesting to note is that these sale prices are just 6% and 8% more than when they were purchased new in 2006, whilst the third sale mentioned sold for 9% less than its original price!

It seems to me that The Meadows estate offers good value in today’s market. Put it this way; I searched on Rightmove for a three-bed detached house within 1 mile of Chichester’s railway station and couldn’t see anything that offers the space and desirability of a property on The Meadows estate at a similar price.

If you’re thinking of selling on The Meadows and would like me to put you in touch with my ready-to-buy landlord, free of charge, please get in touch.

Clive Janes, CRJ Lettings

www.crjlettings.co.uk

01243 624 599 / clive@crjlettings.co.uk

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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:

c/o CRJ Lettings, 30B Southgate, Chichester, West Sussex, PO19 1DP

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Monday, 8 December 2014

Buy-to-let deal of the week: 2 bed house in Donnington, £219,950, 4.6% yield

They say good things come in small packages and this 2 bed house in Donnington is no exception. It looks positively tiny from the front yet has well-proportioned rooms inside, including 2 double bedrooms both with built-in storage cupboards.

I like Donnington as an area - it's slightly more affordable than Chichester itself yet this particular property is a mere 0.5 miles from Chichester's train station via a pleasant walk along the nearby Chichester canal.

This house previously sold for £183,000 in June 2012. Since then, property in Donnington has increased an average of 11%, so you'd think it should be on sale for around £203,000. However, in that time it's benefitted from re-decoration, a new kitchen, major spruce up of the garden and the addition of a conservatory, adding yet more usable floorspace to the decent sized starter home. It's also got the all-important double glazing, gas central heating and allocated parking for 2 cars.

Tenant demand for 2 bed houses is always strong in and around Chichester, so I think this would rent quickly for at least £850pcm. That would give a decent yield of 4.6% from a modernised freehold property, based on paying the full asking price of £219,950.

I think it's a real Christmas cracker of a property and would make a great low-hassle buy-to-let investment, producing a solid yield and good potential for future capital growth.

Full details can be found on Rightmove via the following link:
www.rightmove.co.uk/property-for-sale/property-47397655.html

***This was sent to my newsletter subscribers last Friday and was sold over the weekend! To hear about my 'buy-to-let deal of the week' a few days early, please subscribe to my weekly newsletter via the form at the bottom of this page or by contacting me with your name and e-mail address.***

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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:

c/o CRJ Lettings, 30B Southgate, Chichester, West Sussex, PO19 1DP

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