This property was sourced D2V (Direct to Vendor) through one of our industry connections. Contact was made with the owner and due to a change in his circumstances he was keen to sell to us directly, eliminating the need for an estate agent.
The property was purchased in April at a Below Market Price and the full renovation took less than 3 months. A full rewire, Damp proof course, re-plaster, new bathroom, new kitchen, re-carpeting, re-flooring and back yard wall rebuild were undertaken as well as painting throughout. The strategy chosen for this property was BRRR (Buy, Refurb,Rent,Remortgage) and upon refinance all investment funds were extracted. Given the nature of the uplift in value a flip would also have been a possible exit strategy.
Due to the high quality finish of the property, the rental value is 30% more than the adjoining property and valuation was 10% more than an adjacent property.