Homemaker Properties Source and Refurbish Property in Prime Investment Location
Homemaker Properties sourced the buy-to-let property for a London based Investor towards the end of last year. Following completion, the Homemaker Properties team was instructed to refurbish the property ready for tenants. The property is due to be available to let towards the end of March.
Sourcing the Right Property
The brief given to Homemaker Properties sourcing expert, Anthony McMullan, was to find a property close to Coventry City Centre that would offer the investor a good rental yield.
Anthony found a suitable property situated in the CV2 area of Coventry, primly located within walking distance to Coventry University and the City Centre. The property benefited from two bedrooms and two receptions rooms, which offered the option to convert one of the reception rooms to a third bedroom.
Properties in this area are usually difficult to come by. Coventry University being within a short proximity and prices below the £100,000 mark means that demand amongst buy-to-let investors is high.
A sale was agreed at a price of £89,950 towards the end of 2015. The sale completed in February and refurbishment work started soon after completion.
Refurbishing the Property
Refurbishment Manager, David Wilson, was instructed to manage the refurbishment works at the property. The work includes;
- Erecting a stud wall and doorway to create a third bedroom
- Installation of radiator
- Changes to lighting including;
- Remove old gas fires from front and rears rooms and blank off gas supply
- Check and service boiler and heating system.
- Issue Landlords Gas Safety Certificate
- Redecorate throughout
- Electrical checks
- Replacement of Locks
- Minor update of wiring
- Replace all doors throughout with fire doors
- Exterior and roof works
- Flooring throughout
- Deep clean of bathroom including; grouting and reseal around bath
Exceptional Rental Yield in Excess of 10%
The property was purchased for £89,950. After taking into consideration refurbishment costs, legal and sourcing fees, the property is expected to produce a rental yield of between 10% and 11%.
Give Homemaker Properties a Call!
Do you need help with sourcing, refurbishing or letting a property in Coventry? Give our team of experts a call or drop them an e-mail.
Phone: 02476 100 396
Phone: 02476 100 426
Phone: 02476 100 397