Every property brings different opportunities and challenges. We would like to share the insight of the development with you.
This was the very first investment property we have purchased. The property sat on the market for over 9 month back in 2017. The buying process took 3 months. The house was in need of refurbishment, as it hasn't been updated for over 50 years. The house is a terraced property, with a rear garden and on street parking. It is located within 10 mins walk from the town centre.
The main purpose was to update and modernise the property as well as fix a few layout issues. The property was financed with a bridging loan and we managed to re-finance after 6 months. It is now fully rented to the same tenant since we have first put it on a rental market.
Scope of refurbishment
The property was fully refurbished, including new kitchen, bathroom, floors and walls. We have slightly changed the layout, creating a bigger bathroom and we have opened two reception rooms, making the space lighter and bigger. The refurbishment included changing a flat roof that was fitted on top of an extension. We didn't have to do any works to the heating system, nor to the electrical installation. However two years in the rental and we were forced to replace the boiler! It is important to account for these unforseen accidents.
As it was our first investment property we had to learn a lot about buying process and how to work with the Solicitors, Mortgage Brokers and Estate Agents. We were also new in the area, so we didn't have any relation with builders. Luckily we managed to get a hard working builder, who was brilliant in terms of speed of delivery, but we had some issues with the finishing touches! We actually had to get our hands dirty to make sure the property has been completed to our standards.
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