Refurbishment of a 2 bed flat
for Buy to Let
Project: Arran
Numbers:
Purchase
Refurb
Other costs
All in
Revaluation
£52,000
£11,000
£2,000
£65,000
£75,000
Monthly rental
Expenses incl mortgage
Monthly cashflow
Gross yield
Return on cash left in
£550
£280
£270
8.8%
37.0%
This property had been bought from a probate as the previous owner passed away. It had been on the market for quite a while and has been overlooked by other buyers. The décor has been dated but the property didn't need any major works to it.
The flat is located in a block of flats, meaning all communal works are taken care by a management company and we don't have to worry about maintenance of the building.
As the flat is conveniently located close to a train station and comes with a parking space, it had the ideal potential for a car owner who also commutes to work by train.
The flat has been rented to the first couple who viewed it and they have lived in there ever since.
Works carried out:
New kitchen
Upgrades to bathroom
New consumer unit
Decoration and floorings
See us in action.