Every so often we use our expertise to search the local property market for good potential investments, not only for new landlords looking to dive into the residential property market but also portfolio landlords looking to bulk up their portfolio. The residential property market is vibrant in North Leeds at the moment and should continue like this for some time to come. This week we've trawled the local estate agent websites and found this rather large gem which when fully let could allow for a potential gross yield close to 10%.
This spacious 8 bed mid-terraced house is located in Headingley, a very popular student districts of Leeds, on the door-step of lots of fantastic shops, restaurants, bars and pubs. Not only is it close to Leeds Beckett University but also on excellent transport links to The University Of Leeds and the City Centre.
According to the agent's description not only is this A VERY SPACIOUS SUBSTANTIAL EIGHT BEDROOMED INVESTMENT PROPERTY IN CENTRAL HEADINGLEY but it is also LET UNTIL 30th JUNE 2016 @ £33,162 p/a, A GROSS YIELD OF 9.5%.
The description goes on to explain that this well planned and presented terrace comprises eight good sized bedrooms, three shower rooms, three w/c's and a fantastic open plan dining kitchen & lounge on the lower ground floor.
Features include gas central heating, UPVC double glazing, fire alarm and TV's to most bedrooms. Internal viewing recommended to appreciate the generous room proportions and presentation.
The agent's photos would suggest that the property is in a good state of repair and decor. Looking at the floor-plans all the bedrooms are doubles so no tenants are left feeling they have come away with the rough end of the stick.
Currently on the market at £349,950.00 and let until the end of June 2016 with a rental income £33,162.00 PA the figures stack up enough to make it more than work in our opinion, especially as very little work would be needed to bring it up to standard.
Do you think you could add value?
Although the property is currently in a very lettable condition how do you think you may be able to add value to this property, if at all? Do you think it could compete with Redbrick's 10 Hottest Properties or make it to our Limited Edition range? Let us know in the comments box below.
A few points to note, according to the agent's particulars:
- EPC Rating D
- The current owners have a HMO Licence until June 2017
- £33,162.00 PA
- Subject to the existing tenancy agreement with vacant possession on 1st July 2016
There could be a whole host of reasons as to why you want to buy, from it being the preferred option to a traditional pension, or maybe your savings interest rates are falling below your expectations. From the start you need to know exactly what you should be looking for, what cautions you will need to take as an investor, whilst looking at your investment as if it is you that is renting the property.
Redbrick Properties can benefit landlords through offering advice and guidance in areas such as:
- Strategy, location and property type.
- Local housing market opportunities.
- Overall performance indexes to maximize yield.
- Appropriate furnishing/décor to cater to potential tenants.
- Suitability and efficiency of a portfolio.
If you are a landlord looking to invest in residential property then please give us a call on 0113 2305552, drop into our office or send us a message. We'd love to talk with you!
Disclaimer - The information displayed about this property comprises a property advertisement. Redbrick Properties (Leeds) Ltd makes no warranty as to the accuracy or completeness of the advertisement or any linked or associated information. The above does not constitute property particulars. The information is provided and maintained by Castlehill, Headingley. Please contact the selling agent or developer directly to obtain any information which may be available under the terms of The Energy Performance of Buildings (Certificates and Inspections) (England and Wales) Regulations 2007 or the Home Report if in relation to a residential property in Scotland.