Every property brings different opportunities and challenges. We would like to share the insight of the development with you.
This terraced property was purchased in March 2019 via local Estate Agent. The buying process took around 7 months, which resulted the completion date in September 2019. Our building team managed to turn the property around within one month and the house was fully tenanted by November 2019. The house is located in Bristol, in a very close proximity to one of the biggest hospitals in the city.
This initially 3 bedroom house, was transformed into a 4 bedroom, fully furnished co-living place. The property was purchased with the intention to refurbish it to high and safe standard and rent it to 4 individuals. We secured this house at a great price, which will give us most of our money back upon refinancing.
Scope of refurbishment
The house was in a fairly good condition, in terms of heating and elecitrical installation. The kitchen was quite new, so we decided to keep it as it was, and only paint the walls and refresh the look of it. The rest of the house was plastered and painted. All the floors were replaced with new carpets. The bathroom upstairs and the toilet downstairs were completely refurbished. Every room was furnished with good quality furniture, creating a safe and pleasant environment for Tenants.
The most challenges faced with this project were at an early stage of a buying process. That was due to the solar panels, which were leased as supposed to owned. That was problematic to some mortgage lenders. Not every bank agrees to the fact that the solar panel provider had effectively a charge on the property. Luckily with a good legal team, we were able to solve the problem and proceeded with the purchase.
The refurbishment went surprisingly well, without any unforeseen, costly works and delays.
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