Built on assumptions. The £195,000 value is our estimate from sold prices, not a valuation. The works are estimated from the listing photos, before a viewing. The bridge and mortgage terms aren't broker-quoted yet, and the price isn't known until the auction.
A dated semi on a road where finished houses sell for about £200,000.
The property
A three-bed semi, freehold and empty, about 76 sq m (819 sq ft). It's dated throughout, with an EPC of E. The bathroom is downstairs: a shower room and separate WC, with no bathroom upstairs.
The plan
Buy with an 85% bridging loan, refurbish over about six months for £30,000 all in (10% contingency included), then refinance onto a buy-to-let mortgage and let it.
The value
Twenty three-bed semis within about a quarter of a mile have sold since November 2023, at a median of £204,000. Number 3 on the same road sold for £208,500 in August 2024. We use £195,000, our estimate rather than a valuation.
The money
Refinancing at 75% of £195,000 (£146,250) repays the bridge and returns £85,475: £22,436 more than the £63,039 that went in. You keep £48,750 of equity. Rent of £1,150 a month is at the low end for local three-bed semis.
Every month, once let
Dated now, which is the opportunity.
Photos and floor plan from the auction listing (McHugh & Co). Their date isn't stated, so we check the condition at a viewing.
Everything you need to decide.
Items marked Coming soon follow the viewing and the legal pack review. They'll appear here, on this same link.
We check before you bid.
- 1
The viewing
We view the house and price the works properly.
- 2
The legal pack
We read the title, the special conditions and any extra fees.
- 3
The lending
A broker confirms the bridge and how the lender will value it at refinance.
- 4
Your ceiling
We agree a maximum bid with you. On our figures, that's no more than £71,500.
- 5
Auction day
Online, 21 October. The legal pack sets the deposit and the completion date.