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I like the look of this 2 bed flat in the Duston area which has recently come onto the market with another agent. It's advertised at £89,995 which probably isn't a bad price, but it looks like it needs a bit of improvement in places so hopefully it could be bought for slightly less and the difference spent on making it shine a bit. Stamp duty would be under £3,000 too.
The rental prospects for this sort of thing are very good. It's likely to achieve about £600 per month which is a return of 8% based on the asking price. There will be costs to deduct but the Local Authority is usually the freeholder of these things which means the charges are reasonable. I own a very similar one and get over 7% return AFTER the service charge has been considered - this flat should be no different.
I increasingly hear investors bemoaning the fact that returns aren't as good as they were a few years back and due to recent house price rises this is partly true. But properties like this one buck the trend - where else can you get around the 7% mark other than chancing your arm at the bookmakers!
Happy to discuss this and any other property with interested parties. richard.baker@belvoir.co.uk if interested.
I like the look of this 2 bed flat in the Duston area which has recently come onto the market with another agent. It's advertised at £89,995 which probably isn't a bad price, but it looks like it needs a bit of improvement in places so hopefully it could be bought for slightly less and the difference spent on making it shine a bit. Stamp duty would be under £3,000 too.
The rental prospects for this sort of thing are very good. It's likely to achieve about £600 per month which is a return of 8% based on the asking price. There will be costs to deduct but the Local Authority is usually the freeholder of these things which means the charges are reasonable. I own a very similar one and get over 7% return AFTER the service charge has been considered - this flat should be no different.
I increasingly hear investors bemoaning the fact that returns aren't as good as they were a few years back and due to recent house price rises this is partly true. But properties like this one buck the trend - where else can you get around the 7% mark other than chancing your arm at the bookmakers!
Happy to discuss this and any other property with interested parties. richard.baker@belvoir.co.uk if interested.
