Our find today is in need of some 'TLC' shall we say - this is definitely a timewarp property, with hints of 70's style and décor, but nothing that can't be sorted within a month....
If nothing else, the main structure and fabric of the building seems to be in order, with updated UPVC windows and gas to radiator central heating, but of course don't take for granted that this all works efficiently (or even at all). I would certainly consider as a minimum the following works:
- Full repaint
- Complete new flooring
- New kitchen
- New bathroom & WC including hiding the ugly pipework
- Full electrical inspection
With a good builder on side (we have a number of these on our books, reasonably priced and they do a great job) and 4 weeks of your time, you will see change from £15k for the above schedule of works, but of course there could also be hidden horrors to discover or extra remedial work worth attending to while you have the house in pieces.
On the market for a very reasonable £215k, I would imagine the house to be worth £235k when completely updated to a modern standard, so there is immediate capital growth to be had, not only that but you will future proof the property and find it much easier to let over the coming 5-7 years without any significant further expense. As for the rental value, I would pitch this between £950-995 PCM when it goes onto the market, and given that it sits pretty much 100 metres away from and opposite a fantastic secondary school, this will be snapped up by local families who wish to stay for a good few years, ensuring long tenure, no re-letting fees and a steady income stream.
If you struggling to find anything decent on the property market and need a little help finding potential bargains like the one above, speak to us about how we can keep you appraised of the latest opportunities before the rest of the pack. For more information about other potential investment properties that we could introduce you to (such as ready tenanted properties for sale by our existing landlords), or to ask about our thoughts on your own investment choices, call us now on 01908 562582 or send us an email.
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