Back in late September, Thursday 18th to be precise, we took a call from a potential new property investor Kevin and his partner Sam. Wanting to invest in a property in an area they knew well, Wolverton, he asked our opinion on a 2 bedroom apartment that seemed to be a repossession, and we duly talked Kevin through the merits of it, the area, and the state of the market at that time.
The following day, we shared our thoughts on this through the medium of our property blog, because if Kevin & Sam passed this up, we knew of another half dozen investors who would definitely be interested in this. Here is what we said back then:
“This is another entry level property and not even a project, just a quick clean and minor update needed and it could be on the rental market for around £800. A nice, ground floor 2 bedroom 2 bathroom apartment which is just a moments walk from Wolverton mainline train station, and absolutely perfect for a couple of young professional sharers. With a modern style, it does still need some minor work internally, but this is a great little property.”
All in all, this was a very decent property which just needed visually tidying up and deep cleaning, so not a huge project for a novice investor. As it happens, Kevin & Sam put in an offer and held their nerve for a month until it was eventually accepted, during which time we viewed the property with them to work out a refurbishment plan and start to obtain some costings for the work required, and on October 31st they collected the keys. By the Saturday morning the property was photographed and advertised online awaiting the flood of enquiries, and then the fun really started.....
By the following Monday at 7:45AM, tradesmen were in the property ripping out old units, lifting filthy carpets, sorting bathrooms and fixing and painting as they went. By the Wednesday the bulk of the work was done and the first viewings took place, a block booking of 5 appointments after hours when the builders had gone home. A couple of professional young sharers decided this was definitely for them, they committed to take it and we took them back just over a week later to see the 99% completed property, including replacement white goods, new flooring and a restyled kitchen. WOW! They were absolutely bowled over and thrilled at the finish of their new home. Following reference checks, all the safety certifications, a full inspection and a detailed inventory, we moved them in on November 25th, so in just over 3 weeks since Kevin and Sam completed they now had paying tenants in a fully refurbished property which had also increased in value by around £10k already!
Enough from us, how about a few words from Kevin & Sam (the full version as written by Sam was incredibly funny, well written and worthy of a Booker Prize!)
The flat looked great on paper. We know the area well and like it, and had seen a very similar property a few weeks previously – which we missed out on. We remembered it being light and airy, and cheerfully furnished by a young couple. So when we went to see McCorquodale road we had high hopes.
It is an attractive modern development, in a well-established area of mostly Victorian properties. The outside of the block looked tidy and well maintained, as was the shared entrance area - smartly tiled in dark grey leading to a shiny black front door…..
On opening the front door, the first thing that hit us was the smell….musty stale odour reminiscent of old cooking fat and dirty carpets… as it was a repossession, the services were switched off and the water system drained down – it felt dark, cold and unwelcoming.
Our feet stuck slightly to the floor with each step … the walls were grimy – and in some cases scribbled on.. the carpets looked like they might once have been beige… Things weren’t any better in the kitchen… grimy units in what I can only describe as ‘prosthetic-limb pink’, covered with a dull layer of sticky, oily residue….I looked inside the cupboards, and quickly regretted not wearing gloves… light fittings were mostly broken and hanging down forlornly…we had to use the torch function on our mobile phones to look in the bathrooms – even in a dim light the overall impression was of grime and dirt..I didn’t dare lift the toilet seat….
But….But… This was the same layout as the flat we had viewed before…. And despite the dirt and neglect nothing felt damp – “It’s only cosmetic’’ we repeated to each other as we walked from room to room ‘’it just needs some TLC’’
We left unsure of our next move….how much work did it really need?
Being new to buy to let , we needed some good sound advice. Kevin got in touch with Belvoir. Chris was more than happy to talk through the possibilities and share with us his extensive knowledge - rental yields, resale values, local demand….. More importantly he assured us that the Belvoir team could help us through the whole process, and put us in touch with reliable tradespeople whose work they knew….He also guided us through the scale of the work required. After speaking to Chris, the scale of the job seemed more manageable…we put in an offer….
It took six weeks to complete the sale – during this time Belvoir held our hand every step of the way – ‘’can you put us in touch with a decorator?’’ – ‘’what sort of flooring should we put down’’ ‘’should we paint the walls white or magnolia’’ (seriously – I think we actually asked this!) By the time we completed we had quotes in place for flooring and decorating….all on recommendations from Belvoir.
Friday 31st October - We stood in OUR flat with the keys in our hand… scary. It looked grubbier than ever…
Monday 3rd November… Handyman Dave is at the flat at 7.45AM. By the end of the day the horrible carpets are out, the kitchen unit doors are off and there is paint on the ceilings….It smells better…..by the end of that week all the walls, skirting boards and radiators are freshly painted, and the kitchen has new shiny cupboards…. an issue with the boiler and a blocked bathroom sink have been dealt with without any fuss …. We have a gas safe certificate for the boiler and hob…
14th November the new flooring goes in –it looks great. So good that I have to take my shoes off and jump around the bedrooms on the new carpe like a five year old to feel how soft it is!
During all this time Belvoir have been marketing the property – by the time the carpets are in, we have tenants lined up! – Great work! Chris comes to see how work is progressing, and seems pleased with what we have done.
Week commencing 17th November – we’re on the home stretch…the flat is cleaned – you can see through the shower screen for the first time, and the grouting has been returned to a lovely clean white.
Its finished!... wandering from room to room, it is difficult to believe that this is the same flat we came into six weeks ago. With the blinds open, light floods in to every room. I can imagine people now actually WANTING to live here!
24th November – Chris meets us at the flat with the tenants to have a last look around and answer queries. They look excited to be nearly moving in… Chris fends any questions.
…The final chapter. On 25th November our tenants move in – there is a minor hiccup with a leaky washing machine, but Belvoir are able to put us in contact with a repair man, and its fixed the same day…On Wednesday night we pop round to check everything is ok…. Our lovely tenants are busy unpacking and putting up furniture…there is a big comfy sofa, and something that smells delicious in the oven… the place is bustling with excitement and potential – A proper home! As we leave our tenant assures us ‘’your property is in good hands’’
I’m sure it is….
I notice that there is another similar property for sale just down the road… now… where did I put Belvoir’s number…?
Kevin & Sam readily admit that they now have an appetite for this, and can’t wait to take on another slightly more involved project in the future, in partnership with Belvoir.
If YOU want to follow in the footsteps of Kevin & Sam to find out what would make a great Buy To Let investment for you, call us now on 01908 562582 to have your name put on our Premier Investor list, and we could soon be working with you on your next project.
