Crossley Street, New Sharlston
6 month Buy to Sell
About the Property
It has gas fired central heating, UPVC double glazing, entrance hall leading through to lounge with feature fire place, large dining kitchen, rear entrance/utility room leading to a ground floor bathroom. To the first floor there are three good sized bedrooms. Outside, rear enclosed yard area with additional further garden area with off street parking. There is easy access to Normanton or Wakefield and its amenities, in addition to being close to the newly opened eastern relief road leading to Leeds and the M1/M62 network.
The property is in need of modernisation including a completely new kitchen and bathroom, new flooring throughout, walls and ceilings to be skimmed and painted throughout, new doors and door frames, all woodwork to be repainted, new electrical re-wiring, new lights where required.
There is a contingency fund of £1,500 which will be repaid to investors if it is not used.
The estimated timescale for the work is 4-6 weeks, with a good finish in preparation for re-sale.
About the Area
Purchase price £58,000
Acquisition costs £16,760
PTC listing fee £3,740
Total fundraise £78,500
Stamp duty £1,740
Photography/floor plans £170
SPV set-up £150
Renovation (See Below 1) £11,200
Contingency fund £1,500
Total acquisition costs £16,760
Projected Sale Proceeds
Sale price (See Below 2) £100,000
Cost of purchase (£78,500)
Agent’s commission (£1,800)
Accountancy fee (£300)
Company tax (See Below 3) (£3,620)
Projected net gain on sale £15,430
15% profit share to PTC (£2,314)
Net profit to shareholders (£13,116)
6 months targeted net return on investment (ROI): 16.7%
1 Renovation: new kitchen, bathroom, skimming walls/ceilings, painting walls/ceilings and woodwork, new flooring throughout, new curtains/blinds.
2 Based on comparables in the area
3 Company tax estimated at current rate of 19%
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Calculate your earnings
With a £1000 investment, we project you could get back £1245, of which £1045 will be paid at a monthly rate of £87 p.m.
Based on 16.7% projected capital growth and % projected Net Rental Yield.
Historic house prices are not a reliable indicator of future performance. The rates of return quoted are illustrative only and are not guaranteed.