Having sent details of this to my already registered & interested clients, I thought I would share this now with the wider world, don't delay though as the auction is this Thursday!
Whilst the external condition and garden all seem to be up to par, there is clearly some substantial work required internally, so do consider this to include a full redecoration, flooring, new kitchen, work on the ceilings and of course anything else that flushes out during the works that cannot otherwise be seen or detected at this stage. I would allow somewhere around £20k which I am told would be enough to see this project through to fruition.
The guide price of £200k is likely to be exceeded, as there is clearly a lot more value to this even as it stands, but I would be wary of paying more than £220k on this to allow for the cost of bringing it back to life, and to make sure there is still some return in it if it were to be placed on the rental market. I would anticipate the rental income being around £1250 PCM when this becomes ready to occupy, and if your purchase and refurbishment costs were around £240k this would show a 6.3% yield, absolutely great in todays economic climate. On the plus side, this is one of the best roads in the Bletchley area and will be sure to let well in the future as well as deliver excellent capital appreciation, so do look beyond what you see today and apply some vision to this proposal.
I will post what I consider to be the best buy to let deals across Milton Keynes and surrounding areas on this blog 3 or 4 times a week, irrespective of which agent they are being marketed with. Maybe you should subscribe and be kept up to date?
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