Conversion of a 3 bed semi detached house into a 5 bed, 5 bath quality shared house for working professionals
Project: Vicarage
Numbers:
Purchase
Refurb & Furnish
Other costs
All in
Revaluation
£88,000
£73,000
£10,000
£171,000
£180,000
Monthly rental
Expenses incl mortgage
Monthly cashflow
Gross yield
Return on cash left in
£2,200
£1,200
£1,000
14.7%
33.3%
This property has been repossessed from the previous owner. Sadly, we don't know the exact story, as banks don't share details for that.
However, we immediately saw the potential in this property, as we already owned another one right around the corner. So, tenant demand was already confirmed!
Straight at the beginning of the refurb we discovered that there is some structural damage to the front bay window that needed some attention.
It was a first for us and on this occasion, our contingency budget, which we use for unforeseen issues, was spent on rectifying this issue.
Works carried out:
Damp proof course
Structural repair of bay window
New windows and doors
New kitchen / diner
Full electrical rewire
Full interlinked fire alarm system
Full central heating system
Plaster throughout
4 en-suites, 1 off-suite
Decoration and furniture
See us in action.
