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
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.
Other projects
Let’s start making your money work for you
We’re keen to meet you with you, discuss your goals from investment and structure a deal to suit you. We offer clients fixed returns between 6% – 12% or bespoke deals joining in our success.