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Auction PropertyBuy to Let & Letting

It’s The “Easy” Buy To Let Property Completion Day

So today is THE day: It’s sale completion day.

The property I bought before auction as part of my experiment: Is there any such thing as an “easy” buy to let? completes today.

Within the next few hours I’ll get a call from my solicitor that funds have been transferred and I can go and collect the keys.

And so then the fun commences…because this ain’t going to be “easy”.

Despite NO market evidence to the contrary, the surveyor has down-valued the property which means I start the project with my contingency budget as my renovation budget.

And that is not the best start to any refurbishment project!

So like all the best-laid plans, my original plans have gone to pot.  I don’t have the budget to do what I planned to do – and so when I get the keys I’ll be cursing under my breath at the surveyor re-thinking how to get the most for less from the property!

Admittedly, this is the first time I’ve ever tried to do a renovation just with a contingency budget and added to that I’m up against it time-wise due to other commitments and my target market (families) about to go on their summer holidays.

The journey should be interesting…I’ll keep you updated!

12 comments
  1. Nevereatyellowsnow

    If you want to keep the renovation budget paper thin without lowering the quality of the project, why not try sourcing your items from auctions. You can pick up most, if not all renovation items (bathroom, kitchen, flooring, white goods) for a fraction of the retail price.

  2. Chris

    Really good luck – I will watch with interest. Also I am now pondering seriously about doing the same as you, and like you, it would be my first time doing a refurb ( I assume that is the same as a renovation) so I will see how it goes with you before dipping my toe!

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