BRR; South Norwood, London
This BRR (buy, refurbish, refinance) opportunity was bought back in early 2000s and kept as a residential for a few years during which extensive work was undertaken to bring it up to modern standards. It was then sold in 2021 at an increase of 222%.
Although not a reflection of short term returns, this is quite standard with long term investments, to achieve a much higher return ten or more years later. Meanwhile, a rental yield of 7% upwards can be achieved in this location.
Positioned close to town centre and train stations with a short commute into central London, this airy apartment has high ceilings and large windows. There is a small garden area to the side and front and on street parking.
Purchase Price:
£73,000
Sale Price:
£235,000
Rental Value:
£1,275 pcm
RP Property & Lettings 