Speed of the essence for today’s buy to let from The Edinburgh Property Blog.
The property is a one-bed flat in High Riggs in Tollcross ..... it’s a traditional Edinburgh stone tenement right in the heart of the city.
It has a lounge with a kitchen off it, a double bedroom and a shower room. It is in need of modernisation (new kitchens, possibly new shower room (there is no picture of the shower room), re-decoration and carpets) to get the most rent out of it but you could probably get away with some cosmetic work if you were prepared to accept less rent.
Looking at the numbers. The asking price for this property, which is on the market with Clyde Property, is offers over £105,000 so let’s say it goes for £125,000 as it is priced to sell. The flat should let for around £650 pcm with a bit cosmetic work (say £5,000) or £725 (with a complete refurbishment) which get you to a yield of around 6% .... not bad for a traditional stone tenement flat in the heart of the city.
A wee bit of advice – you will need to move fast if you want to get this property as the property is priced to sell and it involved modernisation which excites people as they think there is more money to be made (which is not always the case due to overspends).
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