As most of my regular followers will know, I spend a lot of time going through the property portals looking for great Buy To Let opportunities for landlords, experienced, or first timers.
The average yields in Chelmsford can be around the 4.5 – 5.2%, so when a property comes up with the potential to generate an annual yield in excess of 6%, i have to shout about it.
This property has just come to the market with Hamilton Piers for a price of £119,995, it could maybe do with a little TLC, updating the carpets and decor, but the major things like kitchen and bathroom are perfectly fine. I would always recommend making a rental property look the best that it possibly can, not only will it attract a higher rent, but also a higher quality tenant. Even if you went crazy spending on this apartment and spent £5k making it look fresh and clean, this would make your total investment £125k. With apartments like this renting for £695 in tip top condition, this would give you a potential annual yield of 6.6%!
One thing to bear in mind with this property is that it is being sold with a short lease, as many of the properties in this location are, as an investor,this isn’t something I would say you need to worry about straight away, you could buy it, rent it out for a few years and then look to extend the lease before you sell it on. This way, you can then maximise the price you sell it for when the time comes
If you would like any advice on the buy to let market, please feel free to drop me a line at stephen.frost@martinco.com
