West Terrace Two

Project: West Terrace
Property type: Two bed terraced cottage
Exit: Sale
Purchase price: £160,000
Cost of works: £61,000
Other costs: £24,000
Total project cost: £245,000

GDV: £280,000
Profit: £35,000

Details:

The property was bought at auction with a 56 day completion timeframe. Private finance was used to fund the deal with a monthly interest paid.

The property was in a bad condition and even had rats! Works included required full renovation throughout including electrical rewire, plumbing, kitchen, bathroom, new windows and doors throughout, reroof of the extension, removal of a load bearing wall to create an open-plan kitchen diner, external landscaping and creating a driveway with drop curb for off-road parking.

The property was tastefully renovated adding a touch of modern features but keeping the old world charm. The works were completed within 16 weeks.

Detailed costings and specifications upfront meant the final cost came in only £500 over budget which is amazing in the world of property.

The property was professionally staged and sold for the full asking price within 3 days of being on the market.