A great example of a successful flip and an increase in value of £450,000 on a semi-detached house in Bounds Green!
I do love a good property make-over although I normally only write about them when I feel the property in question would perform well as a rental property.
On this occasion though, I have been blown away by a semi-detached house in Bounds Green N11.
In September 2013 this 5/6 bedroom house in Blake Road sold for £620,000. It was a substantial house in a good school catchment area, close to tube and train stations and on a good size plot.
You can see from the 'Before' pictures (top 6) to the right that it perhaps needed a bit of TLC and was a little dated, although it was a long way from what you’d generally see described as ‘in need of modernisation’.
From information available on Zoopla it looks like the owner had been trying to sell for a couple of years. The asking price peaked at £675,000, then dropped to £650,000 and it eventually sold for £620,000.
Roll forward 18 months and this house sold again in May this year for just over a million pounds - £1,070,000. Thats an increedible £450,000 increase in just over 18 months.
The pictures to the right (bottom six) show the transformation of this house into something quite special.
The previous owner clearly had great vision and a keen eye for design.
The house has undergone a complete make-over inside and out including loft conversion, paved driveway, landscaped garden, two additional bathrooms, removal of the old porch, a new kitchen, new folding patio doors and all new fixtures and fittings.
There is a really contemporary feel to this property and the standard of the finishing looks impressive.
I dare say that a LOT of money was spent on this renovation however with these fantastic results and what would certainly have been an sizeable profit, this has got to be one of the most impressive flips I’ve seen in a while.
Just out of interest I thought I'd see how this property might perform if it was put up for rental. There haven't been that many six bedroom properties to let in teh area as you can imagine, however I'd suggest a monthly rent of around £3,500 would be achieveable. This would give a gross yield of around 4%. Although finding a tenant for a property of this size would likely take a little time and affect the final figures.
A fantastc job and a very stylish family home!
At Belvoir Lettings Enfield we don’t sell property, we simply use our experience to advise people as to what might make a good buy to let property investment in the Enfield, Haringey and Barnet areas, and how to successfully let their property.