Investment Sale, Home With An Income | | Croydon Surrey | | Buy a house with an income to possibly cover the mortgage payments and have a 2 bed self contained part of the house to live in yourself.2 bedrooms currently let at £900 per month. Potential to let whole property for £1600 to £1800 per month Freehold to buy Investment Sale, Home With An Income is located in Surrey. | | ADVERT NUMBER : 36644
ADVERT IMPRESSIONS : 12,288 TIME(S) | | | | BUSINESS SECTOR: | Commercial Property | | TRADE TYPE: | Investment Properties | | SALE: | Private Sale | FREEHOLD: | £320000+ | | | | | BUSINESS DETAILS: | With bank savings interest rates now so low, what return would you get on an investment of £320.000? As an example, at 1% it gives you £3200 per annum, or £266 a month! In my opinion not much of a return. For an investment of £320,000 for this unique house, the return could be anywhere from £17,000 to £24,000 per annum (£1,416 to £2000 per month) when the property is let. This is a traditional Victorian house in South Croydon, Surrey, which has been newly extended to the side and redecorated in the original part of the building. After having the new extension built on the side of the existing house, it nearly doubles the size. We have a brand new open plan kitchen lounge diner, utility room which was the old kitchen, 4 bedrooms, 1 additional room for use as an extra bedroom, study or lounge, 1 bathroom, 1 shower room. The new kitchen has new dishwasher, washing machine, oven and hob and fridge freezer. There is new uPVC double glazing throughout, and the whole house has been painted from top to bottom, inside and out. It is partly furnished and has a courtyard walled garden. It is situated in a cul-de-sac, so no through traffic.2 of the bedrooms are currently let to lodgers for £900 pcm with their own lounge areas, bathroom and utility room. Because of the lay-out of the property, it could be used in a variety of ways, such as follows –
1. It could be let as a 4/5 bedroom house. In January this year Croydon Council was paying £1885 per month or £435 per week under their Landlords deposit scheme.2. You could live in the superb newly built 2 bedroom side of the house, which is self contained with high spec open plan kitchen diner lounge and 2 bedrooms, and rent out the other 2/3 bed part as a self contained unit or 3 separate rooms.3. Rent the whole house out as separate rooms. It has been fitted with fire check doors and mains supply smoke and heat alarms. Local rates being paid for letting have been researched as follows –
Rooms approx £90 - £100 per week
2 bed house - £850 to £900 per month
3 bed house - £1100 to £1200per month
5 bed house - £1885 to £2000 per month
If you let the whole unit for £1600 per month, you could have an income of £800 per month after mortgage payments, based on 25% deposit. Example calculations –
Sale price - £320,000
Deposit at 25% - £80,000
Loan amount - £240,000
Repayments based on 4% interest - £800 per month
There is also the option of 2 couples or families buying this together
Croydon town centre in Surrey is a very busy centre with excellent shopping facilities. There are lots of good schools in the area, with parks and recreation areas within walking distance. Swimming baths and health and fitness clubs are also nearby. Excellent transport links, bus and rail, include East Croydon Station with direct links to Central London in as little as 13 minutes and Gatwick Airport in as little as 15 minutes. The Croydon Tramlink can take you to Addington, Elmers End, Beckenham Junction, Mitcham and Wimbledon. Figures quoted are estimates only. You should make your own enquiries and calculations. | | | | | | SOLD or WITHDRAWN FROM MARKET | | | | | | | | | | | |
