Our property investment opportunity this month is based in Church Street, Gillingham. The house is a traditional terrace house in Gillingham, with 2 reception room, a basement. This place stands out as it has the bathroom on the 1st floor and the main bedroom on the second floor.
We have picked this property for a couple of reasons:
- It has been on the market for around 4 weeks so far and it has been reduced within the last 2 weeks.
- This property already has tenants in the property, although the agent doesn’t detail what rent is currently being achieved.
The property from the pictures looks like it has been well looked after by the current tenants so you shouldn’t have to do any work straight away, although when doing my own research we have noticed the EPC rating is currently E rating. With the EPC laws changing in the next couple of years you will need to do some work to get the property to a rating of a C but the good news is that the property does have the potential to be B rated according to the EPC report which was done in 2016.
Now down to the return on investment if you purchased at the advertised price of £210,000 and we would expect the rental to be around £1,100 a month which would give you a return 6.29% before any mortgage costs.
On the mortgage side of things what you can expect in the current market based on a 25% deposit of £52,500 with a mortgage of £157,500 as of today 24/08/2022 the best mortgage is 3.14% on interest only with a monthly payment of £412.12
The property is currently on the market with YourMove and you can view the property here.
If you would like some help looking for your next buy to let investment please get in contact with myself Keeran on 01634 361245 or email me and I will help you.