Hidden Potential with a great rental yield
Recently I have found that the number of enquires for 3+ bedroom houses has increased drastically. This could be because young people and families are being priced off of the property market which I discussed in my last blog post.
With this in mind I have found this four bedroom property advertised by Metcalfes in Torquay (01803 268890) located in Higher Audley Avenue which is close to a number of local schools and has easy access into Torquay or out of the bay itself.
The property consists of 4 bedrooms of which 3 are double rooms, a lounge, dining room, bathroom, reception room, driveway parking for 4 cars, split tier garden and a useful underground storage area. What’s interesting for this property with the suitable planning permission you could convert the storage area into a further accommodation unit this property is currently being marketed at £169,950 and has been on the market since the second of June.
Interestingly this time last year a similar property was sold for £170,000 and with the house prices predicated to rise later this year I can’t see this property staying on the market for long. Back in 2009 from the historic data the properties on this road peaked in price at £188,000 showing that there is also room for growth in an investment property in this area.
In terms of rental rates I would expect for a property of this size and finish to achieve a market value of between £750 – £850pcm. This means in terms of rental yield on the lower end of the scale you could expect 5.29% and at £850 the rental yield would be a huge 6%
In terms of location, price and potential this property would be good investment for a buy to let landlord looking at increasing their portfolio.
If you are looking to purchase an investment property and would like a second opinion then please feel free to give me a ring on 01803 200140 or drop me an email to email@example.com