This week we are focusing on The Woodlands Park Estate. It's a desirable location for a buy-to-le...
This week we are focusing on The Woodlands Park Estate. It’s a desirable location for a buy-to-let investment for a number of reasons which we shall explore.
Nestled on the fringe of Congleton town centre, this modern development boasts a range of housing stock, from grand apartments to attractive mews properties. All of which tick the boxes of a would-be tenant’s search criteria: close to the town centre, near to major ‘A’ roads and within a decent neighbourhood are just some of the qualities.
But what type of property would be the better buy? Having done some background research we shall compare a 2 bed mews to a 3 bed mews on Lower Meadow Drive. The average current price of a 2 bed mews on here is £102,964 and a 3 bed £157,184. Each would rent for £550-£575 and £625-£650 respectively. This would give us a gross yield range of 6.4%-6.7% and 4.8%-5% respectively. Both types of property have seen a healthy 4.7% capital appreciation from last year.
So on the face of it the 2 bed mews would be the better bet financially. But what about the 3 bed property? This would certainly be popular with tenants but with a different profi le to that of the 2 bed. Generally we’re seeing longer tenancies in 3 beds as it suits couples with one and maybe two children who want to stay throughout the high school and college years.
As we’ve discovered there are advantages to owing each type of property and it really depends on your motives as to which property you invest in.
If you would like any further advice on the above or anything else to do with buy-to-let then please give us a call or pop into the office at any time...