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‘Multi-unit freehold blocks’ that involve buying a block of flat or buying a property and converting them into apartments have earned investors up to 9.3pc in gross rental yields, in October and December of 2014. Investing in blocks of flats isn’t exactly cheap with prices starting from around £500,000 for an eight bed apartment building situated just outside of London and £4 million within London, for the exact same size. In 2011, the average price for a property was around £932,148 with a 44pc deposit.
Investors, today, can expect to pay around £475,000 creating a yield of 7pc on a converted Victorian home with eight flats in Nottingham, according to the online property portal, Rightmove. A slightly more luxury development of around 20 apartments in Canary Wharf, London, has sold for around £33 million.
There are many benefits to buying flats as investment property, such as they usually have lower entry purchase prices than houses, they also enable you to find good quality flats for two thirds of the value of house. Flats tend to have higher cash in cash returns and yields and the cost of maintaining the building is usually shared. It is the freeholder or managing agent that will usually organise the work. Furthermore, buying flats that have management companies that have gone bust can be slightly cheaper as they are usually hard to put a mortgage on. Also, the cheaper nature of buying flats makes it easier to buy a large number of flats to build up your portfolio. By investing in flats you are also able to spread your risk wider, enabling you to decrease the impact of one of your properties being unoccupied.
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