Property Address:  Fforestfach, SA5

Property Description: Welcome to this inviting 2-bedroom home, featuring a well-executed loft conversion that serves as a versatile third bedroom. Nestled in a vibrant neighbourhood known for its community spirit and convenient amenities, this property presents a unique opportunity for those looking to invest in a home with potential.

The house is situated in a desirable area that boasts a variety of local conveniences. Residents can enjoy easy access to a selection of shops, cafes, and restaurants, as well as nearby parks perfect for outdoor activities. The neighbourhood is well-connected by public transportation, making commuting to the city centre or nearby business hubs a breeze. Families will appreciate the proximity to reputable schools and recreational facilities, ensuring a balanced lifestyle for all ages.

Inside, the property is in decent condition, though it does require some tender loving care. There was a roof leak that has been fully repaired, addressing any concerns regarding structural integrity. While the water damage inside is minor, it presents an opportunity for the new buyer to personalise the space through a full renovation, allowing you to create a lovely Buy To Let Family home.

The loft conversion adds significant value to the property, offering additional living space that can be used as a third bedroom, home office, or playroom. This feature enhances the overall functionality of the home, making it suitable for a variety of lifestyles.
Whether you’re a first-time landlord or a seasoned investor looking to renovate and increase value, this property is brimming with potential. Don’t miss out on the chance to transform this house into a beautiful home in a fantastic location!

Number of Bedrooms (current): 2

Is there potential to add a bedroom?: Yes

Reception Rooms: 2

Bathrooms/shower-rooms: 1

Property Asking Price: £119,995

Agreed Sale Price: £105,000

Fair Market Value (DUV): £170,000

Comparable 1: 2 Bedroom Sold £140,000: https://www.rightmove.co.uk/properties/154952054#/?channel=RES_BUY

Comparable 2: 3 Bedroom requiring a full renovation, Sold £162,000: https://www.rightmove.co.uk/house-prices/details/england-123822239-20244193?s=69fecf97643f852735794de87b742f7dbb669c4de03e6a67a39b51effb2bea33#/

Comparable 3: 3 Bedroom, decent condition, Sold £172,000: https://www.rightmove.co.uk/house-prices/details/england-133335200-18872620?s=96402c06aa0cf5a9d388778ad6f4e4ce5032ea25cb69750822601bb7c267c5ae#/

Comparable 4: 3 Bedroom, requiring updating, Sold £162,000: https://www.rightmove.co.uk/house-prices/details/england-86239974-20705158?s=fcb3bfbeb5d43aa935ac92206db82378124f6e6036c954094d500ced9b27f60b#/

Comparable 5: 2 Bedroom, Sold STC £180,000: https://www.rightmove.co.uk/properties/155374346#/?channel=RES_BUY

Comparable 6: 3 Bedroom, Sold £185,000: https://www.rightmove.co.uk/house-prices/details/england-7139109-21244198?s=00e8b3149eda1485f14f7f5452386934bac2c4395452b86894daa34e9d0bc6a2#/

Comparable 7: 3 Bedroom, Sold £185,000: https://www.rightmove.co.uk/house-prices/details/england-115172198-17523874?s=e4a41b60f0324a6590d0069e51229742378a895d0ab19397d800f90a8d866f95#/

Comparable 8: 3 Bedroom Terrace, Sold £205,000: https://www.rightmove.co.uk/house-prices/details/england-18629419?s=a2c73845ca8441ce5119e44786c703ddf08a6421ee4d6c4a5180bf32466c0d0b#/

Comparable 9: 3 Bedroom sold £166,000: https://www.rightmove.co.uk/house-prices/details/england-115041824-17186758?s=2fc64d66fd0bc7f9fa605daab3f05ea1ec6ee52d6c142bc4c047745bdcf5d830#/

Comparable 10: 3 bedroom sold £171,000: https://www.rightmove.co.uk/house-prices/details/england-80246049-15387457?s=395532e3f7563e95dbdc87a0efb56028e7df7b584b59fee57a64f4f6a62dd4cc#/

Comparable 11: 3 Bedroom Sold £172,000: https://www.rightmove.co.uk/house-prices/details/england-133335200-18872620?s=96402c06aa0cf5a9d388778ad6f4e4ce5032ea25cb69750822601bb7c267c5ae#/

Market Status: on the market

Why is the property being sold?: The landlord or co-operate selling off assets

Is the property in a lettable condition: Yes

Is the sale price negotiable?: No

Property Type: House

Freehold or Leasehold: Freehold

Is the property part of portfolio?: Unknown

Exit Strategy 1: BTL

Exit Strategy 2: Cash Purchase Flip (or bridge)

Exit Strategy 3: Capital Growth

If HMO strategy please select: Property is NOT in any article 4 area and does not currently have an HMO licence from local authority.  Investor needs to apply.

Potential Target Demographic: Families

Refurbishments Required: 

Renovation Schedule for 2/3 Bedroom Property

Week 1: Demolition and Preparation
Rip out existing fixtures and fittings as needed.
Prepare the site for construction, ensuring all debris is removed and the area is clear.

Week 2: Loft Conversion Work
Re-board the loft conversion to ensure structural integrity and readiness for insulation.
Install insulation to enhance energy efficiency.

Week 3: Electrical Work
Re-wire the property, including the installation of spotlights throughout.
Ensure all electrical work meets safety standards and is ready for final inspection.

Week 4: Heating Installation
Install new radiators and Thermostatic Radiator Valves (TRVs).
Confirm that the new gas boiler is functioning properly and integrated with the new heating system.

Week 5: Plastering
Complete plastering throughout the property, including the loft conversion, to create a smooth finish for painting.

Week 6: Kitchen Installation
Install a new contemporary kitchen, including cabinets, countertops, and appliances.
Ensure plumbing and electrical connections are securely made.

Week 7: Bathroom Suite Installation
Install a new bath suite, including bathtub, toilet, sink, and any additional fixtures.
Ensure all plumbing is correctly connected and tested.

Week 8: Woodwork and Finishing Touches
Install new woodwork, including doors, skirting boards, and architraves.
Begin painting and decorating throughout the property to refresh the interior.

Week 9: Flooring Installation
Lay new carpets and flooring in all appropriate areas, ensuring a cohesive look throughout the home.

Week 10: Exterior Improvements
Enhance front curb appeal with landscaping, painting, or repairs as needed.
Clean and present the back garden, making it a welcoming outdoor space.

Final Week: Inspection and Touch-Ups
Conduct a thorough inspection of all completed work to ensure quality and compliance with standards.
Address any final touch-ups in painting, flooring, or fixtures before final walkthrough.

This schedule outlines a straightforward and efficient renovation plan for transforming the property into a beautiful and functional home.

Estimated Refurbishment Costs: We have set aside a budget of £35,000 for this renovation project. This estimate is designed to cover extensive improvements while allowing for a high-quality finish. Depending on your preferences, you may choose to adjust the budget based on the scope of work you envision.Once the deal is finalised, we will assist you in your due diligence by providing two builder quotes based on an agreed-upon specification. Please note that Tiger Burrows charges a management fee of 10% of the renovation costs to oversee the project which we anticipate being within £35,000.

Flip Figures - Purchase Price: £102,000

Refurb Costs: £35,000

Entry Legal Costs: £1600

Exit Legal Costs: £1000

Stamp Duty: £5100

Survey Costs: £450

Broker Fee: £0

Tiger Burrows Consultation Fee: £1997

Estimated 6 months bills costs: £750

Estate Agent Selling Fees: £2652

Total Costs for investor: £149,549 if done in cash. Estimated £71,000 if done with lending.

Re-sale price (DUV): £170,000

Estimated Flip Profit: £20,451 if done with cash. Estimated £17,919 if done with lending.

BTL Figures: Purchase Price: £102,000

Refurb Costs: £35000

Legal Costs: £1600

Stamp Duty: £5100

Survey: £450

Broker Fee: £0

Tiger Burrows Consultation Fee's: £1997

Estimated Rental Income: £975

New Mortgage: £531.25

Stress Test Mortgage: £637.50

Estate Agent Rates: £97.50

MOE: £97.50

Cash Flow Most Likely: £248.75

Cash Flow Stress Test: £142.50

Area Description: This property is ideally located in a thriving neighbourhood that offers a perfect blend of work, leisure, and education. The area is well-known for its strong community feel, making it an attractive place to live for families, professionals, and retirees alike. Work Opportunities: The neighbourhood boasts convenient access to major business districts and employment hubs, with several companies and industries located nearby. Public transportation options, including bus routes and train services, make commuting to the city centre or neighbouring towns efficient and hassle-free. This accessibility is particularly beneficial for those working in urban environments, ensuring a quick and easy daily commute.
Amenities: Residents will enjoy a wide range of amenities within close proximity. The area features a variety of shops, supermarkets, and boutique stores, providing everything from daily essentials to unique finds. Cafes and restaurants cater to diverse culinary tastes, offering local favourites and international cuisine. For outdoor enthusiasts, nearby parks and recreational spaces provide opportunities for leisure activities, walking trails, and community events, enhancing the quality of life.
Schools: Families will appreciate the selection of reputable schools located in the vicinity. The area is served by a mix of primary and secondary educational institutions, known for their commitment to academic excellence and extracurricular activities. Parents can feel confident in the educational opportunities available for their children, fostering a supportive environment for learning and growth.
In summary, this property is situated in a dynamic neighbourhood that excels in providing work opportunities, a wealth of amenities, and quality educational options. It’s an ideal location for those seeking a balanced lifestyle in a welcoming community.