Wednesday, 15 March 2017

Great potential in Burley with over 13% return

This 4 bed house on Wetherby Place in Burley is in a prime location for both students and professional renters. Located just off Burley Road it's a short journey to Burley Park train station and main commuter routes and is close to both universities. 

In it's current state, it's not a 'wow' property but it definitely has the potential to be a great rentable property especially now the price has been dropped. 

As the advert states the basement has great potential and upon viewing the property myself I could see that the basement doesn't require quite as much digging out as first thought. It has had much of the work already done but the rubble just needs removing and the concrete floors are already in. In order to create an additional bedroom down there will require mainly cosmetic work which really costs the renovation costs down. 

To make this property a great investment and to make it appealing to renters I would suggest converting the basement into a bedroom with a bathroom and updating the kitchen and decor throughout. I would also recommend re-configuring the first floor to utilise the space better. There is quite a bit of used space on the landing so if you converted the small bedroom into the bathroom and then create two long bedrooms that run from the front to the rear and install a window you create two much more even spaced bedrooms. On the top floor the bedrooms are uneven so by using some of the large landing again you could definitely even up the bedroom space. 

All this work would likely cost around £30,000. A modern property of these proportions in this area can achieve around £21,320 pa so if you were able to get the property for around £130,000 that would give you a healthy return of over 13%. 

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