29 West Street
2-bed to 3-bed detached conversion — purchased at £92k, remortgaged at £210k.
Property Details
- Type
- Detached House
- Bedrooms
- 3
- Bathrooms
- 1
- Strategy
- BRR
- Timeline
- BRR — refinanced 2024
Why This Deal
A detached house purchased for £92k with the potential to add a third bedroom — significantly increasing both the rental value and the remortgage valuation. As a first-time buyer purchase, stamp duty was £0, improving the overall returns. The BRR model works well here: buy, renovate and extend, refinance against the uplifted value, and recycle capital.
Financials
Investment breakdown
Scope
What we did
Full renovation and conversion from 2-bed to 3-bed detached house.
- Conversion from 2 bedrooms to 3 bedrooms
- Full internal renovation
- New kitchen
- Bathroom refit
- Full redecoration
- New flooring throughout
The Deal
29 West Street was a 2-bedroom detached house purchased for £92,000. The key opportunity was the layout — the property had the footprint and internal space to convert from 2 bedrooms to 3, which would materially increase both the rental value and the remortgage valuation. As a first-time buyer purchase, stamp duty was £0, which improved the overall cost basis from day one.
Funding was structured with an 80% LTV mortgage — a £73,600 advance with the remaining deposit and costs covered by investor capital.
The Numbers
Acquisition costs:
| Item | Amount |
|---|---|
| Purchase price | £92,000 |
| Stamp duty (SDLT) | £0 (first-time buyer) |
| Mortgage (80% LTV) | £73,600 |
| Solicitors | £1,650 |
Renovation:
| Item | Amount |
|---|---|
| Renovation costs | £59,730 |
Refinance:
| Item | Amount |
|---|---|
| Remortgage valuation | £210,000 |
| Remortgaged (85% LTV) | £178,500 |
The Outcome
The property was converted from a 2-bedroom detached to a 3-bedroom detached through an internal reconfiguration, alongside a full renovation — new kitchen, bathroom refit, flooring, and decoration throughout. The additional bedroom pushed the remortgage valuation to £210,000, and the property was refinanced at 85% LTV, releasing £178,500.
Outcome
The results
Converted from 2-bed to 3-bed and remortgaged at £210,000 — with £178,500 released at 85% LTV.
- Remortgage valuation of £210,000 (£118k uplift on purchase)
- Remortgaged at 85% LTV — £178,500
- £0 stamp duty (first-time buyer)
- Added a third bedroom to increase value and rental appeal
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