Deal completed - update on refurbishment project
I had purchased two properties to refurbish last year, one to hold and let and the other to sell on to an end user (be it owner occupier or buy to let investor looking for an easy purchase). I had some of my avid readers ask me for an update, which I happily provided and I thought I'd post the updates here as well for you to see. I'll post more over the course of the next few days, but I thought I'd show you a little video to show the before and after for the three bedroom apartment which I planned on holding:
This particular property was slightly out of my normal patch of Clapham, but as you know you sometimes need to trek a little bit further in order to get what you want. This particular project was a straightforward refurbishment of an otherwise solid apartment in Camberwell. The property had been neglected over the years so the programme of works included:
- New bathroom
- New kitchen
- New flooring throughout
- Redecoration throughout
- New front door
- New boiler & heating system
The project was completed within 2 months and allowed me to let out the property and to refinance, recouping half of the investment and hold the property for my long term hold and rent portfolio.
The initial outlay (including deposits, legal fees and refurbishment costs) was £110,000 and the investor was able to refinance £55,000 back out of the property due to the increase in value as well as retain a healthy cash flow of around £1000pcm. A healthy cash flow, and now on to the next one. I will be posting a further update on my other (auction) purchase in due course and will reveal more about my investing plans for 2017, focusing heavily on cash flowing properties and maximising the returns.
If you are interested in learning more about property investment then do get in touch. Don't know where to start? Come and have an evening of socialising with other investors, listening and learning from those that have made mistakes so you don't have to. Click here to join the Clapham Property Meet, a social meeting group for landlords, investors, old and new. You can start investing in property with little to no money if you have time to spend. For those that are time poor - I can walk you through the various options and do the leg work for you. Start the conversation by email on email@example.com.