RDA Estates

"experts in residential property investment"

85 Goldstone Villas, Hove, East Sussex, BN3 3RW

A good sized one double bedroom, 2nd floor (top) converted flat, located moments from Hove station. The property has a very good sized loft space for possible conversion subject to planning permission.

£ 174,000.00
Initial outlay required: £ 57,015.00
Category: Share of Freehold
Property Type: One Bedroom
Beds: 1
Baths: 1.00
Status: Sold
Outline:
A top floor converted flat with an outstandingly large loft space that could be converted to make several extra rooms. It is a modern, recently refurbished property.

Facilities:
Gas Fired Central Heating,Shower

Location:
Situated two minutes away from Hove station on the second floor of a converted flat on Goldstone Villas, this flat is in a great location for any commuters who need access to trains or buses. With it only being a short trip to the city centre with good shopping and restaurants a short 5 minute walk down the road, this property is ideal for rental. VIEW MAP STREET VIEW

Nearby:
Shopping Area,Train Station,Coffee Shop,Beach,Park,Restaurants,Sussex County Cricket Ground

Property Details:
Entrance: Stairs leading up to the landing area which opens up to each room in the apartment, also with some storage units integrated into the wall.
Lounge: 14' x 13'9 A spacious west facing room with sash windows, a chimney breast with integrated shelving either side in the recesses of the room.
Kitchen: 9'2 x 6'2 A white modern kitchen comprising a range of wall, base and drawer units with back roll edged work surfaces over. Inset 4 ring hob with oven under and cooker hood over, inset stainless steel sink and space for appliances, with sash windows and coved ceiling.
Bedroom: 12'3 x 8'8 East facing, double bedroom with built in cupboards, sash windows, coved ceiling and spotlights.
Bathroom: A modern white bathroom with a panelled bath with shower over, lower level close coupled w.c pedestal basin, tiled walls and heated towel rail.
Lease: 990 years remaining with Share of Freehold


A Financial Forecast highlighting costs and projected income is included for each property. This data enables clients to make informed decisions before proceeding with a purchase. Please see below for Financial Forecast Guide.

Asking Price £174,950  
 
Set Up Costs
Solicitors Fees £780 incl VAT excl disbursements
Research Fee £2,000  
 
Purchase Costs
Assumed Purchase Price £174,950  
Estimated Update nil no update required
Stamp Duty £1,750 commencing @ 1% over £125k
TOTAL £176,700  
 
Estimated Rental Income
Rent per week £181  
Rent per month £785  
Rent per year £9,420  
 
Owner's Annual Operating Costs
Rental Agent's Fees £1,625 @ 15% plus VAT
Ground Rent nil per annum
Maintenance Charge £1200 per annum
TOTAL £2,825 per annum
 
Summary
Gross Rent Per Year £9,480  
Annual Operating Costs £2,825  
Nett Cash In Hand pa £6,595  
Nett Cash In Hand pm £550  
 
Mortgage - Assuming 70% Loan £122,465  
 
Total Cash Outlay £57,015  

ASKING PRICE
The price of the property as advertised.

SET UP COSTS
These are costs associated with the purchase of the property.

The Solicitors Fees are the costs for undertaking the legal work. This fee does not include the disbursements. The RDA Research Fee of £2,000 covers our expenses in relation to sourcing and identifying the property as an ideal investment in terms of asset growth and rental potential. It also includes our assistance with the purchase process. RDA monitors and progress chases property purchases and assists with all/any matters arising on behalf of our clients.

The fee is payable in two parts. £1,000 is due upon a client’s decision to purchase. This initial payment is not refundable but can be carried forward to an alternative purchase should the sale fall through. The balance of £1,000 is payable upon exchange of contracts of sale. When a mortgage is required the cost of the lender's arrangement fee and survey also need to be factored in.

PURCHASE COSTS
These are the direct costs of purchasing the property. Assumed Purchase Price is the price which RDA anticipates being able to negotiate on behalf of the client. Estimated Update is based on RDA's recommendations for refurbishment. Stamp Duty Land Tax is the tax payable to the UK Government when you buy property.

OWNER'S ANNUAL OPERATING COSTS
Rental Agent's Fees are deducted monthly by the rental agent. Ground Rent is an annual fee charged by the Freeholder of a Leasehold property.

Maintenance Charges are a share of the costs of the maintenance of the building and the building insurance but do not include occasional internal maintenance costs.

SUMMARY
An overview of the annual income and expenditure.

TOTAL CASH OUTLAY
Calculated as 30% of the Assumed Purchase Price plus Estimated Update, Stamp Duty and Set Up Costs.

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