We are pleased to welcome James Landall, to our...
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The quickest path to success when investing in property is building in profit from the start, capital appreciation takes years to show results and rental income is great over a period of time. If you want to make a quick win and build in profit from the start you need to increase the value of your asset by adding value through a refurb, a good refurb will also make it easier to avoid your property being empty and give you a greater rental return.
A well-executed refurb can take the yield from 8-9% to 11-12%, which over time means more money in your pocket. If enough value is added through the refurb it is sometimes possible to pull out the initial investment and roll that into the next project giving you a property with equity, capital growth potential and a positive cash cow. What's not to like about that?
Using the team of trusted contractors build up over the years Watts & Co are able to take control of the entire process so you don’t have to.
Once instructed the process is as follows:
Talk about the ideas and how the returns can be maximised and to devise the executable strategy
Writing up a rough schedule of works, drawing up the plans and consulting with the planning authority if relevant.
A typical house sales takes 6-12 weeks to complete, in that time it is possible to get the kitchens designed, bathrooms measured and contractors quoted, this means from the moment the sale completes you can concentrate on doing the work and not sourcing contractors.
To prepare the property for the refurb, we will hire some muscle, grab a hammer and start filling a skip.
With the property ripped out, all the infrastructure can be fitted such as stud walls, cables and pipes.
Once the 1st fix has been completed, and all of the functional fixes have been done, the aesthetic fixes will commence, such as plastering, tiling and fitting skirting boards.
Once walls are boxed in, decorating will commence. The walls and skirting boards will be painted.
Finally, carpets will be laid, last bits of snagging completed and furnishing will commence.
So the big news is interest rates have gone up by 0.25%.