I’m excited to talk about this little gem of a studio in Chelmsford I have just snapped up.
The studio cost me £105,000 and will achieve a rental figure of £525pcm, that’s a healthy yield of 6% (before costs)
It’s on the outskirts of Chelmsford City and is located in a quiet cul de sac, with bus links and local amenities all within walking distance.
The current tenant has been in situ for over 7 years and is likely to be there long term which is great for us and saves money paying an agent to find a new suitable tenant.
I went for this apartment as it is what we call ‘virtually freehold’ the lease is for a whopping 999 years (from 1 January 1980) The ground rent AND service charge is just £788 per annum…..If you see something like this snap it up!
These types of property are safe bets when it comes to investing especially if you are investing for the first time.
A wise friend of mine taught me to try to invest in several small buy to lets properties, rather than a couple of large houses. Reason being if the very worst should happen and you have a void period or your tenant stops paying rent, the costs are a lot more manageable to cover. Secondly In my personal opinion I believe you will get a better long term return on 3 – 5 smaller properties.
Keep following us for my property tips….Happy Investing!