Case study · Durham

Durham Muse, in numbers

A three bed semi in Gilesgate. Bought in poor condition, refurbished, refinanced, and still owned. Below is every figure, and the rooms before and after.

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The breakdown

What it cost, and what came back

A three bed semi in Gilesgate, Durham. Bought in poor condition, refurbished, and run as a holiday let ever since. I still own it, and these are the actual figures for the project.

£139,500

Purchase price

£44,000

Refurbishment

£15,000

Purchase costs

£198,500

Total in

£220,000

Valued after works

£58,000

Released on refinance

The asking price was £155,000. I paid £139,500, and everything that follows rests on the £15,500 I did not spend.

The £58,000 came back out and is funding the next purchase.

The refinance only worked because three things were right before I bought. The price left room for the uplift. The refurbishment added value a valuer would recognise, not just style. And the income still covered the larger mortgage. Miss one of those and the money stays stuck in the bricks.

How it trades

£2,500–3,500

Booking revenue a month

95%

Occupancy

£1,740

Fixed costs a month

Fixed costs are the mortgage at £698.66, cleaning at £500, council tax at £200, energy at £116.98, water at £44, the TV licence at £15.45, gardening at £30, internet at £35, the Guesty booking system at £50 and office costs at £50. Platform fees come out of the booking revenue on top of those. That leaves roughly £760 to £1,760 a month before platform fees, depending on the month.

This is what I mean when I say the income still had to cover the larger mortgage. It does, with room, which is the part people skip when they plan a refinance.

Living room

The same room after refurbishment, with the wall painted and a wall-mounted television The living room before work, with a stone-clad fireplace and bare concrete floor

The stone-clad chimney breast came out. Same wall, same window at the end.

Kitchen

The same kitchen after refurbishment, with oak units and patterned floor tiles The kitchen before work, with dated units and a bare concrete floor

Same run of units, same window over the sink. The door on the right was walled up, which gave the living room a better layout.

Bedroom

The same bedroom after refurbishment, with a painted feature wall and a made-up double bed A bedroom before work, with floral wallpaper and bare floorboards

Papered walls and bare boards to a letting-ready double.

The living room at Durham Muse with a green sofa The dining room at Durham Muse with a sage wall and rust chairs The kitchen at Durham Muse with its patterned terracotta floor The dining room at Durham Muse looking out to the street The living room at Durham Muse looking towards the garden doors The breakfast bar at Durham Muse The twin bedroom at Durham Muse A double bedroom at Durham Muse The mustard bedroom at Durham Muse The bathroom at Durham Muse with green tiles The dining table at Durham Muse laid with roses Open shelving at Durham Muse

These are the figures for one property I own. They are not a forecast or an offer. Property values can fall as well as rise, and every project is different.