Friday, 13 January 2017

Newly refurbished house in Burley/Kirkstall with nearly 10% return

This beautifully done out property on Eden Crescent on the Burley/Kirkstall border has been finished to a very high standard. This location is of particular interest to the young professional market with it's great transport links to Leeds City Centre. It's also great for access to the surrounding areas and all the great local amenities. 

The ad mentions it could be rented out as a 4 or a 5 bed which means it could be rented out to a group of young professionals or as is ever popular as a house share. If you were to go down the route of renting it to 5 tenants you would need to fit another bathroom or at least another toilet to meet the required standards and also check if the property already has a HMO licence so that's definitely something to think about. Alternatively you could easily rent it out to 4 people.

With a house of this standard you could likely achieve around £85pppw. If you were to get the house for around £220,000 and kept the property as it is and thus rented it to 4 people you'd be looking at a healthy return of 8%. If, however, you wanted to go down the route of renting it to 5 people you could easily create a Jack-and-Jill bathroom on the first floor using the 2 larger bedrooms. This would likely cost around £3,000 which is turn would give a healthier return of almost 10%. 

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