Friday, 22 May 2015

2 Bedroom Ground Floor Moorside Flat (7.4% Gross Yield or 7.4% Gross Yield...You Choose!)

This is a good example of the 2 bedroom Moorside flats that I'd happily fill my office window with...simply because we know they let well to young working tenants due to them being so close to the Doxford International Business Park where they work


It's being offered at £72,500 and looks almost ready to let...I say almost as it only has the electric heating first installed when they were built in the 1970's

It's got a lot going for it, it's ground floor (so has a private rear garden), has a conservatory and garage in a separate block (although it's worth working on the basis that the garage roof is shot to pieces....they usually are)

Let it as-is with the electric heating and you'd get £450pcm and based on £72,500 it will return 7.4% Gross Yield

We know that Moorside flats with Gas Central Heating command a premium rent and also are far more popular with tenants (who tend to stay longer) so spend a little more to install GCH, redecorate etc and based on £495pcm and a total investment of £80k it will return 7.4% Gross Yield

For me it doesn't bear thinking about for a second - by spending that little bit more on the heating you'll be getting a much more attractive property, one that will attract longer term tenants and one that is less prone to the condensation and mould issues that can be an issue with these properties (especially those with electric heating and especially if you've got a couple of young adults sharing, which you often do)

Click here for details www.onthemarket.com/details/1553274

Call me on 0191 567 8577 or email neil.whitfield@belvoirlettings.com for more information 

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