I have been asked to sell this.... SEE PHOTO's BELOW
2 Bedroomed Mid Terrace (Ex L.A.) house in Shidon, County Durham on behalf of the current owner. £16k immediate equity and £230 pcm Cash Flow Positive...
I have had an E.Surv RICS valuation carried out which values the property at £60.000 with Rental income at £375 pcm. (This will be supplied to the buyer). Deal with vendor is that buyer will pay both sides of the legal fees and agrees to use 'nominated' solicitors if required.
All windows are modern uPVC D/G. Cavity Wall insulation has been installed. Gas Central Heating. Re-Wired 10 years ago. New kitchen has just been fitted and is un-used. Laminate floor to Entrance hall and Lounge (Large through room with windows Front and Rear). 2x Large Double Bedrooms and many nearby houses of same design have converted very large bed 1 (which already has 2 windows) to TWO ROOMS making a 3 bed property.
Loft is well insulated, with access hatch on landing. Bathroom is dated and would benefit from early replacement (this is reflected in the valuation which will improve as a result,as will rental income....).
Popular residential area with local shops approx 100 metres away. (grocery store, fish & Chip shop, hairdresser and more). Shildon Railway station is only half a mile away which commutes to all surrounding Towns, Cities and beyond (including Nearby City of Durham with Hospitals, University etc.)
Some re-decoration is required as vendor has stripped Lounge and Kitchen walls ready to paint. Kitchen requires floor covering (Vinyl etc). (see photo's). Bedrooms could use a 'Refresh'. Rear garden has been cleared of weeds and covered with black plastic sheeting to prevent re-growth so needs finishing...
I can obtain local quotes for Bathroom, Decoration etc for confirmed buyer, if required.
Finances:
RICS Valuation: £60.000
Buy For £44.000 (26% Below RICS).
Equity £16.000
80% LTV Mortgage £48,000. approx. £230 pcm (Our broker will find the best deal to suit You).
Rent: £375. (£400 -£425 pcm when decorated and new bathroom installed).
If you have your own deposit funds, Great.
if not, A 'Structured Finance Deal is available: Vendors solicitor's charge £550 +VAT + disbursements. Purchase solicitors charge £595 + VAT + disbursements. Finance fee is flat £1495 per deal.
Purchase price is only £44,000 so there's already £4,000 in the deal towards your costs... (assuming you qualify for an 80% LTV mortgage).
TOTAL purchase costs approx £3,000 which should provide a CASH BACH on completion of approx. £1,000.....
I've have had a quote for the Bathroom:
£850 to supply and fit new white suite, no shower, tile 3 tiles high around bath and basin, decorate walls and supply floor covering.
OR, £975 to include shower mixer tap, wall mounted shower riser, bath walls fully tiled to ceiling and shower rail & curtain.
ALSO, vendor has agreed to decorate Lounge, kitchen walls and a few other bits, as soon a a buyer is found. This makes the property pretty much ready to rent. ( I can arrange for a quote for kitchen flooring if required...)
Whichever way you finance it, this one is a bit of a no-brainer really.
PLEASE SELECT from the two purchase options in the Drop Down Box... Both options will receive the RICS valuation by email upon initial payment.
