Before you go jumping in head first with this one, some inquiries will need to be made to conform a few things. If it seems too good to be true, it probably is!
http://www.rightmove.co.uk/property-for-sale/property-51124738.html
It’s in the popular area of North Springfield in Chelmsford, 2 bed apartment at the bargain price of £125,000. It does say offers in excess of this price, so it would be good to get an indication from the selling agent, what region they are looking for. It also says that it is only available for cash buyer, this may be down to it having a short lease, although it doesn’t specify, therefore, make sure you find out why.
There are also no internal photos on the details, this could be because it’s a bit of a hovel! or maybe it could just be that the agent hasn’t got in there yet. Be prepared that you may need to spend a bit of money on it though, just in case.
Rental wise, these 2 beds are really popular and 2 beds in good condition are getting around £675 – £695 pcm. Therefore you could be looking at a potential return of between 6.4% – 6.6%, which is fantastic. ‘IF’ you have to spend a bit of money on it, for arguments sake £10,000, you are still looking at annual returns in excess of 6%.
Make sure that if you did go for this property though, all questions and queries are clarified before you jump in.
If you have any questions at all about buying to let, give me a call on 01245 330500
