Bournville – BRRR

In 2021, we took on our first BRRR (Buy, Refurbish, Refinance, Rent) project, purchasing a Victorian terraced property in Goole that had seen better days.

The property had previously formed part of a landlord’s portfolio but, over time, a number of maintenance issues had developed. While it required significant investment and refurbishment, we could see the potential to transform it into a quality family home and long-term rental property.

As with many refurbishment projects, the first step was understanding the extent of the work required. Once we had a clear plan in place, we got to work.

The refurbishment was extensive and included damp-proofing works to sections of the ground floor, where walls were stripped back and treated to address long-standing issues. The loft bedroom was completely renovated with new insulation, plaster boarding and fresh plaster, helping to improve both comfort and energy efficiency.

A brand-new kitchen was installed to create a modern and practical space for future tenants, while key areas throughout the property were replastered and redecorated. New flooring was fitted throughout, and a completely new bathroom was installed to bring the property up to modern standards.

We also completed a number of important improvement works, including updates to the electrical wiring, replacement front windows and new front guttering. These improvements not only enhanced the appearance of the property but also helped ensure it would provide a safe and comfortable home for years to come.

One thing we were particularly grateful for was that the boiler had recently been replaced before we purchased the property, saving both time and additional refurbishment costs.

Despite the scale of the works involved, the entire project moved quickly. From purchase through to completion of the refurbishment and securing tenants, the process took just four months.

Seeing the transformation from a tired and neglected property into a fresh, modern family home was incredibly rewarding. More importantly, the project demonstrated the value that can be created through thoughtful refurbishment and careful project management.

This BRRR project reinforced many of the lessons we had learned through previous renovations: the importance of planning, budgeting, problem-solving and maintaining momentum throughout a project. It also highlighted how improving existing housing stock can benefit both investors and tenants alike, turning underperforming properties into attractive homes that people are proud to live in.

Looking back, this project remains an important milestone and a great example of how refurbishment can unlock the hidden potential within a property.