Good morning! on my morning Rightmove travels, I came across this little 1 bed apartment for sale in North Springfield, with a guide price of £115,000 – £125,000. This type of property is exactly what the market needs at the moment. With the influx of brand spanking new 1 & 2 bed high spec apartments coming to market, the lower end of the market is in need of supply!
These apartments are quite basic, but they are good sizes and the location is quite popular for renters. This particular one looks as though it’s got radiators, which means that the heating may have been upgraded to gas, which is a bonus. Most of these have still got the original storage heaters. Of course you will need to double check this with the agents to make sure this is the case.
1 bed apartments in this area, easily rent out for around 575 – 595 pcm at the moment, so even if we are conservative and base our calculations on the bottom figure, you could still be looking at an annual return of 5.5%, which is pretty good.
Before you go jumping in feet first, check out how many years are remaining on the lease, a lot of these properties in this area have short leases, this could cost you money in the future when you come to sell it to extend. When buying an investment property, you need to make sure you have your eyes wide open.
If you would like any advice on buying a property to let, feel free to givr me a call 01245 330500