Interesting three bed semi on Woodcroft Crescent, Oak Farm, Hillingdon on the market at £300,000. Three bedrooms will let well as family homes and void periods are often reduced as occupancy can be longer.
This one has both positives and negatives, mind you doesn’t everywhere! For a three bedroom in Oak Farm the property is well priced. It is in need of modernisation.
Positives are…
…the location
…the three bedrooms
…the ability to expand the property at a later date
…the drive
…the long garden
Negatives are…
…the aged presentation of the property which mean it would be harder to let (so work recommended)
…the small kitchen and third room
…and the family bathroom does not have a bath.
I like to compare with this one nearby on Lynhurst Crescent, Hillingdon, which is the north nearer the A40. It’s a terraced house at £320,000. However one difference is the property is ready to let.
In current condition I would expect to let the Woodcroft Crescent property for around £1150-1200pcm, which makes for a yield of 4.7%. In good condition I would expect to let for circa £1300pcm, as I would for the property at Lynhurst Crescent. What do you get for the difference of £20,000 between the two properties? At a difference in rent of 125pcm this makes for a yield of 7.5%. At £320,000 and rent of £1300 the Lynhurst property has a yield of 4.9%.
So I would compare the two carefully before deciding to buy.
