I hope you are all doing well and are finding lots of lovely properties to view in the area. As usual Edgeley is proving to be very popular and I can see the house prices going up in this area as investors compete to buy here. Finding something completely renovated and ready to let for £120k seems to be a little harder now, but there are some out there… you just have to find them! Everyone is looking around this price (£120k) for an investment, some pushing up to £130k now as the market realises the demand and prices nudge upwards, but for a little extra money, there are still some really fantastic properties to be found.
So, this month I decided to look and see what was available around £150k as I thought that if I could find a three bedroom house at this level that needed very little work, but that could be rented out for around £750pcm I would still be able to achieve a good rental yield of 6% but it could mean I don’t have to compete with every other investor!
Here is what I found…
- A semi-detached house
- 3 large double bedrooms
- An entrance hall, that is natural and has not been taken from the front living room
- A large private garden
- A bathroom and separate WC
LOCATION: Broadhurst Street, Shaw Heath
CONDITION: From the images online I can see that the property currently looks to be lived in by the owners and a young family. The property has a decent bathroom and WC but I think, due the family living in the property it could do with a re-paint in order for it to be neutral and an option for more tenants that perhaps don’t have children, or perhaps don’t want to use the rooms as the current owners are doing. A repaint throughout would not cost a lot of money. In addition to this to this I would advise new cupboard doors in the kitchen, or if the budget allows perhaps a new kitchen? It is not in bad condition, but a little spruce up could mean a lovely property, more viewings and even more rental income per calendar month. If you did all of this, you could be looking at a rental income of £795pcm which would provide a yield of 6.4%.
IDEAS: Knowing the style of these properties, and the size of them I would imagine that this property has a large cellar and a lovely large attic space. My ideas for the future with this property would be to save up and make a large bedroom in the attic (planning permission to be obtained) and to create an additional 4th bedroom. You could even think about developing the cellar and excavating it in the future to make a fantastic kitchen dining room leading out through French doors onto the garden… Can you tell I want this one!?
The property is currently on the market with Harvey Scott in Davenport, so I would call them immediately and get a viewing booked in!
ALL THE VERY BEST OF LUCK INVESTORS!