Every property brings different opportunities and challenges. We would like to share the insight of the development with you.
Project
This project was done with collaboration of a Landlord that we work with on a Company Let basis. The property is located in within close proximity to our other properties, which makes it easy to manage and maintain. The house layout is perfect for our strategy.
Strategy
It is a company let strategy. Each room is rented to an individual tenant. There are 4 bedrooms in total - 3 double and 1 single. With this project we decided to exclude the bills from the rent, due to soaring energy prices. The idea was to let the rooms at a lower price, but the Tenants cover the bills. So far that works very well.
Scope of refurbishment
The property was in need of full refurbishment. The house was plastered and painted throughout. We installed new kitchen, bathroom, toilet, carpets and floors. The property was also fully rewired and new water pipes were laid down. The house also now benefits from a new driveway, which completely changed the outside look.
Challenges
1. The refurbishment took more than 6 months, due to lack of availability of our builder
2. Driveway company has completely cut the internet cable, which was not able to be retreived. New cables had to be installed, which needed permision from the council
3. The project was overally very time consuming, making sure the tradesmen show up and push the refurbisgment forward
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