Buy To Let Property Review - Falmouth

On the market with a local agent is this ex local-authority house in Pendarves Road with an asking price of £150,000. 3 bed semi Pendarves Road Falmouth

Pendarves Road in Falmouth comprises 81 homes.  Most of these properties were built in the mid 1930's.  Pendarves Road has an average current value of £146,083, which makes it one of the least expensive places to live in TR11, where the average house price is £244,148.

The asking price seems to be realistic however, as the property appears to be rather outdated, it is likely you will need some spare cash to prepare it for the rental market.

The property has a large power-shower which will be a selling point to some tenants, although a bath/shower combination tends to tick all the boxes.

Once in a suitable condition, it is likely that this property could achieve in the region of £750 - £800 pcm, giving a gross yield of c. 6%.

Three bedroomed semi-detached houses are always in demand in Falmouth and with some lovely views over to the river to the rear and a reasonable amount of on-street parking, this property would make a good investment purchase if the price was negotiated carefully.

Belvoir Falmouth don't sell property - we are lettings specialists, but we do give advice on what might make a good buy-to-let investment in Falmouth and the surrounding area.  We don't charge for this service but we would like to manage your property or help you find great tenants!

Annabel Leach Tel: 01326 210304  Email annabel.leach@belvoirlettings.com.

Alderwood Parc vs Little Oaks in Penryn for better rental yield?

We were talking to a landlord recently, who was considering whether a 2 bed terraced property on Alderwood Parc or a 2 bed semi on Little Oaks in Penryn would make a better buy-to-let investment. He was particularly interested in which would offer a better rental yield and was less concerned about long-term capital growth. We set about doing some research to help him with his decision.

Interestingly we found that when we started exploring the statistics, Little Oaks is the area of highest turnover in Penryn and Alderwood Parc has the second highest turnover. The average asking price of a 2 bed semi-detached property on Little Oaks is around £167,000; while on Alderwood Parc a 2 bed terraced is 7.2% less, at around £155,000. Both areas are popular for renting and, if the property is in good order, attract a good deal of interest when advertised.

We have been reviewing current properties for sale at these locations and, at the time of writing this article, there is a 2 bed terraced house at Alderwood Parc with an asking price of £150,000.

http://www.rightmove.co.uk/property-for-sale/property-46194809.html

This should achieve a market rent of c. £650 pcm giving an annual gross yield of 5.2%.  This property last sold in 2003 achieving a sale figure of £119,500 meaning it has increased in value by over 25.5% since then.

On Little Oaks there is a 2 bed semi-detached house - sold subject to contract - which was advertised with an asking price of £170,000. This property last sold in 1997 for £40,500 and has therefore increased in value by over 300% in 17 years. This property should achieve a rental figure in the region of £675 pcm giving an annual gross yield of 4.76%.

Ultimately, we found both estates to be good rental investments. So we advised them that if they wanted a higher short term yield, then the Alderwood Parc property would be a better bet but for long-term capital growth then the Little Oaks property would be the best option whilst also still offering a good rental yield.

If you would like our opinion on what to buy or talk letting property in general, feel free to pop in to our office on Killigrew Street or call Annabel Leach on 01326 210304. We don’t sell houses but we can help you find a good buy-to-let property.