We are going big in the Penicuik Property Blog today –
big house with big returns.
I spotted this one and thought that it would be an
interesting buy for somebody. Also, it
allows me to explain a quirk in the Penicuik property market at the moment.
Firstly to the property.
It is a large, 4 bedroomed, semi-detached house at 19 Cruachan Court
which is between Tescos and the River Esk.
The house has a good sized lounge, an expansive fully fitted dining
kitchen, 4 spacious bedrooms and a fully tiled bathroom with electric shower
over the bath. The decor is to a high
standard – the property is in walk in condition.
The property is being marketed by our friends at Allan
McDougall for offers in the region of £140,000.
Further details of the property can be found here http://www.rightmove.co.uk/property-for-sale/property-53098025.html
Now to the quirk.
The 4 bed housing benefit rate in Penicuik is £1,200 and so this
property could be rented out to housing benefit tenants for £1,200. However, if you do not want housing benefit
tenants, then I could see you getting only £1,000, possible £1,050 rent for the
property. Either way, based on a price
of £140,000, this equates to a healthy yield of between 8.6% and 10.3% so well
worth considering. Which sort of tenant you take come down to your risk profile.
As I have mentioned before, a couple of things to
remember about 4 + bed properties.
Firstly the wear and tear on a property generally increases with the
number of people living in a property so be prepared for extra wear and tear on
a rental property of this size. Also,
the number of people looking for 4 + bed properties is less than for, say, 1-2
bed properties so it may take a bit longer to rent out a property of this size.
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