If you’ve read any of my other posts, or my books (The Successful Property Renovators Workshop) you’ll probably know that at any one time I try and have 3 property renovation projects on the go at any one time.
These are mainly financed by cash, so I don’t have to get into begging a bank for a buy to let mortgage or a light refurbishment loan. The cash is not my own, at least not directly, but that’s another story for another time.
Here’s the details of one of my current 3 property renovation projects.
As you’ll, see it’s an end of terrace house, built circa 1900 give or take, of traditional construction with solid brick walls and a slate roof.
It needs a full refurbishment including damp course, roof overhaul, re-skimming, new bathroom, new kitchen and general upgrading and repair.
Here’s how the figures look:
Sale price when finished £67,500
Legal costs for purchase £500
Auction admin fee £600
Auction attendance fees £250
Renovation costs £14,850
Legal fees on sale £750
Purchasers legal fees £350
Purchase Price £35,500
Total costs £53,800
Gross Profit £13,700
Less notional interest 5% for 4 months £896
Net Profit £12,804