Holiday Let 3 Bed Flat, Southsea, Portsmouth
Adding an additional bedroom and using as a holiday let saw this property return 248% net ROI in its first year
![Realm Property - Holiday let investment property. Refurbished lounge](https://www.realmproperty.co.uk/wp-content/uploads/2021/11/waverley_lounge-1024x683.jpeg)
Purchase Price
£117,000
Refurb & Costs
£15,110
Revaluation
£170,000
Offer accepted
20% below market value
1 month turnaround
When we discovered this flat on Rightmove we immediately saw the opportunity to convert the long lounge area and add a third double bedroom.
But with the prime location in Southsea, we thought that rather than to rent it as a single let, it would be worth trying to use it as a holiday rental or serviced accommodation property. A new strategy for Realm.
An offer of £117,000 was accepted, some 20% below market value. We purchased the flat in April 2021.
In less than 2 months a third double bedroom was added, the bathroom converted to a shower and the flat was fully refurbished, ready for holiday makers. A revaluation at £170k made a 45% increase from our initial purchase price, allowing us to pay back investors and take the additional funds onto our next project.
![Realm Property - a third double bedroom to add value in BRR strategy.](https://www.realmproperty.co.uk/wp-content/uploads/2021/11/bed_waverley-1024x683.jpeg)
![](https://www.realmproperty.co.uk/wp-content/uploads/2022/05/Waverley-Costs-bar-1024x225-1.png)
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