Landlord's Guide to Letting Property in Scarborough
The Lettings market in Scarborough is currently on the smaller side, and it's worth investing now as interest in the area grows. Typically, homes possess between one and four bedrooms, with larger properties being turned into sprawling family homes or guesthouses. With that said, there are still a good number of investment opportunities in Scarborough, so the area shouldn't be overlooked, both for holiday lets, and longer term tenancies.
One bedroomed properties are available in Scarborough for as little as £55,000, and can quickly be made ready for tenancy. These homes then yield between £300pcm and £450pcm depending on their size and modernisation. This is a great place to start your lettings empire, and if you're looking for more expansive and luxurious one bedroomed homes then you can expect to spend anywhere up to £180,000 for your property. At that price, you can find period cottages that overlook the sea, or apartments set in Victorian duplexes which offer large living spaces and even higher ceilings.
Two bedroomed homes are the most common on the rental market in Scarborough, perfect for small families, or those sharing looking to make their first home in the area. These homes appear on the Scarborough property market from £75,000 and go up to £120,000 for standard properties. Period and luxury properties can cost upwards of £200,000 but the lower end properties are also perfect for the rentals. A typical yield for two bedroomed homes are £400 to £575 per calendar month.
The classical three bedroomed home in Scarborough is a sound investment, and is likely to attract families, and sharing professionals of all ages. These homes vary wildly in price depending on location, size, and modernity. From £120,000 to £200,000 you can find terraced, semi detached and detached three bedroomed homes across Scarborough. If you're looking for something with a village feel, or a sea view, there's something for you in this price range. The yield for three bedroomed homes is as varied as the investment prices, with expected yields bing anywhere between £575 and £800 each calendar month.
At present, the largest properties on the rental market in Scarborough are four bedroomed homes, properties above this size are generally purchased with the intention of turning the property into a guesthouse as opposed to homing families or sharing professionals for longer periods of time. Four bedroomed properties in the area appear on the property market from £200,000 and then usually yield at least £700pcm. The upper limit of rent for four bedroomed homes is undefined, but a detached house with generous front and rear gardens can achieve upwards of £850pcm.
Whether you're buying your first letting property, or simply expanding your empire Hunters are here to help you every step of the way. Our experienced agents are here to guide you through the process and make everything as easy as possible for you. So get in touch today and find out how we can help you get there.