Now I know the housingmarket in the area quite well, they are looked after and the street is a pretty nice little suburb with fantastic local amenities not too far away and great road links, so why isn’t this property selling?
Perhaps what’s putting off the sale of this property is the sitting tenant. Landlords might have been put off because of the high start price and not given it the second glance it deserves. I think it would be silly not to put an offer lower than the £85,000 price tag it currently has – the reason being it’s been on the market for a while and the tenant may be coming to the end of their tenancy agreement so of course after that there would be the void between buying and re-letting or renegotiating an agreement – which is only a bad thing, assuming the terms of the tenancy are mutually beneficial to landlord and tenant, you could potentially be losing a loyal tenant who may have been the ideal renter.
Back to the Cheviot property. We know from Dixon’s, the agents, that there is currently a tenant in situ with a 12 month tenancy agreement, unfortunately I don’t have information on the current rent. I would estimate rent on this particular property to be at around £425per calendar month, so you could possibly achieve a yield of 6%
The property does look to be in fairly good condition but due diligence would definitely be required by the potential landlord, as I say to all people whom I talk with, homework is one of the most important things to do before buying a property in regards to condition and especially about the tenancy agreement that an existing tenant will have signed.
All in all, this a good opportunity for anyone – but it’s certainly one that would need some careful consideration before commiting to purchasing. Anything that may happen with it, one would need to lend a thought to the current tenant. Who knows, this tenant may even want to stay on.
I hope you found this article to be informative and insightful and I’d love to hear your feedback about what you may think, please leave a comment below! If you would like to contact me about this featured article or any other property investments you may be thinking of I am available by phone on 07531484956 alternatively you can email me at firstname.lastname@example.org
Cheviot Property advertised by Dixons Estate Agents. If you would like to view the property, you can do so at: