Last year I highlighted the 3 bedroom house in Chiltern
Close, West Green that was proving slow to sell. The agent had reduced the price from £240,000
to £225,000 to broaden its appeal. I commented about it on the blog and suggested it might make a decent investment purchase. Today I have seen local agent Connells
advertise a similar property in the next road along but at a rental price that
is £150 per month higher than my original top estimate for the house in Chiltern Close.
Six months ago I estimated that the house in Chiltern Close
could achieve a yield of 5.7% but that has turned out to be a very conservative
estimate. In the end the house in Chiltern
Close sold for £224,000 but would have required a minimum of £6000 for a refurbishment
in an attempt to attract the best tenant. Even with
allowing for the cost of the refurbishment works the current rental asking price of £1250 pcm reveals a yield much higher than I anticipated at 6.52%. The rising rents have helped to increase the
yield but when I spot any other opportunities like this one I’ll make sure to add
them to the blog.
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| St Peters Church - West Green - Crawley |
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