Good morning readers!
I hope you are all well and having great sucess with buy-to-let investments! If not… then I have another great opportunity for you. This property comes with tenants in situ i.e. ready made tenants! Now, some people may be put off with this, and I guess this is understandable as it raises questions such as… who are the tenants? Have they always paid their rent on time? Are they the type of people you would like to rent to? How long have they lived in the property? Have they looked after the property? But don’t worry… all of these questions can be checked and answered during the conveyancing period. If you are not happy then we can always speak to the current tenants and get them re-referenced or it may be that these tenants are not intending to stay, they may be looking to buy and be looking for their first home.
I would really not let this small fact put you off. At the end of the day the tenants could be a great acquisition! Its not necessarily a bad thing or a worrying thing, you have tenants living in the property so you will start getting a rental income as soon as the conveyancing is complete and you have completed. For me its a win, win! New home and tenants already happily living in their rental home.
So, lets have a look at the property… this is a beautiful and very well presented period two bedroom terraced house in Heavily, on Chatswood Road. The current owners have finished the property to an immaculate standard and they have also converted the basement into an office/lounge, making great use of the space for any future tenants!
The property comprises a lovely lounge with gas fireplace, a large modern fitted kitchen and a rear pebbled garden. On the first floor is a large master bedroom and a second, smaller bedroom with contemporary bathroom suite.
As mentioned the property is currently tenanted until January 2018 and is currently achieving a rental value of £595pcm. This is a below market rate and the property should be able to achieve £650-£675pcm in the current Lettings Market. By January 2018 this could be even higher! Therfore, the current yield with the current tenant in situ is 5.49% which is an average yield. With a higher rental income the property could achieve between 6% and 6.23%.
If you would like to view this property but it is your first forray into Lettings and being a Landlord please do let me know if you would like me to accompany you on a viewing!