Every so often I come across flats that have some development potential and what with space in the NW3 area coming in at a premium,making the maximum use of what's available is always a sound strategy. My pick for today is this self contained mid-floor studio flat with a balcony.It could do with a bit of cheering up inside and in my opinion is optimistically priced for the block.However, its ace card is its size, coming in at a larger than average 336 sq feet.
Looking around, its got the potential to be converted into a one bedroom flat, albeit modest, its still a one bedroom and that will bring you into the next price bracket for both sale and rental.Currently, it has a pull down bed that folds into the back wall. In my experience, tenants would much rather be in a flat with a separate bedroom, as opposed to a studio with a pull down bed. The conversion and renovation to this flat will come in around £10,000 to modernise all other aspects and satisfy all the regs for letting to ensure compliance. The kitchen is liveable, so you could get away with not having to update it initially.
So what about the figures? well, although I've hinted at the asking price being optimistic, even if bought at this level of £299k , plus around £10k on renovations, you can expect a rental of £1,300 per calender month. The net yield after all expenses will be 4.8% .This type of flat will get rented straight away,as it reflects good value for the area being close to the stations for commuters, plus the added benefit of outside space.
If you are considering a buy to let property or need some impartial advice about investing in the NW3 area,by all means drop me a line chris@ashmoreresidential.com or pop into the office on Heath Street for chat.
http://www.zoopla.co.uk/for-sale/details/36760227
If you are looking for an agent with experience that can help you find the right tenant for your property, then contact us to find out how we can get the best out of your investment property. Email me on chris@ashmoreresidential.com or give me a call on 020 7435 0420. Pop in for a chat – we are based on Ashmore Residential, Suite 7, 25-27 Heath Street, London, NW3 6TR. The kettle is always on.
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