October 24, 2017
a renovation to flip, or to rent – its a double whammy
This is an exciting one!
This property will suit both types of investor – those looking to renovate and sell on and those looking for a buy to let.
The property has come onto the market with Bridgfords for £170,000. It has been listed as a three bedroom house however when you look at the floorplan and the description, it is a two bed. However converting it to the desired three bed would be relatively straight forward by extending the hallway slightly and taking a section off the master bedroom to create a third single room. This will increase its desirability for both buyers and tenants.
The house clearly needs renovating from top to bottom so would be a great project and gives you something to really sink your teeth into!
In a modernised state, and with the addition of the third bedroom, the property would sell in the region of £210,000. To rent, the property is likely to achieve in the region of £750.00pcm giving a current yield of 5.2% however the costs of the improvements need to be factored into this.
Whatever you decide to do, its a win win situation!
For any help or advice with your investment property, please feel free to give me a call on 0161 442 1118.