Key pick up day
Yesterday we completed on our latest buy to let project in Leeds and I’ve just been to the estate agent’s office to pick the keys up so that the team can start the strip out.
This property is a Victorian 2 bed, red-brick through terraced house and is similar to many properties in Leeds. Our plan is to add a rear dormer using permitted development rights and then to split the large top bedroom into two so making it a 3 bed house.
Other works will include replacing the bathroom and kitchen, stripping all walls and re-plastering where necessary and then completing a full re-decoration. We will also make sure that we build in appropriate fire prevention and detection systems (hard wired smoke detection, CO detection, heat detectors, fire doors, bottom opening escape windows and so on) and we will replace anything that needs replacing (gutters, down pipes, front and rear doors and so on). Finally we will make sure that we have the appropriate electricity and gas certs too.
With any buy to let project it is really important to know the area, the rent that the property will achieve and the market. We have several houses within a 1/2 mile radius of this one so we know that there is a strong demand for this type of property and that it will rent out for £600 to £650 per month.
We always look to buy well and add value to any project we do. In this case, the property had been trashed by it’s previous tenants so it was in need of refurbishment. This, along with adding an extra bedroom, means that the value of the house will be quite a bit higher once we’ve finished the work so it is then possible to refinance onto a standard buy to let mortgage and hopefully re-coup a good chunk of our original investment at some stage in the future.
If you’d like to know more about this property, or property investment in general, then click here and we’d be delighted to have a chat.
25th May 2018