Property Description: 

This investment opportunity in Neath presents a promising path for capital growth and rental income. Located in a desirable area of Neath, this mid-renovation property is poised to attract a variety of tenants, ensuring a consistent return on investment.

Area Highlights Neath is a vibrant town with excellent amenities, including schools, parks, and shopping facilities. The property is conveniently located, with primary and secondary schools within a short distance, making it ideal for families. Additionally, commuters will appreciate the proximity to transport links, including Neath railway station, providing easy access to Swansea and Cardiff. This accessibility enhances rental demand among professionals seeking convenient living options.

Investment Potential Given the current demand for rental properties in the area, this home offers a solid investment opportunity. The surrounding neighbourhood has shown stable property values, supported by ongoing regeneration efforts in Neath Port Talbot. The local council is focused on revitalising the area, which will further enhance property values over time.

Renovation Insights The property is undergoing a stunning renovation, which, when completed, will add significant value. The existing renovation standard is impressive, and while minor damp issues have been identified, they can be resolved efficiently. The property’s layout has been tastefully adjusted, providing a modern feel that will appeal to tenants. With a straightforward plan for kitchen and bathroom installations, heating, plumbing, and finishing touches, the renovation is well within reach.

Comparable Sales The end value of this property is justified by sold comparable in the area, which have demonstrated strong sales prices. Similar properties in the Street have achieved excellent market rates, reinforcing the potential for a high return on investment.

Conclusion This property represents a sound investment with its fantastic rental prospects and stable property values in a thriving community. The thoughtful renovations and strategic location make it a lucrative opportunity for investors looking to capitalise on the Neath property market.

Number of Bedrooms (current): 2

Is there potential to add a bedroom?: Yes

Reception Rooms: 2

Bathrooms/shower-rooms: 1

Property Asking Price: £90,000

Agreed Sale Price: £75000

Fair Market Value (DUV): £130,000

Comparable 1: Sold £125,000: https://www.rightmove.co.uk/house-prices/details/england-21505381?s=5a0337fbdc81e8fa18236293f72ca4ac190f3c08af99d3a4ee7fabaaa28bec7e

Comparable 2: Sold £162,000: https://www.rightmove.co.uk/house-prices/details/england-20966299?s=cd437f4d6d5d4373fd9e5808c9c24ea37082219899472be27cf862eb63e3c593

Comparable 3: Sold £136,000: https://www.rightmove.co.uk/house-prices/details/england-147386306-22095706?s=2b3e9ff11aa85bccc7660e7fae2d40e988965a7ec443571b44e7ddbc938700fc

 Comparable 4: Sold £135,000: https://www.rightmove.co.uk/house-prices/details/england-137465252-94136073?s=a5c4c99108fe6afc39b730c74ae7695d2a18ccbd69b0a8318f489d4d870b9547

Comparable 5: Sold £138,000: https://www.rightmove.co.uk/house-prices/details/england-71557181-19744837?s=499a7f71ebd760862ce340830fcb5179938c1d339bdcca40feffc4ae27a29015

Market Status: on the market

Why is the property being sold?: Distressed Seller

Is the property in a lettable condition: No

Is the sale price negotiable?: No

Property Type: House

Freehold or Leasehold: Freehold

Is the property part of portfolio?: No

Exit Strategy 1: Cash Purchase Flip (or bridge)

Exit Strategy 2: BTL

Exit Strategy 3: Capital Growth

Potential Target Demographic: Families

Refurbishments Required: Objective: To deliver a beautifully modernised home while adhering to a modest budget, ensuring that each aspect of the renovation enhances both functionality and aesthetic appeal.

Phase 1: Assessment and Preparation
Test Electrics and Plumbing: Conduct thorough inspections of the electrical and plumbing systems to ensure they are safe and up to code. Replace any outdated or faulty components to guarantee reliable service and prevent future issues.
Damp Assessment: Carry out a detailed assessment of damp issues affecting the front door area and the back utility space. Identify the source of moisture and develop a plan for repairs.

Phase 2: Damp Repairs
Front Door Damp Repair: 
Remove old seals and install new, high-quality weatherproof seals to prevent water ingress.
Inspect and repair any underlying structural issues, ensuring a solid foundation for the door.

Back Utility Damp Repair:
Repair the roof tiles and perform lead work to address leaks that are causing dampness.
Ensure proper drainage and ventilation in the area to prevent future damp issues.

Phase 3: Interior Installations
Kitchen Installation:
Select a modern, yet budget-friendly kitchen design that maximises space and functionality.
Install new cabinetry, countertops, and appliances, focusing on energy-efficient options that will save costs in the long run.

Bathroom Installation: 
Complete the bathroom fit-out with contemporary fixtures, tiles, and fittings that enhance both style and usability.

Window Replacement:
Replace the kitchen window with a new, energy-efficient model that enhances insulation and allows for natural light while improving overall aesthetics.

Phase 4: Finishing Touches
Plastering: 
Plaster small areas as needed to create smooth surfaces for painting and decorating.
Ensure all repairs blend seamlessly with existing walls for a cohesive look.

Condensation Unit Installation:
Install a REMCOn dry home condensation unit to improve air quality and reduce moisture levels throughout the property, enhancing comfort and protecting the home from damp.

Phase 5: Final Interior Works
Skirting Installation: 
Fit new skirting boards in all rooms, selecting a style that complements the modern design of the home.

Painting and Decorating:
Choose a neutral colour palette that appeals to a wide range of tastes, allowing potential tenants to easily envision their own style in the space.
Use high-quality paint and finishes to ensure durability.

Carpet and Flooring:
Select cost-effective yet stylish carpeting for bedrooms and high-quality laminate or vinyl flooring for living areas and kitchens, ensuring a balance of comfort and practicality.

Phase 6: Exterior Enhancements
Curb Appeal Improvements:
Enhance the front of the house with landscaping, focusing on low-maintenance plants and clear pathways.
Consider painting the front door and updating any exterior fixtures to create an inviting first impression.
Back garden clearance and presentation.

Budget Considerations: Throughout the renovation process, prioritise cost-effective solutions that do not compromise on quality.
Completion Timeline: Aim for a streamlined timeline, ideally within 6-8 weeks, to ensure the property is ready for market quickly, maximising rental opportunities. Regular check-ins will be essential to monitor progress and address any issues promptly.
By following this detailed schedule, we will transform this property into a beautiful, modernised home that meets the needs of future tenants while being mindful of budget constraints. We have estimated a budget of £25,000 to complete this to a high standard. I do strongly suspect it can be done in under £20,000 but there is a contingency built into a renovation which is being continued. 

Tiger Burrows can offer project management for 10% of the build costs.

Estimated Refurbishment Costs: £20,000 - £25,000 including contingency.

Flip Figures

Purchase Price: £75,000

Refurb Costs: £25,000

Entry Legal Costs: £1600

Exit Legal Costs: £1000

Stamp Duty: £3750

Survey Costs: £450

Tiger Burrows Consultation Fee: £2997

Estimated 6 months bills costs: £750

Estate Agent Selling Fees: £2500

Total Costs for investor: £113,047

Re-sale price (DUV): £130,000 (this is priced to sell. We have seen lovely properties of this size reach £140,000 to £145,000)

Estimated Flip Profit: £16,953

BTL Figures

Purchase Price: £75,000

Refurb Costs: £25,000

Legal Costs: £1600

Stamp Duty: £3750

Survey: £450

Tiger Burrows Consultation Fee's: £2997

Estimated Rental Income: £875

New Mortgage: £406.25 @5%

Stress Test Mortgage: £487.50 @ 6%

Estate Agent Rates: £87.50

MOE: £87.50

Cash Flow Most Likely: £293.75

Cash Flow Stress Test: £212.50