Good morning, hope you haven’t all frozen over!
Well, if you are staying indoors and keeping warm, reading our Blog 🙂 This one is worth a look. It’s a studio apartment in Chelmer village, Chelmsford.
It’s got one of those handy built in cupboards with a pull down bed in it, makes the space a bit more flexible as well. Condition wise, it’s not bad, kitchen and bathroom are original, but clean, I would recommend at least changing the carpets. It could maybe benefit from an updated kitchen as well, to attract the best possible tenants.
Studio apartments are always good renters as they are at the cheaper end of the scale, therefore more people can afford them, the yields also tend to be pretty attractive. This one could generate you an annual yield of 5.2% (asking price £115,000 and rental approximate £500 pcm). One of the things to consider with a studio apartment is that there can be a higher turn over of tenants, you will probably get a tenant for a year at least before they think about moving on. Because studio’s are quite small, they can be outgrown quite quickly.
If you would like any advice on buying a property to let. feel free to give me a call on 01245 330500