3 bedroom house, Gossops Green, Crawley
If you’re looking for a project with great rental potential, here’s a 3 bedroom house, just on today at £250000 with Blakemore & Sons. You’ll notice from the internal photos that the property could do with a makeover. Here’s the Rightmove link for a closer look http://www.rightmove.co.uk/property-for-sale/property-51687262.html.
By renovating / re-decorating a property like this you’ll have a much better chance of reducing void periods and also attracting the best quality tenants. Not rocket science if you think about it.
Assuming that the renovation did not set you back any more than say £5000, you would expect to achieve rent of between £1100 & £1200 pcm. Based on a purchase price of £250000 plus £5000 to renovate, you should expect to get a maximum gross annual yield of between 5.2% and 5.6%. Not bad at all. Of course if you can negotiate the price down a bit, so much the better !
If you’re a property investor looking for your next buy-to-let deal, or perhaps new to this business and making your first tentative enquiries about investing in property, why not give us a call to discuss the different options in the Crawley area. You can also e-mail us on crawley@northwooduk.com.
The Crawley Property Blog 