Property Address: Gorseinon, Swansea, West Glamorgan, SA4

Property Description: Modern Auction Method for 3-Bedroom Semi-Detached House in Gorseinon, Swansea

We are excited to present a prime investment opportunity utilising a modern method of auction. This approach streamlines the purchasing process: once your offer is accepted, a holding fee is required on the same day, followed by completion of the sale within 28 days. This method is increasingly popular among investors, effectively eliminating owner-occupiers from the bidding pool, which means your competition will primarily consist of other savvy investors.

One of the key advantages of this auction method is the availability of a comprehensive legal pack, allowing for thorough due diligence before you commit. This ensures you can make an informed decision and move forward quickly, capitalising on the property's potential. However, it is important to note that this fast-paced environment may lead to competition against other experienced investors, creating a time-sensitive scenario.

The property in question is a charming 3-bedroom semi-detached house situated in the highly sought-after area of Gorseinon, Swansea. Known for its desirable living conditions, Gorseinon presents a fantastic market for property flipping. This house is ideal for the classic investment model: purchase, renovate, and sell for profit. The potential for upside is significant, making this an attractive opportunity for those looking to enhance their property portfolio.

Don’t miss out on this chance to invest in a thriving area with excellent prospects for growth and profitability!

Number of Bedrooms (current): 3

Is there potential to add a bedroom?: Yes

Reception Rooms: 2

Bathrooms/shower-rooms: 1

Property Asking Price: Starting bid £125,000

Agreed Sale Price: £130,000

Fair Market Value (DUV): £250,000

Comparable 1: Sold STC - £270,000 : https://www.rightmove.co.uk/properties/151267187#/?channel=RES_BUY

Comparable 2: Sold £256,000: https://www.rightmove.co.uk/house-prices/details/england-17523460?s=2e17993fb67e00d606fcae2abb72580a3ae89af33f48347f07b6a383873b641d#/

Comparable 3: Sold £240,000 : https://www.rightmove.co.uk/house-prices/details/england-19290400?s=a2d3ed3dd84962a14f4a57a0961bc153b8c633c08e20bdcc5ac1259e89bdc1cc#/

Comparable 4. Sold £230,000: https://www.rightmove.co.uk/house-prices/details/england-140815100-20486722?s=0e34b63b1908ceba9ff0f0a0d2cc5fb9410eca0601571900ca52868d3f146bc4#/

Comparable 5. Sold £330,000: https://www.rightmove.co.uk/house-prices/details/england-88937555-18628999?s=11d3ee83828b0145183112fb22f1ce5b458729c3cf3e2d177b2461fa1c7ca160#/

Comparable 6. Sold £265,000: https://www.rightmove.co.uk/house-prices/details/england-19290424?s=cdb5fc34384ecb5cdcf753f45d9914ca6cd9b7cfcf786babf10d1d3e797955b1#/

Comparable 7. On the market: £200,000: https://www.rightmove.co.uk/properties/152723486#/?channel=RES_BUY

Market Status: auction

Why is the property being sold?: Distressed Seller

Is the property in a lettable condition: No

Is the sale price negotiable?: Yes

Property Type: House

Freehold or Leasehold: Freehold

Is the property part of portfolio?: Unknown

Exit Strategy 1: Cash Purchase Flip (or bridge)

Exit Strategy 2: Capital Growth

Exit Strategy 3: N/A

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

Potential Target Demographic: Families

• Refurbishments Required:  Comprehensive Refurbishment for Property
  
  Overview:
The property requires a full refurbishment, with an estimated renovation cost of £60,000. To ensure a thorough understanding of the property's condition, it’s advisable to conduct a detailed inspection to determine specific refurbishment needs.
  
  Recommended Renovation Works:

• Electrical and Heating:
  Rewire the entire property to meet current safety standards.
  Install a modern central heating system for improved energy efficiency and comfort.

• Kitchen and Bathroom:
  Install a contemporary kitchen with modern fixtures and fittings.
  Renovate the bathroom to incorporate modern amenities and finishes.

• Interior Finishes:
  Replaster walls and ceilings where necessary for a smooth, fresh finish.
  Update woodwork and trim throughout the property to enhance aesthetic appeal.
  Paint and decorate all rooms with a neutral colour palette to attract potential buyers.

• Flooring:
  Install new carpets and flooring throughout the property to create a clean and inviting atmosphere.

• Curb Appeal:
  Improve landscaping and make necessary exterior repairs to enhance front and back curb appeal.
  Present the garden in a tidy and welcoming manner to maximise its potential.
  Create off-road parking to the rear. 
  
  Total Renovation Budget: The total budget allocated for this refurbishment project is £60,000, covering all recommended works outlined above. This renovation plan aims to transform the property into a modern, attractive home, ready for the market and poised to enhance its overall value and appeal, making it a worthwhile investment.

Estimated Refurbishment Costs: £60000

Flip Figures

Purchase Price: £130,000

Refurb Costs: £60,000

Entry Legal Costs: £1600

Exit Legal Costs: £1000

Stamp Duty: £5200

Survey Costs: £900

Broker Fee: £0

Tiger Burrows Consultation Fee: £3997

Estimated 6 months bills costs: £750

Estate Agent Selling Fees: £3900

Total Costs for an investor: £207,347 if done with cash. (Estimated £106,000 if done with lending)

Re-sale price (DUV): £250,000

Estimated Flip Profit: £42,653

Gorseinon, Swansea, is an exceptional area for investment, boasting a range of appealing features. Known for its desirable living conditions, Gorseinon attracts a diverse demographic, including owner-occupiers seeking a family-friendly environment. The area is home to several reputable schools, making it an ideal choice for families prioritising education.

Additionally, Gorseinon offers excellent transport links, providing easy access to Swansea city centre and the M4 motorway, which enhances its appeal for commuters. This connectivity ensures that residents can enjoy the benefits of urban living while residing in a more tranquil suburban setting.

The combination of strong community spirit, local amenities, and green spaces further elevates Gorseinon as a sought-after location. With its promising market dynamics, investing in Gorseinon presents a unique opportunity for significant returns, making it an attractive option for property investors.