Auction Properties , we’ve discussed them before and we noted that another auction is coming up soon with this interesting property. On the market with Auction House at a reasonable price of £140,000 ( note this is the low guide price) and as you know with auctions they could go up and up!!!
This property as stated is an interesting one, as from the outside it looks like someones garage, not all that!! But on scratching beneath the surface one can see that this has been refurbished to a high standard. However not only would you have to deal with the Auction red tape , a word of caution . Make sure the agent selling has done their home work. As looking at this as a buy to let investment, I would consider their estimate of rental income of £9600 per annum of a little over inflated as that would be £800 per calendar month for a two bedroom property. A more realistic figure would be £650 per calendar month. At the low end this still offers a return of 5.5% BUT again note this is if you got it for £140K
As you can see there are pro’s and con’s and as I keep saying it pays to do some homework or ask someone who can do that for you : like me!!!