The day the estate agent took me to view this property, it was the third of the four properties I had booked to view that day. It was a three-bedroom semi-detached property with a massive garden. It was love at first sight, not because I wanted to plant shrubs but because I hoped I could build something on the land. The asking price was £140,000, I made an offer of 130,000, and we settled at 135,000. After the structural survey identified some issues, I threatened to pull out, and the landlord dropped a further £5,000, so I ended up buying it for £130,000. I then spent a further £70,000 to renovate the three-bedroom house, build a side studio apartment next to the main three-bedroom house and another studio apartment in the back garden. In return for the £200,000 spent, I had a modern three-bedroom house and two studios flats within this piece of land. Three buildings generate a Combined 16.2% annual rental yield.
This is the building of the second studio apartment from start to finish.
Design Ideas
Brief
This success of the side extension as a short-term let prompted the desire to double the income by constructing another one. The planning permission for this project took longer and had to be submitted twice along with significant amendments, but we got it over the line. This is essentially a separate building, and unlike the extension, there was a few more unforeseen issue that needed to be dealt with. This project took longer than the extension and took 6 months to build, partly due to the pandemic and the shortages of certain materials at the key critical moments. The project also cost 35,000 pounds to complete from start to finish
Build
After Results
