Buying something above a commercial premises isn’t many peoples idea of a good deal. You may find that certain mortgage lenders will not give finance, a higher deposit might be required, and the interest rate offered is not likely to be quite so good.
There are negatives. However the big positive is that property above commercial premises are often much better value for money as is this instance in this 3 bed maisonette in Morecambe.
So how to make sure the positives outweigh the negatives?
Our advice is to avoid anything over a pub, a takeaway, a restaurant, an off license etc. They all offer unsociable opening hours and can attract anti social behaviour. Plus if cooking is involved, the risk of fire is greater higher, hence mortgage companies often avoid lending on them.
So now for todays deal. At just £35,000 this 3 bed maisonette on Yorkshire Street is cheap. Rent is out just £400 pcm and you’ll see a whopping return of over 13% gross. And that is an impressive figure!
Here are the details.