The Easy Buy To Let Property Experiment: Before And After Photos

12 Aug

Is there any such thing as an “easy” buy to let?

That’s what prompted this property experiment – the subsequent purchase of a property before auction and the proceeding renovation tales!

While the project may have been completed ahead of scheduletenanted in double-quick time (from day of purchase to tenanted status in 6 weeks) and has been rented ABOVE the initially expected rental of £1300-1400pcm at £1450pcm, it has not all been plain sailing.

The start of this project faced a set-back when the property got valued at just £230k – when I was paying £250k for it.  Despite no market comparables evidencing such a low valuation the clock was ticking, and realising I had a good mortgage deal on my hands (4.49% fixed for 5 years) I went ahead and accepted.

The £15k extra which went into buying the property, meant the renovation plans I’d originally had (and which I’d anticipated would cost around £25k), got radically changed.

Admittedly, I could’ve found the additional funds to keep with the original plan, but as I have always said – buy to let is a business – this is not my home, this is my business.

That meant I had to re-think the lot.

This was not helped when I discovered to my horror, I needed to replace all the windows and doors.  Not budgeted for.

And nor was the boiler.

But unexpected expenses are par for the course in property renovation – hence the need to always have a good contingency – and be ready to get creative.

So creative, I had to get.

By the time I’d shelled out for the entire property to have new double glazed windows and doors, a new boiler, new kitchen, bathroom, partial re-wire, plumbing, decor, flooring and a myriad of other stuff – the coffers soon started to run dry!

Next time I’ll share all the numbers behind the project – including the breakdown of renovation and administrative expenses, yields and ROI.

But for now, here are the before and after photos of the “easy” buy to let property experiment.

 

 

 

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