The new year is going well for Medway property as research from Halifax show that Chatham house prices have risen 17% in 2016, with the average price standing at £237,545, surging way past the national average increase of 7.5%. This is great news for Medway property and backs up the fact that the area is a good place to invest.
Entering the Medway property market just 48 hours ago is this four-bedroom terraced property on Marlborough Rd in Gillingham. It is offered at a guide price of £170,000.
On the plus side, the property is quite close to the station and with four bedrooms plus two reception rooms, it offers the possibility that it could be turned into a five or six bedroom HMO (House of Multiple Occupation). After calling the advertising agents to enquire into the reason for the cash sale, I was told it was in such a bad state that it was unmortgageable. There is a bad leak and an ongoing safety issue with the wall.
However, for an investor looking to get their hands dirty, a five-bedroom HMO could offer between £2,000-£2,500 in gross monthly rental income, with a six-bedroom bringing even more money in. Without knowing refurbishment spend costs though, it will be hard to know for sure if it’s a good investment and you will need access to plenty of cash or investors.
So feel free to have a look and let me know how you get on. You can call me on 07944 726676 or email me at firstname.lastname@example.org.
Wishing you all a prosperous 2017