Tuesday 13 May 2014

Super Springfield Deal!

I've was going through Rightmove this morning and I came across this great investment property. Available for cash buyers only due to the length of lease, which means that you can snap it up for a great price. It's currently on the market for £139,995

It might need a bit of a re-decorate before it's rented out, and maybe some new flooring in the main bedroom, but these are only minor cosmetic details. Once done, you would expect to rent this out for £695 pcm. If you could purchase it at £135,000, this would produce a yield of 6.1%!

Having a short lease on your buy-to-let property, isn't necessarily a big issue, mainly because you can pick them up slightly cheaper, still command market value rent and look to extend the lease in the future, when you eventually decide to sell. 

If you extend the lease just before you put on the market to re-sell, you would then be able to get a top end price and would open up the market to buyers who would require a mortgage. 

Don't hang around if you are interested, the sales market in Chelmsford has really picked up pace and good properties are not around for long. The link for the full details is below.


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