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3 Bedroom House, E14- Major Refurb

Outline Situation

Having owned the property for many years and having rented the property out for the last 7, the owner had noticed that the rental value for the property had stagnated. The property was starting to look tired and dated and was only attracting student tenants.

Problem

The owner wanted to raise the decorative condition of the property. This was to attract a higher calibre of tenant as well as a higher level of rent. However, this was to be done on what was a very tight budget for a 3 bedroom house. Gladly, as the kitchen had been re-fitted on 4 years previous, this was one major expense spared. However, the job had to incorporate external works this time, as repair works were needed to the exterior of all the windows and doors.

Assessment

To create a visually striking home that attracted either professional sharers or successful workers with families. We looked to see if there was any way to incorporate a second bath/shower room as this would have produced immediate rental growth however, the layout of the property made this impossible. Therefore the only way possible was to create a visually striking property, with a quality feel, for a very tight budget.

Project

To completely refurbish and furnish the interior and exterior of a 3 bed house in Docklands in order to create a high end property both in rental return and target residents.

Pricing

£16,000- this included the design and management of the project, stripping out, rubbish disposal, re-decoration, new flooring, garden re-design and complete furnishing. The project was to be completed within 1 calendar month.

Results

Despite some minor issues which dragged on for a while after completion of the major works (we tried to source a door for a discontinued kitchen line was one issue) the job was finished in budget and on time. The property was let before works were even completed to a high end professional and his family.

A rent increase was achieved of 25%- raising the rent from £310 pw (when the property was rented to student tenants that converted the living room to a 4th bedroom) to £385 pw producing an additional £3900 pa. Therefore the refurb would pay for itself in just 4 years!

The property was appraised at £325,000 before works commenced and at £395,000 upon completion. This would have represented a capital growth of £70,000 or 21.5% although this was never realised as the owner has now plans to sell in the near future. However, should the owner have sold, they would have made approx £73,900 on an investment of just £16,000- a return of 362%!

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