The Cemetery Road Project
Cemetery Road marks our first foray into property. House purchased Sept ’14
The project plan involved the purchase of a heavily distressed house at a much reduced price and invest in its refurbishment. Once complete, the subsequent increase in its value would allow a mortgage which would pay of the cost of the purchase and its refurbishment. The house would be put under a buy to let mortgage and rented out privately; the resulting rent allowing for the mortgage repayments, fees and a weekly cash flow for us.
Before the Refurb
The works involved: complete gut – back through the old mortar, and then rebuild; damp works – including the sealing of the rear of the house with membrane, floors and walls; removal of all rotten wood and replace; Roof renovation; replacement of doors and windows; re-plumbing; rewiring; new kitchen and bathroom suites; removal of wall in kitchen to bathroom; new ceilings; and complete redecoration including carpets and laminate.
After the Refurb
The project was estimated to take 6-8 weeks, (we allowed up to six months in our projections) with a budget of £20K, however the build team encountered many problems, exacerbated by complications with the finance sources, and the project overan in time and money. The refurb was finally completed one year later, the house mortgaged, and rented in November. We did succeed in repaying all our backers after mortgaging.