Tuesday, 2 August 2016

‘Summer time and the livin’ is easy’ .... but not for the Penicuik property market

The song ‘Summer time and the livin’ is easy’ makes Summer sound fantastic and it is for most things.  However, Summer can make things a wee bit slow in the Penicuik property market – people are more interested in their holidays that buying and selling properties - and so it is just now. 

There are very few new, good properties for sale in Penicuik this week.  So I thought I would revisit an old favourite of mine.  I have mentioned this property on the Penicuik Property Blog before but it is worth another look as you are likely to be able to get a bargain as it has been on the market for a while now, since 10 March 2016 to be precise.

Today’s Buy to Let opportunity from the Penicuik Property Blog is a stone build flat that is ready to rent in Auchendinny .... stone built properties like this are not that common in and around Penicuik!

This property is a one bed, ground flat at 9 Evelyn Terrace in Auchendinny which is just up from the bridge at the bottom of the Auchendinny hill.  Auchendinny is surprisingly popular as it is close to the Bush, Roslin Institute etc so getting high quality tenants is fairly easy.
The flat is in a stone build block and it is in a ready to rent condition having been well maintained.  It has a lounge/dining room, a fitted kitchen, one double bedroom and bathroom with a bath with a shower over it.  It has double glazing and gas central heating, the decoration is in good order as is the flooring.

This flat is on the market with Mov8 for offers in the region of £85,000.  As I said, it has been on the market since early March 2016 so the seller should be open to a wee bit of price negotiation by now but let’s say it goes for £85,000 for now.  Auchendinny is popular with people working in Roslin at, for example, the Roslin Institute.  This flat will rent for £500 minimum and the right tenants may pay £525 for it so that’s a yield of 7.1% to 7.4% which is good for a stone built property in this part of town.  On top of this you may be able to negotiate a better price as the property has been on the market for a while which would improve this yield.

If you would like to pick my brains about buying for investment purposes, pop into my office at 6 Bank Street, Penicuik for a coffee and we can have a chat.