Today I present to you a property which, although not old, does need significant refurbishment in order to bring it back up to par, so don't miss this chance to get in on the ground floor with this option.
Situated directly (and I mean just 5 metres away) opposite a very well respected first school, this property needs a lot of TLC: gas central heating installing (to replace clunky & inefficient electric heaters), new uPVC windows & doors, a new kitchen, decorating throughout and new flooring. Now this might sound like you are rebuilding the whole house, but actually you will be investing for the future, as all of these would need addressing at some point during the coming years in any property, so by doing it now you will be right up to date and ahead of the game with one of the nicest 2 bed houses in the area - plus, without easy controllable gas central heating, you will find it slightly harder to let a property these days.
At an asking price of £175k, I would budget close to £20k for the works and allow around 6 weeks for it to be addressed once you complete on the purchase, and in todays rental market I would be asking £850-875 PCM for this, a very healthy 5.4% gross yield after the renovation costs.
Interested tenants will likely be young families with children wanting to go to the local school, or professionals who work in nearby Wolverton or need to catch the train from the mainline station. Present it to a high standard and you will secure good quality tenants for this now and in the future, and the property being in top condition will mean that you have a less stressful experience as a landlord.
I will regularly post what I consider to be great 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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