This month, I’d like to introduce you to my client, and now friend, Rukaya Chounwie, also known by her nickname, Ruki.
Ruki founded her property business, Impact Estates, in 2022. She chose the name "Impact" to reflect her desire not only to create a positive change in her own life and that of her family through property but also to make a meaningful difference in the lives of others.
Ruki’s story is one of sheer grit, tenacity, determination, and resourcefulness. She has all these qualities by the bucketload, and I know that you seasoned property professionals will recognize the need for such traits if you want to succeed in this game!
This article covers Ruki’s project, Jasmine Cottage, which I was honoured to be the interior design partner on. This is how Ruki took a dated two-bed cottage and turned it into a beautiful seaside holiday let, despite personal challenges and unexpected costs leading to an over-budget refurb.
Ruki’s Story: Proof That Anyone Can Succeed (With Tenacity)
In 2013, Ruki came to the UK from Ghana with her husband. At the time, she was heavily pregnant. For the first four years of motherhood, Ruki was a stay-at-home mum. But once her daughter started school and childcare costs eased, she stepped into the UK workforce—first as a healthcare and support worker, then later in payroll and admin compliance—picking up skills that would prove invaluable down the line.
Baby number three came in 2022, and the high cost of UK childcare meant that Ruki was unable to continue in employment. Inspired by TV programs such as Homes Under the Hammer, Ruki began to believe that carving out a career in property was something she could do around her parental responsibilities. Plus, it had the potential to bring security and wealth.
The seed of an idea had formed, and Ruki began to take action, with free education, wherever she could find it, as the starting point.
Ruki says, “I also invested in paid training. I initially realized that buy, refurbish, refinance (BRR) was my preferred strategy, but the specific location of Jasmine Cottage made me pivot to serviced accommodation (SA). I thought the property’s location was perfect for that strategy, and it felt like the right fit.”
Funding the Project: Raising Private Finance
With limited savings but the opportunity to release equity from her home, Ruki set out to find investors who could help her achieve her goal of securing an SA property.
"While releasing funds from our home, I secured a £30,000 investment from a colleague, which went towards the renovation budget. A bridging loan covered 75% of the project’s financing, and we further leveraged our residential property with a second charge loan. Together, the bridging loan and second charge made up 93% of the purchase price.
To cover the remaining costs, including fees and renovations, I brought on several small investors. Their contributions, ranging from £4,000 to £5,000 each, proved invaluable in helping me reach my financial target.
When you're short on funds and feel stuck, those smaller contributions make a big difference!”
Refurbishing Jasmine Cottage: Not an Easy Ride
The project was a dated two-bedroom semi-detached property near the seaside, offering great potential. In Ruki’s words, “I loved the seaside village location. It’s a great place for families to escape to.”
The refurb included moving the kitchen, adding a downstairs toilet, creating an extra room for office or utility use, a full rewire, re-plumbing, and addressing pre-identified damp issues. The transformation also involved a new kitchen, bathroom, and other updates to give it a contemporary feel.
Ruki is very honest about the challenges she faced throughout the renovation, from full re-plumbing, which wasn’t expected or budgeted for, to an EPC issue, which needs a fair amount of explanation…
Heating Hiccups: A Costly Lesson Learned
To future-proof the property and manage utility costs, Ruki explored various heating options. She was aware that the village didn’t have a mains gas supply and that the property relied on an oil-powered system. So, she opted to install a Liquefied Petroleum Gas (LPG) powered combi boiler. However, this unexpectedly impacted the EPC rating negatively, as assessors considered LPG to be an expensive fuel source. Therefore, the system had to be changed.
To resolve this, she replaced it with an air-source heat pump, costing an extra £5,000. With a total refurb budget of £47,000, this mistake accounted for over 10% of the spend. Ruki reflects that better planning could have avoided such costly errors.
What’s the saying in property? Most of the mistakes are made on project number one, right?
Luxury Aesthetic, Budget-Friendly Approach
Before the property was even ready for decoration, savvy Ruki knew that hiring an interior designer would be a smart move to get it photography and guest-ready. But with extremely limited funds, how could she make it work?
To make the most of her budget, we planned a full day to create the property's design look and feel. Before that, we had a Zoom pre-meeting where Ruki briefed me on the property and its location, allowing me to prepare in advance so we could hit the ground running.
I wanted Ruki to leave our meeting with a decoration schedule for the whole property, a list of required furniture with approximate sizes, and some of the big-ticket items, such as sofas and beds, already selected. This meant that, with a little more direction from me over WhatsApp, Ruki managed to complete the design.
We then planned a further day to shop for bedding, soft furnishings, lighting, and décor items, and finally, another day for my team and me to deliver, install, and style the property.
Ruki was also determined to set aside money for a highly experienced interiors photographer to showcase Jasmine Cottage to its full potential. And guess what? It worked so well that she had her first booking within 24 hours! Bingo.
Lessons Learnt from This Project
When I asked Ruki about her learnings from the project, she was happy to be entirely honest. In her own words:
“As this was my first property project, there were so many different learnings. My first is that you have to take opportunities whenever you can. They are out there for everyone. Education and creating opportunities will open doors, and things will start to happen.
Secondly, as an immigrant, the ‘Right to Stay’ added an extra layer of complexity.
Many lenders aren’t familiar with working with immigrant investors. Some won’t lend based on your status, while others will. That’s where having the right broker made the difference.”
Another big takeaway from the project was the distance between Jasmine Cottage and Ruki’s home in Huddersfield. “I’m nearly two hours from the property, so managing the work and supervising the build team was a challenge. Next time, I’d consider having a project manager on-site instead of making the trip myself.”
Next on the learnings list was the challenge of working with a super tight budget that meant, despite her best efforts, Ruki ran out of cash. “As well as that, the builders left the site for a few weeks, which delayed our progress.” This setback meant that Ruki had to source additional smaller amounts of investment to get the project over the line.
Lastly, “Your network is your net worth.” We’ve all heard that one before. A cliché is a cliché for a reason! “Everyone around me said that property investment was something for rich people only. It was not easy for me because of childcare, but I made sure that I went to as many networking events as possible to meet new people and build upon relationships with people I’d already met. I read that you should surround yourself with like-minded individuals, and so that’s what I did. I tried to find people who would support my growth.”
Well, it sounds like you did just that, Ruki, and have built a trusted network of people who champion you and who are willing to invest in you and your projects. Congratulations, and I, for one, am looking forward to seeing where you’re at in 10 years’ time!
Jasmine Cottage: The Figures
Purchase Price: £90,000
Interest and Fees: £21,955.90 – higher due to no own money used.
Refurbishment Cost: £47,580
Furnishing and Setup Cost: £12,000(This includes professional photographs, interior design, and all finishing touches to make the property rental-ready)
Total Money In: £29,035.90
End Valuation: £190,000
Refinance at 75%, leaving £29,045.90 left in the deal.
Income and Expenses:
Average Monthly Income: £2,150.00(Estimated earnings after booking fees for the winter season were £1,800.00 and the summer season would range between £2,500.00 to £3,000.00. The average monthly income is between £1,800.00 and £2,500.00)
Average Monthly Expenses: £1,342.00
Average Monthly Expenses (with 5% maintenance/void allowance): £1,449.50
Expenses Breakdown (per month):
Interest-only mortgage payment: £657.55
Cleaning: £400.00
Insurance: £16
Council Tax: £122
Water Bill: £35
Electric Bill: £80 (the property is fully electric, with the heating powered by an air source heat pump)
Netflix: £4.99
Broadband: £26
Monthly Cash Flow: £700.96 (which includes a maintenance budget)
The Importance of the Right Team
I want to round this article off with a few final words from Ruki on her experience working together:
“I would also like to mention that I can’t thank you enough for your professionalism, expertise, and insights throughout this project. You truly brought Jasmine Cottage to life in ways I couldn’t have dreamed of on my own. Your knowledge, creativity, and attention to detail have been invaluable, and I’m so grateful for everything you’ve done to make this possible.”
Jasmine Cottage was a team effort. By working together, we were able to take this run-down cottage and turn it into a haven for holiday-goers.
If I can help you bring any of your projects to life, then please contact me using the details below.
Website:Email: louise@wildkindinteriors.co.ukInstagram: @wildkindinteriorsLinkedIn: Louise Wynne
