Renovating an Unmortgageable Property For Profit?
Hello all, We have an unrepaired PRC property that is considered to be of defective construction and therefore unmortgageable. The property is in need of modernisation througout and over the past year we've stripped it down to an empty shell, with the addition of plastering and lining paper in a number of rooms. We have also purchased a new kitchen that is yet to be fitted. We estimate that an additional £6-7,000 will be required on top of the £3,000 already invested to bring the property to a good standard. This would include: New kitchen and bathroom fit Painting & decorating all rooms New front and rear lawns (from seed) Patio Fitting new banisters, internal doors, and skirting boards My question is: how likely are we to see a return on investment whether that be in terms of profit or the speed and ease with which we might make a sale. For reference, a decently modernised unrepaired PRC property sold for £125,000 in October 2016 in our area. Our property is a 3 bed semi with of 220m2 of gardens.
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