My first investment property (A diary - IN PROGRESS)
Hi everyone!
After years of saving and the last few months of looking at different properties to purchase, I have amazingly had my first offer accepted on a deceased, 1 bedroom apartment estate.
This is my first step in building my property empire, and I am so incredibly excited to get things underway and share it with the BP community. Owning property has been a dream of mine since a young age, and I am looking forward to the journey ahead!
The flat is in appalling condition as the current tenant (who is also the deceased mothers son) is unemployed / a druggie and has not respected or given an ounce of TLC towards the property.
After years of watching Grand Designs and practically every renovation show I feel comfortable in my vision of how the property will look, and the steps that need to be taken in order to achieve that look.
My niche market that I have decided upon is "Affordable Luxury". This means finding an apartment in a general area and going above and beyond to make the tenant feel like they are better off than those in the surrounding flats / houses. I don't have a problem spending a bit extra on nice porcelain tiles and stylish looking finishes if I know it means I will attract more of a 'higher classed' tenant, and giving me a higher rental return.
My renovation will take a month and I plan on:
- -Gutting out the flat, removing the carpets and parquet flooring
- Knocking down the wall between the kitchen and the lounge
- Installing new kitchen cabinets with a stunning island, AND A BUTLER SINK! (It's a personal favourite)
- Removing the bath, tiles and horrible colours in the bathroom
- Removing some BIC's from the bedroom (there are too many cupboards)
- Tile throughout the bedroom, kitchen and lounge with large porcelain tiles
- Add a shower and modernise the bathroom with wood-look floor tiles and beautiful wall tiles.
- Completely repaint the flat
I invite you to join me on this journey. I will be posting photos and videos as I go along, as I know how much everyone loves to watch the visual transformation of a project ( I know I do ).
The first step is to wait for transfer date and hope that the druggie tenant decides to move out and not cause any problems. Wish me luck!