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.
| 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. |
| Gas Fired Central Heating,Sea Views,Shower,Balcony |
| 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. |
| Shopping Area,Train Station,Coffee Shop,Beach,Park,Restaurants,Sussex County Cricket Ground |
| 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 professional electrical survey may reveal work not covered by the update. It is recommended that an electrical survey is carried in addition to the valuation survey at a cost of GBP 180.00 (inclusive of VAT) |
| These details are produced in good faith but are set out as a guide only and do not constitute any form of contract nor any statement contained therein to be representation or warranty. Any intended purchasers must satisfy themselves by inspection or under advice of their solicitor particularly in context of any approved plans for other on site or nearby development. |
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.
