Bills During Refurb
This property was selected due to its great location, the local area is very affluent and 3-4 bed properties command a premium. We were therefore immediately drawn to the flip strategy from first viewing.
In order to create a large end profit we had to understand our target market and in this area it was young professionals and young families who would expect a high quality finish. This required us to source the best quality materials at the lowest price in order to keep to our budget and work closely with local suppliers to make sure we received trade prices.
We were able to apply for planning permission immediately after purchase and began the first fix works whilst waiting for our permission. After 8 weeks, the permission was granted to develop the garage and we were ready to move into the second stage of the development. The entire project took 4 months to complete, we then marketed the property in month 5 so that we would not encounter any '6 month rule' issues from buyers using high street mortgage providers. After 6 weeks of marketing we were able to secure a buyer and proceeded with the sale conveyancing.
This project was very profitable and we feel this is down to three factors.
1. Know your target demographic
2. Use quality materials and products
3. Know the local market (demand and price limits)