This is an opportunity where you can get quite a large apartment for a decent sum of money. Located in Galleywood, this 2 bed apartment has been updated quite considerably and would make quite a nice investment property. http://www.rightmove.co.uk/property-for-sale/property-48349252.html
It has come to the market with Beresfords for £150,000 and you would be looking to achieve around £695 rental for this type of property in this condition. When you work out all the figures, you are looking at an annual return of 5.5%, not taking into account any service charges or ground rent which may be due.
It is a little bit further out of Chelmsford, and may not necessarily be an area that comes straight to mind when thinking about buying an investment property in Chelmsford, but it’s not all about the city centre. This property would attract a slightly different tenant, someone who wants a bit more of a quiet life as opposed to the hustle and bustle of city centre living.
if you have any questions about buying to let, feel free to e-mail me on stephen.frost@martinco.com
