It is amazing what you can achieve when you put your mind to it. Can you imagine transforming a two bedroom house, in need of some serious refurbishment, in just a few days and have tenants queuing to rent it?
Well that is what we did with a property that we purchased in Falcon Way, Ashford. The purchase transaction was completed on the 1st May 2015 and we paid £145,000 for the property. It was in serious need of some TLC.
The refurbishment work started in earnest on the 4th May 2015. We had planned for a new kitchen, bathroom, new carpets, tiling and full redecoration. We installed a new fuse board, and compliance certificates were obtained from qualified Electricians and Gas Engineers for the works we carried out.
The whole refurbishment cost £9,500 and believe it or not we got it all ready for a tenant to move in on 29th May 2015. That is only 28 days after purchasing the property! The tenant is still renting the property over a year later and loves it.
All the before and after pictures of this refurbishment can been seen in a PDF that you can download here.
So at the end of this refurbishment how did we do?
Current Value – £195,000
Purchase price – £145,000
Equity alone ROI – 59%
Equity and Rental Profit ROI – 68%
A very satisfactory project! The video below shows what we had to do and the transformation that was made.
Here are some of the before and after pictures that we took of the refurbishment project: