My Buy to Let Deal of the Month is back!
New on the market with Dawsons for £59,950*, this one bedroom property in Sketty Park is in need of full modernisation.
It’s a first floor flat comprising open plan living room, bathroom, kitchen, and 1 double bedroom. It also has off-road parking. It comes with a Gas Safety Certificate, though this would need to be checked to confirm it’s valid.
This is a really exciting investment prospect because the level of serious TLC it needs (new electrics, heating, kitchen and bathroom suites, etc) means you’d be starting from scratch and could create a space designed perfectly to attract your ideal tenant market.
The location is ideal to attract professionals in the area, with Olchfa Comprehensive and Parklands Primary schools in walking distance, as well as the University and Singleton Hospital also only a few minutes drive away. It’s not far from Swansea City or the beach by car, either.
Yes, a full renovation is going to cost a bit, plus it’s a first floor flat so your contractor costs are going to be a bit more. But considering the re-sale price of a flat in this location would be closer to £90,000, the numbers still work out well. Service charges do need to be factored in as part of the investigation process, of course, but that is all part of knowing your investment market!
Renting easily for £475pcm after a full renovation and modernisation, this property would be achieving an almost unheard of 9.5% yield! (before renovation costs)
Are you ready to kickstart or get back into your investment plan, or are you holding out to see if the housing market is affected by a recession? I’d love to hear your thoughts. If you are serious about investing but stuck for time or resources, or just don’t have access to great property deals, you can register for my new property finding service and be notified as soon as it’s live.
If you’re not sure what look to go for when renovating a rental property, definitely give me shout and we can see if I can help.
(*at the time of publication)