When Ms. K and Mr. M took on an auction property in Somerset, they were ready for a challenge. They had renovated properties before, but this Victrian house wuold become their biggest project yet.
“We needed a challenge and fancied doing something a bit bigger. It’s turned into perhaps a bigger project than what we first thought, but we wanted to create something good.”
Taking on a Bigger Renovation
When they bought the property, it was in poor condition and providing accommodation for just one person. As work got under way, the scale of the renovation became clearer.
“Once we got into there, we realised quite how bad it was”.
The couple decided to go further with the renovation, including removing the chimney and carrying out extensive insulation work to the walls and floor.
“We removed the chimney and then went, while we’re here, we’ll go full on bore on insulating everything”.
The work would not only improve an older Victorian property, but allow it to provide accommodation for six people working locally at Hinkley Point.
“It housed one person. And now we’ve turned it into something that’s really beautiful and will accommodate six people.”
Finding finance for the project
As they considered how to finance the renovation, Ms. K and Mr. M turned to Lendology. They had previously become aware of Lendology through a local council and discovered that support was also available for their Somerset project.
They applied for a landlord loan to help fund the renovation.
For Ms. K and Mr. M, being able to access the finance helped them keep the project moving.
“I just don’t know how we would have been able to do this without having that money”.
They also found the application straightforward and valued being able to deal with a responsive, local team.
“The fact that there weren’t application fees, that you guys just worked so flexibly, so quickly, were really responsive and local.”
Creating something positive
The completed renovation has transformed the property from a house in poor condition into a more comfortable and energy-efficient place for people to live.
For Ms. K and Mr. M, that wider purpose has been an important part of taking on such a substantial project.
“In terms of creating something that is contributing and positive, I think it’s been really good.”
Having tackled their biggest renovation so far, they also have some practical advice for other landlords and property investors considering a major project:
“Do your numbers again and again. Whatever you think it’s going to cost, double it.”
For landlords considering improvements to a property, Lendology works with local councils to provide responsible finance for eligible works. Find out more about landlord loans.
Watch the video below to hear Ms. K and Mr. M’s story in their own words.
We recommend that you conduct an independent retrofit assessment to determine which works may be suitable for your property, circumstances, and budget
Representative Example (4% fixed interest rate, Representative 4.2% APR)
Borrow £5,000 over 60 months, £92.08 monthly repayments. Total amount repayable = £5,544.96. Loans are subject to status and are typically protected by a Title Restriction. A Title Restriction means that you may not be able to sell your home without our permission unless the loan is fully repaid. This is not a mortgage. Missing payments could affect your credit rating.