Unmortgageable Property

Catherine_Johnson_2

This sounds like, on the face of it, that it could be a lot of expenditure, adding a kitchen and bathroom from scratch, to then let out. What sort of return are you envisaging?

Personally, with this sort of project, I'd be looking to sell on asap after doing the conversion to get my money back. Letting the property would, in my opinion, be the fall back position if I couldn't sell quickly. If I thought at the outset that I wouldn't be able to sell reasonably quickly I'd probably walk away. For me there would be too much expenditure wrapped up in the property (not only the mortgage but the renovation expenses too) to only get a small margin of return every month it was rented out (and nil, obviously, during the void periods).

There's easier buy to lets out there than ones that currently have no bathroom or kitchen.