Every property brings different opportunities and challenges. We would like to share the insight of the development with you.
Project
This 3 bedroom end of terraced house was purchased in the summer 2021, when the property market was booming. It took us a long time to secure another project at a good price, but we finally found the right property. It is conveniently located for a small commute to the City Centre and not far from Bristol main employers and hospitals. The whole property has been rented to the NHS Trust.
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 BRR (Buy-Refurbish-Rent) and in the future we will also be in a position to refinance the property. It was a great project with a lot of potential to add value to. We are very pleased with this addition to our portfolio.
Scope of refurbishment
The property was in need of full refurbishment, as it has not been updated since 1960'. The house was completely redecorated. We have opened up the kitchen, creating more space, fitted new bathroom units, adding an en-suite to one of the rooms. The whole property was plastered and painted. New carpets and vinyl floor were fitted. We also had to do a partial rewire to comply with the electrical installation requirements.
Challenges
The only challenge we faced was the rising material prices. The costs increased significantly since our last project and we have not budgeted for that. This refurbishment costed us more money material wise, than any other project done in the past.
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