Opportunity to purchase a HMO property in Cullompton generating £39,630 rent pa & gross yield of 9.1%
£435,000
HMO Detached House
VES-EX15-001
INITIAL INVESTMENT
£124,300
Based on
deposit: £108,750
stamp duty: £13,050
mortgage fees: £1,500
conveyancing fees: £1,000
GROSS RENT
£39,630
GROSS YIELD
9.1%
Long-term tenant
Tenants that stay for long periods feel they have a stake in the property and are more likely to treat it as though it was theirs.
Benefits include:
- Steady income
- Minimised wear and tear
- Fewer void periods
The property
TENANCY
Tenanted
TENURE
Freehold
6 bedrooms
2 bathrooms
1 reception room
1,614
Fully Furnished
Property information
- HMO licence for 6 persons
- Large shared kitchen and dining area
- Bedroom 6 comes with its own kitchen, see picture 12
- Separate large lounge
- Mezzanine level with second lounge/chill-out space, also comes with a sofa and a large corner desk
- Double-sided wood burner between the kitchen and lounge
- Downstairs WC
- Separate laundry room with extra storage space
- Garage with electricity supply
- Private driveway for 2 or 3 cars
- As the property is on the edge of the town there is limited parking available and this property is the only one with a driveway. All nearby neighbours use a local car park and are required to pay £400 per vehicle for a permit. The vendor doesn't charge his tenants for parking, but this could potentially be an option to increase income in future.
- Front garden with space for table and chairs lined with mature conifers
- The property underwent extensive renovation works, see details below
- There is potential to increase the rental income further by converting the large loft and the garage, which already has an electricity supply. All subject to the relevant approvals and planning.
- EPC rating C
Renovation works
- Double-height large kitchen extension with mezzanine floor
- The kitchen floor consists of original 200 mm+ flagstone which was newly laid
- Installation of a new central heating system and radiators
- Full electrical rewiring
- Installation of new windows
- New bathrooms
- New front door which allowed space for a separate laundry room
- Installation of fire doors and fire alarms
- The property was re-rendered in lime and also repainted in 2020
Rental information
- The tenancy agreements were renewed in July and August 2020 for another 6-months
- 2 tenants have resided at the property for almost 8 years
- The last tenant moved in 18 months ago
- Aggregate rental income pcm: £3,302.40
- Aggregate rental income pa: £39,628.88
Running costs
The vendor provided us with the following running costs of this property:
- Gas & electricity bill: £185 pcm
- Council tax: £154 pcm
- Virgin media (TV, broadband): £25 pcm
- Water bill: £52.50 pcm
- TV licence: £13.20 pcm
- Total cost pcm: £429.70
- Total cost pa: £5,156.40
Note
Please note that Vesta has not visited this property and that all material has been provided by the vendor.
Floorplans
Documents available on request, please contact for viewings or further questions.
The information relating to this property is supplied by the vendor and was the latest available information at the time of listing. Certain information may expire or become inaccurate over time.
Vesta makes no warranty as to the accuracy or completeness of the property listing or any associated information. All information should be reviewed by the purchaser and their solicitor.
About Cullompton, Devon
Cullompton is a town in the county of Devon in south west England. It lies around 13 miles north-east of Exeter on the River Culm and just under 8 miles south-east from Tiverton.
Junction 28 of the M5 motorway is a short distance from the town providing quick access to other parts in the South West as well as linking it to the Midlands. There are also two A-roads which link Cullompton to Honiton and Exeter.
The closest railway station is Tiverton Parkway, which lies around 5 miles north. The station is on the Bristol to Exeter line which is operated by Great Western Railway, whilst CrossCountry trains run between Penzance and Scotland.
Some of the local landmarks include two grade I listed buildings, The Walronds, which was built around 1605 and St Andrew’s Church, which dates to the fifteenth century. Other notable landmarks are Cullompton Manor House and Cullompton Leat.
Cullompton is perfectly placed in stunning countryside and near the Blackdown Hills Area of Outstanding Natural Beauty, offering trails for walking and cycling. Bickleigh Castle is only 5 miles outside of town and has over 900 years of history to explore and the National Trust property Killerton House is also within easy reach. The Jurassic Coast and its plethora of beaches, like nearby Sandy Bay, Seaton Beach or Lyme Bay, also offer great locations for a day out.
Cullompton has a long history of textile production, predominantly in wool and cloth manufacture, as well as leather working and paper manufacture. To date a large number of locals are commuting for work however there are still some local manufacturers including flour and paper mills.
Station Road,
Cullompton,
Devon,
England,
EX15 1AH
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