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Loft refurb or purchase additional BTL


Steven Chung

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Hi, 

 

I have a 1 bed BTL flat in North London N11, current market value of around £280k. 

I am thinking of doing a loft conversion to include an additional 2 bedrooms and bathroom. Cost of renovations should be in the region of £60k. 3 bed/2 baths in the same area have gone for £400k plus.  I could then remortgage at 70% LTV releasing a further £90k to then re-invest.

 

My dilemma is do I go ahead with the renovations now or use the £80k to purchase an additional BTL property. I'm keen to grow my portfolio particularly in HMO's and have been looking at other areas of England. 

 

Any advice appreciated, 

 

Thanks,

Steven

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