Friday, 18 March 2016

Two Mile Ash 2 bed project - £175k with up to 5.7% gross yield

Today we have a project for you, described by the agent as "offered for sale with no upper chain and scope to put your own stamp on it".
 
 
 
 
 
 
 
With no internal photos and just 1 one external photo (and that's of the rear which doesn't look up to much), it tells me this property is in need of significant updating, and the price confirms that. Consider that this property would need replacement UPVC double glazing, a full redecoration, sort out the garden, fit a new kitchen and bathroom and maybe the boiler changing for a combi (although this can be inspected and tested before contracts are signed so you will know what you are getting in to). At £175k it's a fair price for what could be worth in the region of £210-220k when refurbished, yet the cost to achieve this would be around £17k as an estimate, and we could help you manage the transformation and project with quotes for all trades, arranging access for contractors, helping to specify the finish and having it fully cleaned and compliance checked ready for the next tenancy.
 
 
If refurbished to a modern standard, and presented in a clean and fresh manner, we would expect it to achieve around £825 PCM at this time, if not a little more. Smaller 2 bed homes such as this are in great demand, and form the bedrock of the property rental market in Milton Keynes, with a constant 70,000 + searches on Rightmove every month for such properties. With great local schools, excellent road links and a decent, family friendly neighbourhood, this house would make a perfect long term investment - buy it today at a discount, invest in a refurbishment and sit and reap the rewards for the next 5-6 years before needing to worry about further work.
 




If you struggling to find anything decent on the property market and need a little help finding potential bargains like the one above, speak to us about how we can keep you appraised of the latest opportunities before the rest of the pack. For more information about other potential investment properties that we could introduce you to (such as ready tenanted properties for sale by our existing landlords), or to ask about our thoughts on your own investment choices, call us now on 01908 562582 or send us an email.
 
 

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