London Road, Buy to Let deal 6.5%
Upon looking through Rightmove today I spotted this 2 bedroom end of terrace house for sale with Fox & Sons. The property is listed at £50,000 and due to go to auction.
This got me thinking if this would or wouldn't make a good buy to let deal and I started playing with some figure.
From the basic description and photos I'm unable to see if there is any structural issues so I have based the figures on cosmetic only.
I've estimated £40,000 for a complete new central heating system, rewire, replastering, carpets/flooring, redecoration, kitchen, bathroom, UPVC windows and doors.
If you can purchase the property (including all fee's) and do the required work for £175,000 maximum the property would achieve in the region of £900 per calendar month giving you a yield of 6.2% which is a fantastic yield for Waterlooville.
Please make sure you do your homework, get as much detail on the property and cost up any work needed before attending an auction and doing 'blind bidding' that can be very costly! Always have a limit in mind and stick to it. If this is a business adventure bid with your business head, not your heart!
If you have any property related questions please don't hesitate to contact us.