Every property brings different opportunities and challenges. We would like to share the insight of the development with you.
Project
Purchased on auction, this 3 bedroom semi-detached house was a great addition to our portfolio. The property was in need of full refurbishment, which has roughly taken 5 months. The property is located in Bristol, within a short commutable distance to the City Center.
Strategy
The property has been turned into a 4 bedroom house and each room is now be rented to individual tenants. The main strategy is BRRR (Buy-Refurbish-Rent-Refinance). The house generates a healthy cashflow. The property is also in an area that will benefit from strong capital appreciation.
Scope of refurbishment
The property was in need of full refurbishment, including new heating system and full rewire, in order to comply with current heating and electrical regulations. The house benefits from an open plan new kitchen/diner, new floors, plastered and freshly painted walls, new bathroom and four good size bedrooms. The renovation included removing an internal wall and installing a structural beam to provide the necessary support.
Challenges
As every refurbishment, this project brought some challenges:
1. Delays - the 3rd lockdown that we have experiended brought significant delays with the steel work delivery and kitchen design
2. We have applied for a grant to have a new heating system installed - we received a decision after 4 months, and it was rejected!
3. As we have plastered the rooms, we noticed there was leak from a roof above a bay window which needed to be fixed.
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