The buy to let opportunity from the Penicuik Property Blog today is one you need to go in with your eyes open to.
It is a 3 bedroom, upper villa. The property has a large lounge room, a modern fitted kitchen, 3 good sized bedrooms bedrooms, a modern shower room and a garden to the rear.
The property is in excellent decorative order throughout and the kitchen and bathroom look like they have been recently been refurbished.
However, a few points to note are that it is an upper villa, it has a shower room rather than a bathroom and it is on a main road, all of which will reduce the people interested in letting the property.
In addition, it is worth noting that the property has been on the market since June which is a long time in this market.
Let’s do the maths. This house is on the market with Mov8 for a fixed price of £136,000. A property like this in this area should rent for around £750 pcm which give you a yield of 6.6%.
Although the property is on for a fixed price, I suspect that there may be scope for negotiating the price given the draw backs noted above and as the property has been on the market since June .... a price of £128,500 gets you to a yield of 7%.
If you would like any advice on buying a property to let, feel free to give me a call 01968 674601, email me on (firstname.lastname@example.org) pop into the office for a chat (6 Bank Street, Penicuik).
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