November’s property of the month is currently a project of ours that began at the end of October. Our client has purchased a two bedroomed mid terrace on Milton Street, just off Ladybrook Lane in Mansfield.
Ideally located near to the Town Centre, benefitting from all the great amenities there is to offer, plus a large Tesco superstore just around the corner. Being the proactive agent we are, the property is already reserved and our registered tenants trust that our refurbishment projects become homes and they can usually see beyond inherent problems – this project having one of many.
This property was purchased through the auctions this year for £64,000 and for those of you experienced in this area you will know that there will often be properties in the listings that can evolve to be challenging refurbishments.
We are working to make the house fit for purpose in the future years as there have been a number of major issues that have inflated the cost of the project exponentially – the thing to remember is the payback period for the property has simply increased and the asset has been preserved.
We always check the electrics first and this house was riddled with DIY wiring throughout so a full electrical re-wire was completely necessary. Having a safety electrical certificate will most likely become mandatory in the future so beware!
Our next step was to see what the damp levels were like in the property and Milton Street was flagging up as requiring a new damp proof course in the lounge and dining areas. The moisture levels in both bedrooms were high and this was a result of an almost none existent chimney pot above one bedroom allowing all precipitation in, and the other bedrooms outer wall pointing was very poor allowing water to soak through the porous brickwork.
Most of the staircase was structurally unsound so rebuilding the staircase was the best option and necessary to ensure this staircase could stand the test of time. There have been other unexpected issues such as a broken uPVC locking mechanism on the rear door, loft insulation that had not been folded back properly, the list goes on!
But this is what we are here for as there is simply nothing we cannot handle.
Currently the kitchen is being treated to high-gloss unit doors and because we like to save our clients some money, especially with Christmas only around corner, we have opted to not replace the kitchen unit carcasses as they are in great condition. This property will let for £440pcm and we hope to achieve another long-term tenancy for our client.
Here are some photos of the project so far:
In my opinion, the property will be worth around £72,500 once complete and our client will enjoy a 7% gross yield on a property that will in theory be less hassle on the maintenance side.
If you are thinking of purchasing an investment property in the Nottinghamshire area and you are far too busy to handle a refurbishment project, let us take the stress away and keep you regularly updated of how things are going. Call us on 01623 427 777 or email mansfield@belvoir.co.uk
