Hello my Medway Property News blog readers. It’s been a very busy week for me sorting out new offices and preparing for the launch of the Medway Property Vault on September 27th. I will be hosting that at the Innovation Centre Medway and I hope to see you there!
Entering the Medway property market today is this pub for sale in Chatham, recently sold subject to contract in May but due to unknown circumstances has reappeared on the market, and is offered at £250,000.
Providing you can get the proper planning permission, this property has an abundance of space that could be put to good use, either as a 7-11 bed house of multiple occupation (HMO) or to be split into flats. You could expect between £380-450 per calendar month per room and therefore between £2660 – £4950 monthly rental income. Make sure you account for void periods, which I find in this area is normally around 2 weeks per room per year.
The only downsides are lack of parking and its situation on Chatham Hill, which is a noisy and busy road. However, if renovated and furnished to a good standard, this could be popular with healthcare professionals at Medway Hospital or it could work as a corporate let. Feel free to let me know if you need more advice on this route.
Depending on your aims there may be a lot of work that needs doing, which will govern overall costs and ultimately how good a buy-to-let deal this is. If you get it at the right price and renovate at a reasonable cost, the high monthly income could generate you a very good yield.
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