April 19, 2017
INVESTMENT ALERT: A little elbow grease could required for this one… but it has bags of potential!
I hope you are all well and had a very lovely Easter bank holiday?
I have another property for you this week, however for the first time ever I am bringing you a dooer-upper! This one has fantastic potential, however it will require a little bit of the old elbow grease… unless you have lots of spare cash to get the builders in. I don’t know about you, but I do like to put my own stamp on things and get involved.
So, the property is on Bonar Road in Stockport which is in West Edgeley which is a lovely residential suburb. It is a prime area for developers, investors and renters alike due to the number of local, surrounding schools, the residential feel of the area and the proximity to Stockport Town Centre and the main train station. The property does not look to appealing at the moment, I shan’t lie, as it has ripped wallpaper in most rooms with some questionable paint choices, but this is a three bedroom semi-detached property, with two reception rooms and after all the décor can easily be changed. To the rear of the property is a large lawned garden, and again it does need tidying up, but it will not cost very much at all to do this and the work is minimal in this area. In my opinion the property needs a new bathroom, new kitchen and a full refurbishment throughout, but with perhaps £15,000 of work spent on it and after the purchase of the property at £125,000 (which is the same price as completed 2 bedroom terraced houses are going for in the area) you would be looking at a rental yield between £700 and £800 per calendar month. This would give you a rental yield of 6.22% to 7.11% which is definitely not to be sniffed at!!
The property is on the market with Reeds Rains Edgeley and if you would like to book a viewing and would like a Local Letting Agent to come along with you do give me a call on 0161 474 8668 as I would love to see this property myself!
Please see the link below for images of the property and for more information from the Agent selling this fantastic development opportunity.