This video shows a recent double refurb we’ve done over the past 2-3 months in Cambridge. We’re creating a mini docu-series on it and this is the first video with the original state of the properties!
Hi there. I’m here in beautiful Cambridge to check out a couple of properties that have recently been purchased for a pretty good deal. Paul Mahoney, CEO at Nova Financial Group has recently bought these two flats that I’m just about to show you. Let’s head inside to check out the first one.
So, as you can see, the property is in need of extensive renovation works. It’s been empty for quite a while now. Both flats were purchased from the same vendor for 270,000 pounds, which is 137,500 pounds per flat.
Paul is instructing a team to fully renovate the property with a budget of around 15,000 pounds. It’s in need of a new kitchen, a new bathroom, new flooring throughout, all new electrical wiring, new doors and full decoration throughout.
Paul also plans to bring this really good size garden back to life with new paving throughout, new grass, and a complete clear out of all the overgrown bushes and weeds that have grown since the property has been empty. Gardens are one of the top search criteria this year with a lot of people having that as their most important need when looking for their next property. As well as this property benefiting from a beautiful back garden, the property also has off-street parking, which is a fantastic asset for any property to have. Let’s go check out flat number two.
So we’re here at property number two, which as you can see, looks very different to property number one. It is above a row of shops, and the entrance to the property is just here at the rear. Let’s go take a look.
So, as you can see, this property is also in need of an extensive renovation as it has been empty for quite some time. Paul’s got a similar budget to this property as he did for the first, but he’s hoping for it to be a little bit less because this property doesn’t have a garden. What’s also really important to mention about these properties is that Paul negotiated a really good price not only because of the extensive renovation works needed, but because these two flats actually have short leases on them. He’s going to need to spend around 10,000 pounds to extend the leases. Once all works are done, Paul’s hoping for a reevaluation of 200,000 pounds per flat.
So on completion of the renovation works of these two flats, Paul is either going to sell them on, or he’s going to refinance, pull most of his money out and then rent them out. This is going to be assessed a little bit later down the line when Paul looks at the market. We will keep you updated on the progress of these two properties. I can’t wait to head back here in a few weeks time to see how they’re getting on.