This is a real-world example and a work in progress. As a minimum, the property will be getting a new bathroom, kitchen, and full re-decoration. How far we decide to go with re-plastering and additional room creation remains to be seen.
Check out the video and read more details below!
Buying a property in need of a full refurbishment is a great way to add value to your asset from the outset and ensure you have a great quality rental ready for tenants to move in.
This Victorian Terrace in Openshaw, Greater Manchester has been secured at a price of £107,000. The sale was agreed the first week of September 2020 and I have just entered the property with my builder to assess the works required.
With older properties like this, one of the biggest questions that often comes up with the refurb is, how far to go with walls, ceilings and decoration. The full and more expensive option is to crack off all of the plaster and take the property ‘back to brick’ before re-plastering and decorating. This will give a very high-quality finish but is expensive. A cheaper alternative, is to avoid removing plaster wherever possible and simply re-decorate to keep costs down.
Another question with this property is whether to try to create a third bedroom, either by splitting the master in two, or by going up into the loft. Indeed, you could choose both options and create a 4th bedroom. A careful cost benefit needs to be carried out in order to determine whether this renovation work is really necessary.
This is a real-world example and a work in progress. Please monitor the series to see what approach we decide to adopt. As a minimum, the property will be getting a new bathroom, kitchen, and full re-decoration. How far we decide to go with re-plastering and additional room creation remains to be seen.