The Luxury One: 2 Bed Apartment
We purchased this London flat conversion in 2014 for £375k, we spent £60,000 refurbishing it and refinanced the property 2 years later for £525k, releasing £150k of equity which was a big AHA moment for us. If you buy for the right price and stick to a budget, property investing works! We used the funds released to pay for the deposit, buying costs and refurb of our first two HMOs.
Where possible, we did the refurbishment work ourselves and enjoyed smashing through walls, ripping out old kitchens and bathrooms, dropping and re-boarding ceilings, plastering and decorating. We learnt how to manage a property renovation from start to finish and the fundamentals of property investment in the UK.
Purchase Price (incl. all costs): £397,000
Refurb Cost: £60,000
End Value Post Refurb: £575,000
Monthly Rental Income: £2000
Monthly Expenses: £1,143
Monthly Profit: £857
• Rip out back to brick
• Reconfigured internal layout
• New Electrics & Central Heating System
• 100mm Internal Wall, Heat Insulation
• Soundproofing between apartment below
• New High Spec Kitchen / Bathroom