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How this homeowner ‘made £75,000 profit’ in just FOUR months of renovating Victorian terrace

PUBLISHED: 20:04 29 June 2018 | UPDATED: 08:39 30 June 2018

Rupert Street, now the renovation is complete. Pic: Vish Joory.

Rupert Street, now the renovation is complete. Pic: Vish Joory.

Many of us dream of renovating a property - but just how easy is it and can you make a profit? Property editor Caroline Culot has followed the renovation since February of a Victorian terraced house in Norwich by Vish Joory - and now you see the stunning transformation.

Vish Joory outside the house on Rupert Street. Pic; Vish Joory.Vish Joory outside the house on Rupert Street. Pic; Vish Joory.

Self employed graphic designer Vish Joory bought the terraced house just around the corner from his own home on York Street in the Golden Triangle area of Norwich. In February work began on creating a third bedroom from a front room downstairs, putting in a stud wall to create a slim hallway, and the removal of an internal wall to create a large, open plan kitchen/dining area from the original small kitchen and separate dining room, adding a skylight to ensure it wasn’t too dark.

The kitchen at Rupert Street before the renovation. Pic: Vish Joory.The kitchen at Rupert Street before the renovation. Pic: Vish Joory.

Knocking out a wall to create the open plan kitchen/dining room at Rupert Street. Pic: Vish Joory.Knocking out a wall to create the open plan kitchen/dining room at Rupert Street. Pic: Vish Joory.

He also took out the very old fashioned dark blue bathroom suite and put in a new contemporary one with a shower. He opted for sleek new kitchen units and contemporary grey tiles for the kitchen and shower room, with a hardwood floor downstairs and plush new carpet for the stairs and bedrooms. And, he has already secured a tenant.

After the renovation; the open plan kitchen/diner at Rupert Street. Pic: Vish Joory.After the renovation; the open plan kitchen/diner at Rupert Street. Pic: Vish Joory.

So how does the maths work?

Property purchased: £155,000

Renovation costs: £50,000

Letting costs: (agent’s fees, insurance, gas safety certificate etc) £1000

The front room before the renovation at Rupert Street. Pic: Vish Joory.The front room before the renovation at Rupert Street. Pic: Vish Joory.

Rental per calendar month: £900

House valued at: £280,000

The front room after the renovation at Rupert Street. Pic: Vish Joory.The front room after the renovation at Rupert Street. Pic: Vish Joory.

The open plan room before the renovation at Rupert Street. Pic: Vish Joory.The open plan room before the renovation at Rupert Street. Pic: Vish Joory.

Mr Joory had the house valued by an estate agent recently at £280,000 - meaning if he had sold it at this price, without renting, he would have made a £75,000 profit. However, as a longer term investment, on renting it out, he’s getting £10,800 a year income.

The open plan room after the renovation at Rupert Street. Pic: Vish Joory.The open plan room after the renovation at Rupert Street. Pic: Vish Joory.

The bathroom before the renovation at Rupert Street. Pic: Vish Joory.The bathroom before the renovation at Rupert Street. Pic: Vish Joory.

“I’m really pleased with the valuation of the house,” said Mr Joory. “But I didn’t do it to make money, short term. If I had, I wouldn’t have spent as much as I did on the renovation. I was lucky to get the opportunity to buy the house and think it’s a great investment long term because of the location, it can command more rental than most other parts of the city.”

The bathroom after the renovation at Rupert Street. Pic: Vish Joory.The bathroom after the renovation at Rupert Street. Pic: Vish Joory.

The bathroom after the renovation at Rupert Street. Pic: Vish Joory.The bathroom after the renovation at Rupert Street. Pic: Vish Joory.

Are you renovating a house? Doing a property project? We’d love to hear about it! Email caroline.culot@archant.co.uk

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Caroline Culot

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I am the property editor in charge of delivering some exciting and informative content within Archant’s varied titles. We have 16-17 pages of stories, features and columns in the EDP Property supplement out every Friday free in your EDP so please don’t miss it.

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