2 bedroom maisonette, Langley Green, Crawley
Here’s a maisonette in Langley Green, Crawley which according the agents, Fox and Sons, requires a little tender loving care. Well, we certainly wouldn’t disagree with them ! However, with a guide price from £200000, there may be some scope to add value and provide a good buy-to-let investment. Here’s the Rightmove link for more further details http://www.rightmove.co.uk/property-for-sale/property-37349547.html
You may recall that we featured a Langley Green maisonette previously (16th September 2015 blog) which was in tip-top condition and had a guide price of £220000. At the time rents for these types of properties were, and still are, in the region of £975pcm. All things being equal this gave a gross rental yield of around 5.3%.
If the property we’re featuring above were in a similar condition to the one in our previous blog, we would expect it to achieve a similar rent of £975pcm. Assuming that you could buy at the lower end of the guide price range, you can see that there is some room (perhaps even up to £20k) to completely renovate the property. Of course, if your renovation costs were lower, your rental yield, based on purchase price & renovation costs, would be even higher.
As we’ve previously mentioned, if you can move quickly on any deal, you may well be able to drive a harder bargain & hence get a lower price. This idea was also mentioned in todays’ FT ( http://www.ft.com/cms/s/0/b902e6e4-7e54-11e5-a1fe-567b37f80b64.html ). There’s also another aspect that might help you in your bargaining position if you went for this property. Can you guess what it is ?
The internal pictures of the maisonette show that, not only is it in need of a “make-over”, but it’s also empty! An empty property is one that is not earning money, or is perhaps costing mortgage payments to someone. So may be the vendor might accept a lower price for a quicker sale. Who knows ? But, if you don’t ask, you don’t get !
If you’re looking for investment properties in Crawley or surrounding towns, or have your eye on a potential buy-to-let and would like a second opinion, we’d be happy to have a chat with you. Just give us a call on 01293 515588 or e-mail us at crawley@northwooduk.com.
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