Thursday, 6 August 2015

Brilliant conversion opportunity in Burley with over 10% return

This 4 bed house on Haddon Avenue located in Burley has fantastic potential. Firstly it's positioned perfectly for professional renters as it's close to plenty of local amenities such as Cardigan Fields with it's shops, restaurants and cinema complex. It's also close to Burley Park train station and plenty of bus routes which take you straight into Leeds City centre in less than 10 minutes. 

Secondly, and most importantly for investors, this property provides a great opportunity to renovate and create a property that will stand out from the crowd and ensure it rents out all day long and limiting any void periods. 

From looking at the floor plan as it is now you'd have a real struggle on your hands to rent out the fourth, small bedroom on the top floor. If you converted that room into another bathroom then you'd create a 3 bed, 3 bath property. Now, if you click the link below you'll find that there aren't any internal photos so obviously an inspection on the property is vital but in order to create a high spec property you're likely to have to put in a new kitchen, new bathrooms, redecorate and recarpet so you're probably looking at around £15,000 for the refurb work. Even if you paid the asking price of £125,000 which I'm sure you wouldn't, you would be looking at a return of over 10%. Plus you can be confident that with such a high spec and appealing property you shouldn't have any void periods.

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