Every property brings different opportunities and challenges. We would like to share the insight of the development with you.
Purchased on auction, this 3 bedroom semi-detached house will be a great addition to our portfolio. The property is in need of full refurbishment, which will roughly take from 3 to 5 months. The property is located in Bristol, within a short commutable distance to the City Center.
The property will be turned into a 4 bedroom house and each room will be rented to individual tenants. The main strategy is BRRR (Buy-Refurbish-Rent-Refinance). The house will generate a healthy cashflow. The property is also in an area that will benefit from strong capital appreciation.
Scope of refurbishment
The property is in need of full refurbishment, including new heating system and full rewire, in order to comply with current heating and electrical regulations. The house will benefit from an open plan new kitchen/diner, new floors, plastered and freshly painted walls, new bathroom and four good size bedrooms. The renovation includes removing an internal wall and installing a structural beam to provide the necessary support.
As every refurbishment, this project brings some challenges:
1. Delays - as we are in the 3rd lockdown we are experiencing significant delays with the steel work delivery and kitchen design
2. We have applied for a grant to have a new heating system installed - no decision received yet, despite being 4 months in the process!
3. As we have plastered the rooms, we noticed there is leak from a roof above a bay window which needs to be fixed!
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