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  • 🏡 Reno Opportunity: £100k (guide price) Halifax apartment

🏡 Reno Opportunity: £100k (guide price) Halifax apartment

35%+ ROS achievable

Author

Reno Hunter
January 04, 2025

Hello and welcome to today’s edition of The Reno Hunter newsletter, bringing you another daily renovation opportunity. Today, we’re featuring a 2-bed apartment in a mill conversion Halifax, Yorkshire.

The Property 🏡

2 Bridge Mills Station Road, Luddendenfoot, Halifax, HX2 6AD

  • Guide Price: £100,000 - obviously the lower you can get it the better, although we feel anything up to the guide price could represent value here.

  • Type: 2-Bed Apartment

  • Tenure: Freehold

  • Agent: EweMove

Why We Like It ❤️

This apartment combines affordability, character, and solid potential for resale or rental. Its location in Luddendenfoot offers idyllic surroundings and potential demand for unique living spaces.

✨ Features That Sell It

  • Exposed Beams: A charming touch of character.

  • River and Park Views: Idyllic surroundings to entice buyers or renters.

  • Massive Kitchen: Perfect for a stylish, modern refit.

Although not many direct comparables on the street or building, a similar 3-bed apartment sold for £168k in 2020, so a £140k+ sale after touch ups should be very achievable in today’s money.

📊 Running The Numbers 📊

Initial Investment

Expense

Amount (£)

Notes

Purchase Price

90,000

Estimate based on auction guide

Deposit (25%)

22,500

Based on 75% LTV mortgage

Stamp Duty

4,500

SDLT for second property

Mortgage Fees

1,350

Approx. setup costs

Legal Fees

1,000

Conveyancing and auction fees

Refurbishment Budget

10,000

Kitchen, bathroom, flooring, etc.

💡 Total Upfront Investment (Including Deposit): £39,350

📈 ROI & Key Metrics

  • Projected Sale Price (Post-refurb): £140,000

  • Total Investment (Including Deposit): £39,350

  • Mortgage Repayment: £67,500

  • Net Profit: £33,150

  • Return on Investment (ROI): 84.28%

  • Return on Spending (ROS): 35.70%

🔮 How it could look 🔮 

Before 🏚️ 

After? 🖌️ 

💡 Final Thoughts 💡

If you can get this anywhere under £100k we think this represents great value given the location, views and character.

A conservative post-refurb value of £140k+ suggests a potential net profit of £33,150 and a solid ROI of 84.28%. This makes it a strong opportunity for a quick flip or long-term rental.

As always, do your own research, due diligence and calculations before diving in… but we hope you do.

Until next time…

Happy hunting,
The Reno Hunter Team

👉 Looking for renovation inspiration? Check out before-and-after renovation ideas on Instagram.