BUY-TO-LET DEAL OF THE WEEK: 3 bed flat in Chichester, £200,000, 5.4% yield
Summary: 3 bed flat in Chichester Listed for sale on 08/06/16 @ £210,000 Now = £200,000 Rent = £900pcm Yield = 5.4% Last sold in July 2006 for £164,950 (+21% in 10 years)
Three bedroom apartments are quite a rare breed of property; mainly because not many want to live in one! By the time you have that many bedrooms you want the space (and garden) that a house affords you. BUT with this three bedroom apartment being cheaper than most two bed apartments in town, it seems worth investigating further.
When I did, I was pleasantly surprised....a split level layout makes it feel like a house inside and it has its own private section of garden. The bedrooms are large and the apartment has an additional study and dining area too. Infact, the apartment is pretty huge at 940 square feet....meaning it costs just £213 per square foot, which is cheap for Chichester!
It's in a pretty decent condition too. Ideally when the kitchen is due for replacement you'd want to move the kitchen wall back further into the lounge to create a bigger space (the galley layout at the moment is very tight). This does present just one negative of being a leasehold flat...having to get permission from the freeholder to do any structural work.
Whilst you're at it, you could look to completely change the apartment so it has five lettable rooms; which would suddenly produce a HMO producing a yield of over 10%! For the less adventurous, its good size rooms, decent location close to town, neutral decor, double glazing and gas central heating could mean you're able to simply let it out as is (probably to a family) for around £900pcm, which would provide a yield of 5.4% based on paying the £200,000 asking price.
As ever with flats, be sure to check the lease for any restrictions as well as its length, ground rent and service charges & schedule.
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.
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