On my daily jaunt through Zoopla, yet again we find another little gem in Croydon. They are just everywhere when you know how to look for them!
These properties always tick all the boxes and can be rented out all day long with tenants who are always on the lookout for properties in the Croydon area. This one has just been listed with Letting Land (Croydon), with a price of £250K. Now its important to note that whenever you see a property listed at £250K you can GUARANTEE they will take a lesser offer. Your strongest bargaining chip – STAMP DUTY threshold comes in at £250K and you DON’T WANT TO PAY THIS.
You should always put in low offers on your properties anyway (you make money on investments when you BUY the asset), but the maximum you can pay for this is £249,999 (yes that’s £1 discount), and more likely £245,000 on a bad day.
This property will need a bit of refurb, which will also help with your bargaining on the price. In it’s current condition, it will rent for around £1280pm, but bring it up to scratch (looks like £2000-£4000 worth of work – basing in on the pictures) and it will rent for £1350pm easily.
That will give you 6.48% Yield at the asking price (remember you WILL get it cheaper) of £250K
Now we all know that’s better than storing your money in the bank!