All the snagging has been done
After working through the heat of beautiful Yorkshire summer, the team have turned a rundown, trashed property into a lovely family home. This was a comprehensive refurb and took a bit longer than we wanted it to (my fault, I added a few things into the brief), but I am really happy with how it turned out. The transformation from what we started with (click here to see some before pictures) was fantastic and I think that our new tenants will be delighted setting up home here.
The property is close to Leeds city centre, and will attract a working family looking for somewhere nice to live. I work closely with a local letting agent and have kept them up to speed on the refurb so they already have someone lined up to take this as soon as their tenancy agreement expires on the house they are living in at the moment.
Buy to let is a fantastic way to get a good return on your money, and I am still convinced that the right single let property will add value to any property portfolio despite the negative press in some main stream media and the attack on the private rental sector by the government.
With this project, the plan was always to add value and to refinance it once the refurbishment was complete so that I got a big chunk of cash back to invest in the next project. The headline numbers were as follows:
Purchase price £67,000. Refurb £25,000. Total cash spent on the project £54k. Re-mortgage £102k. Cash returned £35k. Cash left in the deal £19k. Rent £600pcm. Monthly profit £302. Annual ROI on cash invested 19%.
29th September 2018