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

£33,020

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.

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.