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| Gordon Woodward Way, Oxford |
They just keep moving forward on this development!
Internally sound throughout and in neutral effect, it is ready to go for tenants. It has fairly decent square footage for a one bed at 439sq ft and a Living room (open plan) and bedroom size.
It is going for £245,000 with Thomas Merrifield and you can expect a rent of approx £950 per calendar month for this (furnished of course). It has a 6 monthly service charge of £577.80 and an annual ground rent cost of £275. New stamp duty charges apply folks so there is a saving of £50 from the old arrangment (hey it all counts!)
Based on the rent you will see an annual return of £11,400. Your deductions stated above in addition to my estimated 'other' costs are as follows:
- General repair and maintenance (approx) - £500 - £1000
- Void period allowance - Buy to let states a 3 month allowance. Not happening on this sort of property. I wouldnt expect to cater for 3 weeks let alone months!
- Utility charges (out of tenancy) - I have calculated approximately as there is no other way and based on the anticipated time if this scenario were ever likely.
I approximate that you are looking at an annual return of £9200 and on a final note in November 2009 these 1 bedroomd apartments were going at around £188,000. Not a bad appreciation in 5 years with a double dip behind us eh?
Best regards
Richard
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