The shock of last weeks Brexit poll hasn’t stopped properties
coming to market and trawling the listings this morning I came upon this little
one bedroom house in Southgate being marketed with Connells.
Quite clearly it needs work, there is no denying that a new kitchen,
bathroom and redecoration are all urgently required. I would also suggest changing the single
glazed windows to double glazed and installing a shower are necessary. But being a one bedroom back-to-back house
means there isn’t a great deal of house to refurbish and it has already been
priced to take the works into account.
There is currently a one bedroom house in Langley Green on the market for
£30,000 more at £200,000. With this
house being located in Southgate and within walking distance of the town centre
and station it would achieve a rent of £800 once the refurbishment is complete –
that’s a 6% yield. I would imagine that
most first time buyers would be put off by the scale of the works required and
if the current owner wants a quick sale they may have to sell to an
investor/landlord and be prepared to bargain on the price. Don’t forget that an investor must be
prepared to pay a stamp duty bill of £5998 to purchase the house whereas the first
time buyer will only be paying £899.
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| Purple walls......? |
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