Hello everyone, I hope you’re all feeling as good as the weather has been! Today I have something a little bit different from the regular to share with you. We have two fantastic houses of nearly similar build in the area – one in Tamworth and the other in Lichfield, showing the differences just a few miles can make.
We’ll start off with our beautiful Tamworth home, located on the Buckingham Road and advertised with our good friends Smith’s Estate Agents on Rightmove.
The house is a very spacious four bed roomed detached with an asking price of £225,000. You can see from the pictures that the house is well maintained and ready to immediately move into with very minimal decoration / renovations needed as the bathroom and kitchen have just been refitted.
For a house of this calibre you would be looking for a monthly rental income of £995.00 which if purchased for the £225,00 asking price would equate to a yield of 5.30%.
If you don’t know much about Lichfield, I would say it has to be one of the quaintest cities in the Midlands, compared to Tamworth it has very few housing association homes/local authority homes built and the city retains much of its historical architecture, featuring a medieval cathedral and only being mildly touched by the concrete brush of the 1960s. This in part helps the houses in Lichfield to retain much of their value but also enables landlords to have an easier time letting in the area due to a higher demand; albeit the initial price costing more.
In this example, a house of similar square footage and build is £90,000 more than the asking price just under 6 miles away, however, this really doesn’t detract from the beauty of the area.
So onto our second smashing house located in Freeford Gardens, Lichfield advertised by Hunters Estate Agents on Rightmove.
The house is very similar in proportion to the Tamworth house and was last sold in 2013 for 265,000 and is now being advertised with an asking price of £315,000 which is a whopping £50,000 increase in just 3 years.
We would estimate the house would attain a monthly rental income of £1015 which equals a yield of around 4.06% if the property is bought at the £315,000 asking price.
The houses in Tamworth will cost you less and give you higher yields but by many Lichfield is viewed as a quainter place to live, however as you can see – in both places the right houses are as lovely as each other.
So the choice is really yours to make will it be The Castle or The Cathedral?
For more information on the featured properties, they can be viewed in full at the following links.
Get the best advice and opinion you can. Speak to me, speak to others, do your homework. As long as landlords buy the right sort of property, that allows for a reasonable yield, decent capital growth, everyone will be a happy winner.
If you would like to contact me about any of the featured properties or any other property investment you might be thinking of, please feel free to contact Lorraine on 07531484956.