A 2 bedroom house with garden and 7.7% rental yield for the price of a 2 bedroom apartment !
Following my article last week a landlady called into our shop and asked me if it was possible to find a house for the price of an apartment as she doesn’t want to be paying service charges and wants to own the freehold. She had been looking for apartments up to the value of £110,000.
As I mentioned in a previous article if you want to pick up the bargain properties you must make yourself known to the Estate Agents and keep in contact with them. If you are just searching on Rightmove or Zoopla the bargains will be gone before you even realise they were there.
Here is an example of one such property. Advertised at offers over £110,000 and sold for £105,000 in May this year, this 2 double bedroomed end of terraced house is the price of a 2 bedroom apartment where the 2nd bedroom is likely to be a single.
This house was built in 1963 and is situated in Churchfield Road, Houghton Regis in a cul-de-sac. It is on a generous plot, with garden on three sides, offering scope for extension (subject to usual permissions) and no chain.
As I mentioned, this property sold in May 2013 for £105,000. In June 2007 it sold for £135,000 and if we go back to February 2005 even then it sold for £118,000 !
The valuation estimate for this property in Churchfield Road is £121,051, which makes it one of the least expensive places to live in Houghton Regis, where the average house price is £141,705. Whether it was purchased as a home or by a Landlord I think we are safe to say a bargain was found.
This makes it an ideal investment property and a good quality property such as this can be expected to rent easily for £675- £700pcm to a family and recently properties in this area have been achieving close to £750pcm. At £675pcm this would give you a 7.7% base rental yield.
If you are thinking of purchasing an investment property and would some free and impartial advice, please call or visit our shop where we are only too happy to help.
