Hi there Property hunters. Just seen this house come to the market and I thought it was quite a good buy. It’s 3 bedrooms and it’s only £210,000.
The area admittedly isn’t everyone’s cup of tea, but if you picked it up and put it in a more desirable area, it would probably cost you around £240 – 250k, the rental levels would also be higher, so you would probably end up with a similar return at the end of it, but you would have a higher initial outlay.
A 3 bed semi in this sort of area and in the condition of this one (it looks as though it has had some work done to it) would rent in the region of £950 pcm, which would give you a gross yield of 5.4%
Another factor to take into account when looking at a buy to let property is capital growth, a property in a less desirable area, may not grow in value as much as a property in a better area.
If you would like any more advice on what to look out for when buying an investment property. Give me a call or drop me an e-mail. firstname.lastname@example.org