Located in highly populated area of Parson Cross, this property which was listed yesterday, could be the ideal property to buy if you’re looking to purchase an investment but don’t have a lot of cash to splash yourself.
With offers expected to be over £85,000 you could expect to achieve a yield of approximately 7% which is as high as a city centre property only you’d be getting this property for a fraction of the price. This property would rent out for at least £525pcm if offered on a furnished basis, you’d be looking at only achieving £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 you’d be wanting as an investor.
Whilst Parson Cross doesn’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 property’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 didn’t want to spend any additional money, you wouldn’t have to as it will rent in its current condition.
If you’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.