This is a 3 bed that is in need of a full refurbishment.
In the sought after area of Cockett near to the high value Gower and Mumbles areas on a 60 year lease which I am working to obtain.
This property requires an extensive refurbishment totalling £18k - £20k, we have allocated a refurb budget of £18k to include a contingency fund that if we don't use any of it will be our refurb management fee. If we do, that's our loss.
As is normal for our refurbishments we will be replacing the walls, floors, kitchen and bathroom with an as new interior so that the property is completely fresh on the inside.
The property is over 80sqm so it is a great size that we can add value to.
These are pictures from works that our mid wales team have previously completed.
Because this area is less sparsely populated than a city centre with areas of countryside surrounding it we need to go out a little further than usual to get our comparables.
We have checked with local agents who have informed us that this property refurbished to a high standard would be listed for £95k with a view to getting £190k+ for it, comparables below:
The property below was the last one sold on this street, it is a similar design but a full 10 sqm smaller (12%) and was in quite a poor condition when it sold for £64k earlier this year, as ours is larger and will be fully refurbished this backs our valuation.
There are so few properties to rent in our target area (strong market) that On The Market puts the search radius at 5 miles just to find us some results. This property will rent in advance of the refurb completion.