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£240,000 Offers over
Bedrooms
Bathrooms
Nestled in the highly sought-after area of Rushey Mead, Leicester, lies this rare opportunity to purchase a three-bedroom detached house on Melton Road. Offered for sale at offers over 240,000, this diamond in the rough is in urgent need of renovation and upgrading. This property offers a wealth of potential for the right buyer willing to tastefully transform this into a dream home whether to reside or invest. The freehold status of the property provides an added advantage to the purchaser.
On the ground floor, this humble home features two convivial reception rooms, providing ample space for socialising and at-home relaxation. Alongside this, there is an extended kitchen, providing optimal space for culinary ventures and family meal times. Both areas are in need of modernisation, offering the perfect opportunity for express your keen eye for design and personal taste in its decor.
Ascending to the first floor, you will find three good-sized bedrooms that are ready to be revitalised. Accompanying these, there is a family bathroom awaiting a fresh lease of life. This well-proportioned living space offers immense potential to create a blissful sanctuary suited to your preferred style of living.
Externally, the property benefits from a garage and off-street parking, granting ample space for secure vehicle storage. The freehold status of the property offers an additional level of security and peace of mind, while its positionality within Council Tax Band C is an added financial benefit.
From an energy perspective, the property holds an EPC rating of 64D, illustrating that with some improvements, a new owner could greatly enhance its energy efficiency.
Positioned within a popular residential area, the house is well-connected to local amenities and services. An internal viewing is highly recommended to fully appreciate the potential and space this property has to offer. With an ideal combination of location and potential, this house could truly become a beautiful family home in the hands of the right buyer. Dont miss out on this valuable chance to make your mark on this intriguing property.
Your property may be repossessed if you do not keep up repayments on your mortgage.
Monthly Payment: £ 8,216.87
Monthly Payment: £ 8,216.87
Monthly Payment: £ 8,216.87
Amortization For Monthly Payment: £8,216.87 over 30 years ( Based on 3.20% Interest )
Using your investment as a 25.00% deposit and £ 5,833 in costs for purchasing and getting ready to let.
Stamp Duty is a tax paid on completion via your solicitor, the calculation includes the 3% surcharge for second homes.
Your home may be repossessed if you do not keep up repayments on your mortgage.
The refurbishment budget is set to 2.50% of the purchase price, but this will vary dependent on the suitability of the property for the rental market. Select a value that you feel is appropriate to the condition of the property.
This will vary between lenders, type of report and whether or not you are buying with a mortgage, for advice on which type of survey would be appropriate speak with an advisor from Preston Baker Financial Services.
Lenders will often charge a fees for the arrangement of a mortgage, for advice on what lenders may charge, speak with an advisor from Preston Baker Financial Services. Your home may be repossessed if you do not keep up repayments on your mortgage.
This is the sum of mortgage admin, land registry, search, bank transfer and any other fees incurred.
Purchase costs include assumed mortgage and survey costs which are estimated. For a quote contact a Preston Baker Financial Services mortgage advisor who can provide you with current and accurate information. The stamp duty calculation has applid the 3% stamp duty surcharge on the basis that this will be a second property.
The mortgage is assumed to be interest only. Your home may be repossessed if you do not keep up repayments on your mortgage.
This is the percentage of the rent that you will spend maintaining the property.
Ground Rent only applies to leasehold properties. This is an assumed ground rent, the confirmed figure can be found in the Property Information Questionnaire.
Service charge only applies to leasehold properties. The correct figure can found in the Property Information Questionnaire answered by the seller.
This is a standard, indicative figure only. Properties that have a service charge often have this included withing that charge. Please consult the Property Information Questionnaire for more information.
Final Equity Profit = Final Property Value - Mortgage Required - Investment
Cumulative Rental Profit = Annual rental profit x Time of Investment
This is the assumed rate of house price inflation.
This is the property value at the end of the investment based on an assumed rate of % house price inflation.
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