RDA Estates

"experts in residential property investment"

Flat 35, 4 Grand Avenue, Hove, East Sussex, BN3 2LE

A beautiful flat situated in one of the most prestigious roads in Hove. A sound investment promising constant rental and good capital appreciation.

£ 150,000.00
Initial outlay required: £ 49,265
Category: Share of Freehold
Property Type: Studios
Status: Sold
Outline:
Located in a beautiful building in one of the most prestigious roads in Hove. The property benefits from communal heating and hot water, no update necessary and a tenant in situ.

Facilities:
Gas Fired Central Heating,Sea Views,Shower,Balcony

Location:
The building is moments away from both Hove seafront and the myriad of restaurants, coffee shops and retail outlets situated along Church Road. Within walking distance to Hove Station, the property is surrounded by public transport links and popular recreation areas.

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

Property Details:
Hallway: Tall ceilings with built in storage cupboards lining the right-hand side, leading to
Studio Room: 15’1 x 13’6 Large studio with tall ceilings, including two radiators either side of balcony door leading to good-sized balcony with beautiful views of Hove.
Kitchen: 9'5 x 5'8 Wall & base kitchen units with white roll edge work surfaces decorated with gold fittings, inset bowl sink and drainer with mixer taps, four ring hob with extractor over and oven under. Washing Machine and refrigerator, part tiled walls, built in storage cupboard and window with views over Hove.
Bathroom: Including part-tiled walls, full length bath with shower attachment, shower rail, heated towel-rail, sink, w.c and built in cupboard.
Outside: Balcony with views over Hove.
Lease: 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 £149,950  
 
Set Up Costs
Solicitors Fees        £780 incl VAT excl disbursements
Research Fee     £2,000  
 
Purchase Costs
Assumed Purchase Price £149,950  
Estimated Update            £0 incl 10% supervision fee
Stamp Duty     £1,500 commencing @ 1% over £125k
TOTAL £151,450  
 
Estimated Rental Income
Rent per week        £160  
Rent per month        £695  
Rent per year     £8,340  
 
Owner's Annual Operating Costs
Rental Agent's Fees     £1,439 @ 15% plus VAT
Ground Rent            £0 per annum
Maintenance Charge     £1,500 per annum
TOTAL     £2,228 per annum
 
Summary
Gross Rent Per Year     £8,340  
Annual Operating Costs     £3,667  
Nett Cash In Hand pa     £4,673  
Nett Cash In Hand pm        £389.45  
 
Mortgage - Assuming 70% Loan £104,965  
 
Total Cash Outlay   £49,265  

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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