I can’t believe it, two properties being sold with tenants in situ, in the space of a few days, what are the chances. This just highlights how many landlords are looking to benefit from Chelmsford’s improving property market. This also means that new landlords can benefit from these situations, reducing the initial costs of having to find a new tenant once the purchase has completed.
This apartment in The Village, on Crompton Street is priced at £160,000, which is probably about right for this development. The tenants in the property are currently paying £750 pcm, which again isn’t too far off the mark. Basing our yield calculations on these figures, means you are looking at a potential return of 5.6% pa.
As with any leasehold property, make sure you look into what the service charges, ground rent etc. are, the agent that is advertising it, should be able to advise what these costs would be.
If you would like any advice on buying to let, feel free to give me a call on 01245 330500