I constantly advise my student to stay away from flats, and whilst I stand by this advice, I own several flats despite this advice. I strongly believe that flats have many hidden costs that can prove disastrous for those who are not adept at navigating this fine line. This ex-council flat in South East London needed a lot of work, but it did have a few things going for it as far as council flats go. It was on the first floor of a four stories council flat. It is within 5 minutes walk of a train station and in a good area.
The flat was bought for £180,000, and it took 21 days and £15,000 to Renovate it. The flat has an annual rental yield of 13.5%.
Before
Brief
The aim is to renovate a run-down flat as quickly as possible and rent it out. It took 21 days to complete. While we initially wanted to keep the existing flooring, we decided that a complete refurbishment is the best approach. We renovated the bathroom, toilet, kitchen and the rooms. We had transformed the flat and managed to increase the value of the properties.
Design Ideas
Build
After Results
