There's been quite a few small units,(studio and 1 bedroom flats) being offered at auction of late and here's another opportunity that's right on my doorstop on Hampstead High Street. This is a 1 bedroom flat above shops offered in a dilapidated condition with a guide price of £430,000, via Savills auctions.
Now, we don't know what will happen when it goes to the room on June 22nd, though i would suggest that if the bidding gets above £500,000, then we are in 4% stamp duty and the price achieved might get silly! you would be looking at spending around £30,000 on renovations to bring it up to the expected standard for the local market.So,if this was to be a holding, your rent on this flat would be £2060 per calender month, giving you a net yield of 4.4% after all the expenses. That will bring the total value of the investment to around £560,000.
Here's the details from the link below...
Here's the interesting bit though, if you are thinking of turning it around and selling to an end user, there's a comparable flat just a few doors down , that's been renovated and on the market with Knight Frank for £665,000, now even after taxes and the usual selling expenses, that will still leave you a tidy sum for a few months work, see the link of the comparable flat below for the full details.
As ever, should you need advice about buy to let in Hampstead and Belsize Park or are considering a purchase in the NW3 area, pop in to the office on Heath Street for a coffee and informal chat. If time is precious, drop me a line chris@ashmoreresidential.com
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.
Don't forget to visit the links below to view back dated deals and Hampstead Property News.
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