BTL Deals of the Week #9 - inclusive of a Chelsea studio!
Scouring the market for quality investments can be daunting and, at times, overwhelming. In this week's Buy To Let Deals video, Kristjan reviews three listings, one for each of the price brackets set out: up to £500k, £500-750k, and £750-1m.
First up and we have a studio flat in Chelsea for just £325k, which is about as low as you will find in London’s west end. Following this is a beautiful 3-bed flat in Crouch End over two floors, and finally our last investment property highlight is a 5-bedroom house in Walthamstow for just under a million.
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Up to £500k
This studio apartment in Chelsea is small at less than 200 sq ft but is perfectly located between South Kensington & Sloane Square in a period apartment block. The apartment could do with cosmetic modernisation inside, but has a good lease left at 177 years. I would anticipate that, refurbished, this apartment should achieve in the region of £1800 per month on a long term tenancy- if short term lets are permitted at this building then that could go up considerably. Service Charges are a little punchy at just of £2500 a year however that does cover a 24 hour porter- a must have in this location. This has just gone to market and wont hang around for long!
This 3 bed apartment is a good size, spread over two floors and measuring in excess of 900 sq ft. Sandwiched between the ‘boujie’ Crouch Hill and the green spaces of Finsbury Park this will resonate with a lot of tenants out there. The property looks bright and stylish and would likely only need furnishing- although even that may not be necessary. The lease is 99 years which is fine (but worth exploring what the options are for an extension of this) and there is a private balcony- the only query are the Service Charges. Conservatively I would expect this to let for £2500 pm but would expect, if presented right, this to be much closer to £3k.
This house will require a little imagination as the current owners obviously liked pink! See past that though, and you have a decent terraced property with 5 comfortable bedrooms, good living space with a bathroom & 2 shower room. Subject to obtaining the relevant license, this would make a great HMO or family rental property which I would expect, presented well, to achieve at least £4k per month. The bathrooms and kitchen look modern, the patio low maintenance and smart- the main thing would be a full redec in to a modern, neutral palette.