From Start to Finish – Simonside Terrace
One of our landlords popped into the office to have a chat about expanding his portfolio and wanted a bit of advice. Several hours later we had a plan! Our instructions were to find a property that needed to be purchased quickly and needed some refurbishment work, we had a budget of £140,000 including refurb costs. A target yield of 10% was also a precondition!
We started hunting around and came across a vacant property that had been previously let as a student house. As the property had been empty for some time and was losing money for the owner the sale was able to proceed very quickly and at a discounted rate that amazed all the team in the office.
The next challenge has been to get the property up to standard for professional tenants. The only way that this property would be a success is if it moved into the ProShare Plus scheme we operate. Having an ‘Ultra All-Inclusive’ rent package meant that the property needed to be supplemented with a great finish. So we’ve put a new second bathroom in, replaced all the furniture throughout, installed double glazing, put in new appliances including a washer dryer. As ever, we’ve been updating our facebook pages with photos as we go along.
There is always really high demand for our ProShare properties so viewings started before the property was even complete! 3 out of the 5 rooms were pre-let prior to completion on 15th June… the final touches to the HMO application and another property is complete with happy tenants, a happy landlord and another success story for the team Heaton Property.