This was unmortgageable until we stepped in...

No lender would mortgage this 3 bed property until we were hired. Then we put it on the market for a healthy profit.
Original Valuation
£152,000
Refurb Cost
£25,000
New Valuation
£210,000
Owner's Profit
£33,000

About this

Langtoft (Peterborough)

project:

We were asked to manage this 3-bedroom, semi-detached property on behalf of a corporate client. A RICS valuation was undertaken, and the property was established as unmortgageable in its current condition.

Thereafter, we worked closely with local estate agents and surveyors to discuss options to improve the property and provide a preferable outcome for our client.

Before and after photos

The following photos were taken when the property was first valued, and then again once the renovations had been completed.

How we added value

These photos show the property once we'd completed our renovation works on it.

Schedule of Works over 3 and a half months:

Properties
  • Week 1: Complete strip out property, including removal of the kitchen and remaining decor.
  • Weeks 2-3: Complete re-plaster of all walls throughout. Preparations to external walls.
  • Weeks 4-5: Re-paint throughout property to include all woodwork. External paint application.
  • Weeks 6-8: Converting dining room into a kitchen/diner and install new units, oven and hob.
  • Week 9-11: Rear garden clearance. Plumbing and wiring renewed. New fixtures throughout.
  • Weeks 12-14: Guttering installed. Post job checks and clearance.
Valuations
Values
Refurb

TOTAL

Uplift

TOTAL Uplift

TOTAL

Resale
Resale Value

+

£33,000

+38%

Schedule of Works over 3 and a half months:

  • Week 1: Complete strip out property, including removal of the kitchen and remaining decor.
  • Weeks 2-3: Complete re-plaster of all walls throughout. Preparations to external walls.
  • Weeks 4-5: Re-paint throughout property to include all woodwork. External paint application.
  • Weeks 6-8: Converting dining room into a kitchen/diner and install new units, oven and hob.
  • Week 9-11: Rear garden clearance. Plumbing and wiring renewed. New fixtures throughout.
  • Weeks 12-14: Guttering installed. Post job checks and clearance.

The Outcome

Original Valuation
=
£152,000
Cost of Works
=
£25,000
New Valuation
=
£210,000
Owner's Profit
=
+
£33,000
Increase in Value
=
+38%

On completion of the refurbishment works, the property was valued at £210,000, which is 38% more than the original valuation. The final renovation cost was £25,000.

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