RDA Estates

"experts in residential property investment"

Flat 3, 16 Sackville Gardens, Hove, East Sussex, BN3 4GH

A bright, spacious top floor, west-facing two bedroom flat, situated moments away from Hove seafront and a Share of the Freehold. An ideal rental property.

£ 250,000.00
Initial outlay required: £ 86,780.00
Category: Share of Freehold
Property Type: Two bedrooms or more
Beds: 2
Baths: 1.00
Status: Sold
Outline:
A bright and spacious two bedroom flat, located moments away from Hove seafront. The flat benefits from a Westerly aspect in both the lounge and master bedroom, gas fired central heating and a share of the freehold.

Facilities:
Gas Fired Central Heating,Sea Views,Shower

Location:
Less than a minute away from Hove seafront, and under five minutes walk to the shops, cafes, restaurants and transport links that populate Church Road and George Street, ensuring a constant supply of potential tenants.

Nearby:
Shopping Area,Coffee Shop,Beach,Park,Restaurants

Property Details:
Entrance: Approach via steps from street to communal front door and communal entrance hall with stairs rising to top floor and private front door.
Hallway: Built in storage cupboard with plumbed space for a washing machine, additional built in storage cupboard with shelving and a further built in storage cupboard above, recessed spotlights, wall mounted radiator and wall mounted telephone entry system.
Lounge: Beautiful, bright and spacious lounge with a recessed kitchen. The lounge has high ceilings and two west-facing sash windows overlooking the rear of the property. An ornate wooden fireplace is situated at the south side of the room, surrounded with a wooden mantle.
Kitchen: Fully fitted recessed kitchen with a range of contemporary high gloss units, comprising eye-level wall and base units with drawer units and roll top work surfaces over, additional breakfast bar with borrowed light windows above, recessed spotlights and a cupboard housing the gas fired boiler. Included is an integrated fridge and freezer, integrated four ring gas hob with stainless steel electric oven below and stainless steel extractor fan canopy above.
Bedroom: Two stairs down to the main area with recessed spotlights, west-facing sash window overlooking the rear of the property, wall mounted radiator, shelving with low-level cupboard below housing fuse box and electric meter.
Bedroom 1: West facing sash window overlooking the rear of the property, wall mounted shelving, recessed spotlights and a wall mounted radiator.
Bathroom: Fitted with white suite comprising panelled bath with hot and cold taps and centralised stainless steel shower unit over with additional hand held shower attachment, low level WC, pedestal hand wash basin with hot and cold taps, part tiled walls, wall mounted stainless steel towel rail, wall mounted stainless steel ladder style towel radiator and north facing obscured glass sash window overlooking the side of the property.


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 £250,000  
Set Up Costs
Solicitors Fees £780 incl VAT excl disbursements
Research Fee £2,000  
 
Purchase Costs
Assumed Purchase Price £250,000  
Estimated Update £6,500  incl 10% Supervision
Stamp Duty £2,500  
TOTAL £259,000  
 
Estimated Rental Income
Rent per week

£219

 
Rent per month £950  
Rent per year £11,400  
 
Owner's Annual Operating Costs
Rental Agent's Fees £1,966 @ 15% plus VAT
Ground Rent £0 per annum
Maintenance Charge £480 per annum
TOTAL £2,446 per annum
 
Summary
Gross Rent Per Year £11,400  
Annual Operating Costs £2,446  
Nett Cash In Hand pa £8,953  
Nett Cash In Hand pm £746  
 
Mortgage - Assuming 70% Loan £175,000  
 
Total Cash Outlay £86,780  

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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