This two bedroom apartment looks like it needs some modernising internally but if you can see passed that this property is ideal for those looking to invest in a property for buy-to-let. At the price it is being marketed for there is also room to make a tidy profit should you wish to refurbish and place back on the market for sale, there are comparable apartments which have sold for circa £180-£190k which are admittedly refurbished to a modern finish throughout. If you’d like to discuss these comparables please don’t hesitate to give me a call.
As mentioned in previous blogs The Heatons is a popular spot for renters, a little further away from the centre of Stockport and on the doorstep of some fashionable bars and great transport links such as the new metrolink station and Heaton Chapel train station.
This apartment has been placed on the market by Gascoigne Halman at asking price of £150,000, which seems reasonable. Considering you’d be looking at an asking rent of about £800 per calendar month, this would return a yield of almost 6.5%. We are aware of another apartment within the same block which let for £850 per calendar month which was immaculate throughout and featured a brand new kitchen and bathroom. The link to the property is below..
http://www.rightmove.co.uk/property-for-sale/property-54547846.html
It’s worth checking what the service charges and ground rent are before committing to the purchase as these can eat into your annual yield, also take into consideration the cost of refurbishment.
If you see anything you like the look of and would like impartial advice on what the rental amounts could be, I will give you an honest opinion. This is very important to base your calculations on and to make sure that the investment will work for you. My email address is hassanmahmood@julianwadden.co.uk
