This
is a FREEHOLD property in a village (Little Billing) location for £110k. It’s a
fairly rare commodity and will be very attractive to a tenant. I viewed it
myself a short while ago as a potential purchase but ended up going for another
property.
It’s a decent buy for someone though, but the purchaser needs to be
aware of the following:
· It’s
quirky. Laid out over 3 floors with a very steep staircase. Perhaps not that practical, but will definitely appeal to tenants due to it's uniqueness.
· It
probably needs some money spending – I suspected the current owner had let it
go a bit and there were a few jobs required, but nothing that couldn’t quickly
be resolved by us. I’d have chipped the asking price down and spent the saving
on getting the property as I wanted it. Maybe £112k all in.
· The
freehold situation is unorthodox. As well as the freehold of the house there
were freeholds for three other patches of land in the vicinity – all pretty
worthless. I suspect this was putting people off, but I don’t see why it should
– the house itself is worth £110k so either these bits have no value and can
sit there, or (more likely) I’d have tried selling them on to neighbours!
· Most
importantly I can rent this for £550 once it’s been tidied a little – maybe more.
And no service charges because it’s freehold. Nearly 6% return?
If
you’re insistent on freehold, but also on a budget, I challenge you to find
better!
