House For Sale £70,000
This is an investment opportunity to purchase a property in Easington Lane generating £4,800 rent pa & gross yield of 6.9%.
Property information
Rental information
Refurbishment information
The refurbishment works in 2019 included:
Required works
Location information
Note
Please note that Vesta has not visited this property and that all material has been provided by the vendor.
Property information
- Spread over 2 floors
- Separate lounge and dining room
- Rear garden, accessed via the rear lobby, running the length of the extension and is paved
- Small and gated front garden
- The property was extended at the back and houses the kitchen, small entrance and downstairs WC
- The property underwent extensive refurbishment in 2018, see below for details
- EPC rating D
- Periodic tenancy, achieving £400 pcm
Rental information
- The current rent is £400 pcm and the vendor believes that this can be increased to £425 - £435 pcm
- The tenants are aware that a rent increase in future is likely.
- The vendor informs us that the tenants have always paid on time and that the 6-monthly inspections always report that the property is being kept in good order, clean and tidy.
- The tenants wish to remain at the property for the foreseeable furture.
Refurbishment information
The refurbishment works in 2019 included:
- New damp course, plastering, skimming and decorating throughout
- New kitchen, boiler and bathroom suite
- New double glazed kitchen window
- New downstairs toilet and sink
- New doors (internal and external)
- Re-gassed double-glazed windows
- New carpets and decoration throughout
- Repointing, repair and repainting external facades and courtyard brick wall
- Front garden looking out to the allotment landscaped and new gate installed
- New back yard gate
Required works
- This winter the extension roof has suffered some damage after heavy storms and investigations revealed that the roof pitch had been incorrectly calculated when laid. As a result, the roof needs to revert back to a new flat roof and some protection to the external walls of the extension (weathershield coating) is requried.
- Several quotes have been obtained with an estimated cost for the roof and wall repairs of £2,500 and £500 respectively but due to workload and Covid restrictions at the time, the work could not be carried out. This needs to be done sooner rather than later.
- Some cosmetic work will also be required in the kitchen, entrance and downstairs toilet post winter leaks. The cost of the cosmetic work will be in addition to the above.
- The vendor is happy to offer a £5,000 price reduction of the asking price in order to cover the cost of the repairs.
- Please note that photos 12 -16 show the extension roof and the damage that was caused.
Location information
- The property is located close to all local amenities and major road links
- Hetton-le-Hole and Houghton-le-Spring are a short commute away
Note
Please note that Vesta has not visited this property and that all material has been provided by the vendor.
