We purchased property number 11 in June 2022 for £45,000 in cash from the open market. The home report value was £55,000.

The first, and attic floor, two-bed maisonette was in a poor condition at point of sale and had been empty for some time, there was no heating, and the property overall was quite dated.

The work on the property wasn’t started until November 2022, we stripped it right back to the brick throughout and this is where the problems exposed themselves. The flat, ultimately, needed a full renovation. We stripped back to the brick, re-wired, added new insulation, plasterboard, plastered, painted, and added joinery work with new doors and windows throughout. We introduced a new gas central heating system including a new gas connection along with a new bathroom and kitchen.

Keeping things interesting, when we pulled back to the brickwork, we noticed that water was running down the inside of the roof from multiple locations. A new roof was desperately needed and came at a cost of £16,000.

This flat is still under-development, we are hopeful of a valuation of around £95,000 which will mean we leave £16,000 in the deal. We do have a tenant lined up for July 2023, if all goes to plan with the restoration.