If you follow my blog and newsletter on a regular basis then you'll know Stanley Road; the cheaper (if such a thing exists) end of Teddington where a lot of the houses have been split into flats. So, why not do the splitting yourself and be the one to reap the benefits rather than someone else?!
Here's a 2 bed house that's actually been done to a lovely standard. If you've got the cash you could split it into a 2 bed split-level flat on the top floor going into the loft and keep a 1 bed garden flat on the ground floor.
http://www.rightmove.co.uk/property-for-sale/property-32698191.html
So, very basic estimates are that you could do the work for £100k which, added to the purchase price of £500k, makes a total (not including fees) investment of £600k. Done to a top spec, the 2 bed top floor flat will rent for £1500pcm and the one bed ground floor for £1300pcm. That's an income of £2,800 which is a gross yield of 5.6%. Pretty good for Teddington - IF you have the funds and mindset for the work!
Don't forget you could also flip the flats for a tidy profit should you wish. A 2 bed flat on Stanley road sells for around £400k and a 1 bed garden flat for £300k. That's £100k gross profit. Even if you don't sell it, you've instantly got that added value sat there either for your nest egg or, as equity you can release to re-invest into more property! I know what I'd do with it! :o)
If you're thinking of getting into buy to let but have no idea where to start then I can help you. Just drop me an email or give me a call and I'd love to have a chat.
rebecca@rebeccasmithpropertyservices.co.uk
020 8398 9333
Rebecca Smith
http://www.rebeccasmithpropertyservices.co.uk/
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