- A refurbishment project within a 5 mile radius of town.
- Property to be basically structurally sound, whilst offering ample scope to improve, enhance and add value.
- Budget around the £300-400,000 mark, but flexible for the right property.
Mr & Mrs R intend to augment their residential property portfolio and rather than buying a number of run-of-the-mill Buy to Let flats they want to purchase a few small family homes. Each needs to be easily lettable and although these purchases are intended for long term investment rather than short term gain, ultimately readily resellable.
Having undertaken a few refurbishments in recent years, culminating in the lavishly extensive rebuild and extension of their family home they’re ready to purchase further properties which they can refurbish, alter and extend to add value.
I was invited to assist in the search. However, the difficulty with this type of search, particularly in the given area is that “everybody” wants a property to do up. And as such they regularly change hands at prices far in excess of their worth – a simple supply and demand situation. Whilst drawing a massive profit from the project is not what Mr & Mrs R are looking for, they don’t want to over pay just for the sake of it – both as a property and a project it has to stand up in today’s market.
A number were identified and viewed including a semi detached house that turned out to be subject to an agriculture tie – a feature not clearly indicated on the property particulars! Others didn’t offer the right feel or offer the right potential.
Ultimately we found a realistically priced 2 bedroom bungalow in an ideal highly regarded location close to village shops and road networks. Whilst the garden was heavily overgrown in parts, it did offer access onto and views across, a National Trust Area of Outstanding Natural Beauty covering hundreds of acres. The existing accommodation layout was awkward with very dated fixtures and fittings. However a little imagination and a bit of cash would easily transform and enhance this property, making it an ideal project! It had been on the market for a couple of months; the vendors were keen to get a deal moving, and notwithstanding the rising market, off the back of my clients’ no-nonsense attitude, we secured a significant reduction from the asking price which was well within the initial budget, against other competition.
Since Mr & Mrs R were cash buyers and the property was vacant, once terms were agreed the “chain free” transaction proceeded apace. Less than 28 days later the deal was done and they had the keys!
I’m looking forward to seeing the finished product and in the meantime I have another property they may be interested in…
“Richard is the man you need!”A & E B