Three beds are less likely to be considered for BTL purchase by prospective landlords than smaller property because of the poorer yield. Take for example this three bed property on Marlow Gardens. Located on a cul-de-sac in South Hayes it is just over half a mile from the Hayes and Harlington station it is end of terrace and is priced at £358,000.
So the location is good for Crossrail come 2019.
It looks like there is a lot of work to do here, which was last bought before 1995, I believe. The last property on the road sold in December for £305,000. It was mid-terrace and in better condition broadly. Rent wise our three bed here would let from £1450pcm in good condition which would make for a yield of 4.8%. There is similar on the market between £1350pcm and £1650pcm
I would be negotiating on the price to get some of the work needed included in that asking price of £358,950. But the location indicates the property is a good long term opportunity. Prices have done well locally and should offer a good return over the long term.
Anything you can do to bridge that yield gap between a three bed and one or two beds flats for example? One way to get closer to that figure with a larger property would be to do work to convert the property to a professional House of Multiple Occupancy. But that is a topic for another day – but always happy to talk this over if you want to call me to chat it over!
Belvoir Uxbridge don’t sell property, we are lettings specialists, but we do guide people based on our experience as to what might make a good buy to let property investment in the Uxbridge, Hillingdon, Hayes and West Drayton area. We don’t charge for this service but we would like to manage your property or help you find great tenants.
