Welcome to the third edition of our monthly investment spotlight, where we pick three properties which are currently for sale with Mark Ewin, in and around Bury St Edmunds, which we believe would make a good buy-to-let purchase, Then, using our experience and expertise we give you a run down of the pros, cons and likely rental prospects of each.
Three Bedroom Property on Westley Road, Bury St Edmunds
We start with an interesting proposition, this spacious three bedroomed house, which has been modernised and comes with plenty of outside space is situated on Westley Road. The asking price is £425,000, and it is ideally located within easy reach of local conveniences, Bury St Edmunds town centre, local schools and West Suffolk College, making it a desirable property for families looking to rent. It would also appeal to the USAF market.
We would suggest that a figure of around £1600 per calendar month should be comfortably achieved here, giving a gross yield of 4.52%. An additional benefit with this home, is that the property needs little or no work to get it ready for rental, meaning tenants could be sought immediately after purchase.
Three Bedroom House on Mitchell Avenue, Bury St Edmunds
If you are looking for an investment where value can be added by carrying out a refurbishment prior to putting it on the rental market, then this three bedroom home on Mitchell Avenue could be perfect. The house is end terrace which gives it a larger plot size and the added benefit of brick built outhouse for additional storage. The property does need a full refurbishment, but with a new modern kitchen, bathroom and flooring, finished off by redecorating throughout, this would become an excellent rental home.
The EPC for the property is already at a “C” rating, meaning no concerns here, future proofing the investment against further changes to the minimum standard for rental. Its also being offered with no onward chain, meaning the sale could proceed fairly swiftly.
The owner is asking for offers over £210,000, and we would budget around £20,000 for refurbishment, meaning a likely minimum spend of £230,000 / £240,00. With the work completed, a rent of £1200.00 should be achievable, giving a fantastic gross yield of around 5.75%.
Two Bedroom Bungalow on Aylmer Close, Risby
This two bedroom bungalow in the popular and well located village of Risby, could well be a good investment for those with around £240,000 to spend. The property is in good condition and although it could benefit from some updates being made, it would still let well in it’s current condition. As with many village properties, the garden is a good size for the property.
We anticipate this could be a fairly popular property, meaning a rent of between £1000 and £1100 could be achieved, giving a gross yield of 5% at the lower end or 5.5% at the higher.
If you would like further information on any of the properties above, or would like to arrange a viewing, please contact Mark Ewin Estate Agents on 01284 217 530
As always, if you would like specific advice on any aspect of lettings please do contact either Chris or Andrew on 01284 702 626