http://www.rightmove.co.uk/property-for-sale/property-51501332.html
This five bed on Hessle Place has just came on the market last month. The location is fantastic - just opposite the Hyde Park Picture House, so to be honest should be achieving more than the £17,500 per annum (or around £67 per person per week) that it's currently getting.
The house is on at £225,000, which for the yield is expensive, but I think there's potential to increase it significantly.
We used to manage a 7 bed a few doors along, which even though it wasn’t the best layout ever, it still used to let every year
quite early. We let it for £79pppw (£28,756 per annum) for the academic year 12/13, and the
landlord sold it shortly afterwards in the March of 2012 (once let) for £285,000.
This one has a bedroom at the front of the ground floor, and
the living room at the rear with the kitchen downstairs in the basement. There are two bedrooms and a bathroom on the first floor and two bedrooms on the second
floor. It’s not a bad house at the moment, but needs some updating
(woodchip on the walls, only one bathroom etc).
There should be scope to
make it the same as the 7 bed I mentioned, although I’d change the layout slightly and put
two bedrooms in the basement and living room and kitchen on the ground floor,
or you could just modernise and add a second bathroom on the top floor (Jack and
Jill), or make it a 6 bed.
There's plenty of options, so I think it’s a
case of working out whichever maximises your return and go with that. Certainly, I'd have thought it would convert to a high quality 7 bed for less than £60,000, so even if you paid full asking price and did the work, you'd still be getting 10% return.
No comments:
Post a Comment