Purchase price: £52,000.
This property was purchased on the open market. It was owned within a company and the seller was looking to downsize their portfolio. A further discount was negotiated due to communal roof repairs issues and pointing being required. During conveyancing car parking spaces were discovered behind the property which added value.
The layout was creatively changed from a 1 to 2-bedroom flat. A building warrant was submitted.
The communal issues that directly affected our property were repaired. A full cosmetic renovation was carried out along with a full rewire, new heating system, new kitchen and shower room installed.
Exit – Refinanced on a 70% BTL mortgage
New valuation £135,000