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

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