1 / 4IN PROGRESSWe won this one-bedroom ground-floor flat in Tooting at Savills auction for £281,000 against a £210,000 guide, and are financing it with a 12-month bridging loan. The flat is a Victorian conversion with a new 990-year lease, and the freeholder's consent shapes the whole refurb. We are weighing two routes: an internal refresh, or a single-storey rear extension to make a second bedroom, which depends on the freeholder's approval and planning. Either way, the plan is to refurbish, refinance onto a buy-to-let mortgage, then let.
THE NUMBERS
Purchase Price£281,000
Refurb Cost£50,000
Total Invested£331,000
Projected Valuation£450,000
Projected Equity£119,000
Monthly Rent£2,300
Gross Rental Yield6.1%