We have just placed the property on the market this morning and as we have also handled the management of the property for the past four years, we know quite a bit with regard to its ‘rent-ability’, plus the important yield!
For starters, the properties location is superb and we have a regular queue of students looking to rent this property when placed on the market. The monthly rent is £1360 per month, which equals £14960 per annum (based upon 11 months’ rent, i.e. 12 month Tenancy with half rent July / August). Based upon these figures, the property would deliver a yield of 5.65%.
Now for the interesting part………………… to the front of the property is a garage, which could be (subject to planning permission) transformed into a bedroom, offering FIVE BEDROOMS. How do I know this? Well, we also manage the property next door and that’s exactly what the Landlord has done!
So, let’s now do the maths on the 5 bed configuration. This would then offer a monthly rent of £1700 per month, which equals £18700 per annum (based upon 11 months’ rent, i.e. 12 month Tenancy with half rent July / August). Based upon these figures, the property would deliver a cracking yield of 7.06%.
Check the property out at http://www.martinco.com/property/for-sale/202621 and give me call for further details.
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