This ground floor flat was part of a multiple-dwelling freehold unit we bought in January 2020. The deposit for this property was funded by investor finance.
The previous owner had been running this four-bedroom flat as student accommodation for 14 years. The property had been neglected for many years and faded magnolia walls were the least of the problems we had to tackle when renovating this property. Our team had to sort out the issues with dangerous electrics, rotten joists, no hard-wired fire alarms, damp and leaking bathrooms before we could even think of the colour scheme and interior design.
We stripped the place back to brick, cleared cavity walls, moved radiators to under the windows on the outside walls, and started from a blank canvas. We’ve added a few en-suites to satisfy the high demand for rooms with private bathrooms in our area and to increase property value.
To save on renovation costs, we carried out a lot of the works ourselves and we are very pleased with how it turned out.
Purchase Price £400,000
Renovation works £36,000
Legals and Misc £2,000
End value £540,000
Equity Created £105,000
These numbers are representative of the whole project ( Ground Floor and First Floor Flat)