Belvoir Lettings and Property Management

2 Bed Flat in Town centre offers Good Yield

Here's a good property that's just come onto the market. It is marketed as an ideal investment and I would say the selling agent is right.



Below is the link to right move:

http://tinyurl.com/dypvq43

York Rd is prime "renting" location in Guildford as it is next to the London Rd station and only a few minutes walk to the main Guildford station and the Town centre. Now, I don't normally recommend 2 bed flats as they are slightly harder to let than the 1 beds or 2-3 bed houses with more space and garden etc.
However, this has come to market at a good price of £185k and should comfortably achieve £1000pcm, so around 6.5% Yield. We have just let a 1 bed on the road for £800 which is probably not presented as well as this 2 bed seems to be.

Due Diligence on this one would be:

• Leasehold - what is the length left and the ground rent / maintenance charges and who manages the block. Sometime these flats in York Rd have poorly maintained communal areas which will deter the higher quality tenants.
• Get the electrics and boiler checked out!
• Meet the neighbours - are they renting or do they own their flats.
• There is no EPC attached to the details at the moment, again it might not be double glazed.
• Consider the fact there is only a shower - this will affect re-sale value and prevent families with kids renting it. So be prepared for professional sharers - possible even a couple witha friend - then it becomes an HMO. Your tenants are unlikely to stay above the average 19months of a tenancy here, but voids are unlikely due to location.

If you want any other advice please call me on 01483 537200, we continue to offer free Buy to Let advice for potential investors in the Guildford area. We are not Estate Agents, we only do lettings so we can give impartial honest advice.