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 spoke with a local estate agent who suggested this 7 bed offering which when fully let could allow for a potential gross yield of over 10%.
This spacious 7 bed mid-terraced house is located in-between Headingley & Hyde Park, both very popular student districts of Leeds, on the door-step of lots of fantastic shops, restaurants, bars and pubs. More importantly it's equidistance between Leeds Beckett University and The University Of Leeds.
According to the agent's description not only is this HIGH SPECIFICATION 7 BED STUDENT INVESTMENT property located in a STUDENT LETTING HOTSPOT but it is also FULLY LET UNTIL 30th JUNE 2016 and has been NEWLY REFURBISHED.
The extensive improvements include; newly fitted dining kitchen and laundry room, high quality bathrooms, new furniture, contemporary decor, new floor coverings, re-wired, re-plumbed, new central heating system with high efficiency boiler and pressurised hot water system, under floor heating to the basement rooms, wall insulation.
The agent's description goes on to mention the property benefits from being HMO licenced, gas and electric certificated and Unipol code compliant. Rent includes gas, electric, water and TV licence.
The agent's photos would suggest that the property is in a very 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 £335,000.00 and let until the end of June 2016 with a rental income £34,398.00 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 E
- Unipol Code Compliant
- £34,398 PA - Bills Inclusive
- Subject to the existing tenancy agreement with vacant possession on 30th June 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.