Have taken a look at this property on Berrydale Road in the Glencoe Estate in Yeading, thought I would give share my thoughts. It’s a one bed on the market at £219,950. Recent sales in the road have been at a lower level than that so is the price fair?
For example a two bed sold in Jan 2014 for £238,000 in the road. So £220,000 for a one one feels like an increase alright. But looking at that two bed, it’s now worth approx £295,000. Prices have increased by 25% in the last 20 months or so.
The rent for a property in good condition in the area could be around £900pcm. That would make for a yield of 4.9%. For me there was work to be done in the property to achieve the best rent. Nothing major but I would want to spend a few thousand on it to bring it to standard. If you buy the property I would be happy to go over it with you!
Areas such as heating provision, anti condensation measures such as extraction, the need for a new fridge freezer and washing machine, bathroom repairs and a general tidying of detail issues. One for the future being single glazed front windows.
The area is pleasant and the lease, whilst not long seemed to include a share of the freehold. Something for further investigation should I have wanted to take it further. Having a share of the freehold means that people take care of the road more – nice to see people out clearing up leaves for example. Does help build a community.
Is the price fair? There was plenty of interest in the property so I am sure it will sell. Get enough people to view and you will get an offer for the property. That’s the only measure there is. Maybe not at the asking but close to. Will be interested to see how much the flat does sell for in the end.
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