This property was purchased in 2012 and once renovated the property was added to our rental portfolio. The same tenant has lived at the property since 2012 providing a current rental yield 8.7%. A strong relationship has been maintained David (The Tenant) from the start and through due diligence when selecting our tenant, we have encountered no problems whatsoever with the tenancy.
This property purchased for £52,500 and the property next door sold 3 months ago at £120,000. This gives me confidence in valuing our property in the region of £100,000 to £120,000 but have no plans to sell, however we could release some equity through re-financing as and when other opportunities arise.
The initial renovation work cost £10,000 mainly carried out by myself with help from tradesmen whom I have built strong relationships over the years. A lot has changed in the time we have owned this property, initially smashing it back to brick, performing a full rewire, installing a new kitchen and bathroom, new PVC windows and doors and external work and gutters and external walls.
Strong relationships were created with neighbours, and I personally headed a project to have the road and paths adopted and repaired by Bradford Council which were all completed in 2016.
