Thursday, 7 May 2015

Full Refurb Project in Popular Fulwell Location (+6.5% Gross Yield)

This 3 bedroom 'cottage' is in a great spot just off Fulwell Road and close to Redby Primary School but it needs A LOT of work to bring it to a decent modern standard that will attract a Good Tenant

I'd advise working on a renovation budget of £15 - 20k on top of the OIRO £89,950 asking price, given it needs a new kitchen, bathroom, full redecoration & new flooring throughout

The roof looks OK though...

Once the work is completed it will be popular and being a 3 bed property it should attract long term tenants

I'd advise that if done to a new, bright & shiny standard £595pcm is achievable so based on a total purchase and renovation cost of  £110k it will return 6.5% Gross Yield, negotiate a good deal on the price or bring the refurb in for less and you could be looking at +7%

Whilst it is possible to get a higher Yield elsewhere, the prospects of long term tenants should be considered and it's also worth noting that Fulwell often shows some of the strongest capital growth rates in the City

Click here for details https://www.onthemarket.com/details/1470146 

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

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