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
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.
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.
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.
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
Rental per calendar month: £900
House valued at: £280,000
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.
“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.”
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