Parson Cross, Sheffield S5 with 7% Yield
Located in highly populated area of Parson Cross, this property which was listed yesterday, could be the ideal property to buy if youâ€™re looking to purchase an investment but donâ€™t have a lot of cash to splash yourself.
With offers expected to be over Â£85,000 you could expect to achieve a yield of approximately 7% which is as high as a city centre property only youâ€™d be getting this property for a fraction of the price. This property would rent out for at least Â£525pcm if offered on a furnished basis, youâ€™d be looking at only achieving Â£475pcm if unfurnished. The property also appears to offer off-road parking which is a desirable factor when choosing a new property to live in and this will only help attract those long term tenants youâ€™d be wanting as an investor.
Whilst Parson Cross doesnâ€™t necessarily have the best reputation, you can guarantee that the property will rent out to a small family who are likely to have lived in the area all their lives and wish to stay there. If the property is in a good condition, you will attract a higher quality tenant who will attend to the propertyâ€™s needs. The property already appears to be in good condition with a modern bathroom suite, decent kitchen arrangement, attractive garden and conservatory, so if you really didnâ€™t want to spend any additional money, you wouldnâ€™t have to as it will rent in its current condition.
If youâ€™re looking to purchase to live in, I would suggest that before making any offers, you speak to the neighbours and other residents to see what that specific street is like before committing to a sale and have a look online at the local crime rates.