Irving I

5 Beds

5 Bath

1 W/C

AN INTRODUCTION

After an extensive area analysis we found a very specific location and housing stock to carry out a repeatable business model to build our base HMO business.

Purchase price: £150,000 | Buying Fees and Stamp Duty: £5,450 | Renovation: £128,000 (Including furniture) | Revaluation: £330,000 ROI: 58.8%

KEY INFORMATION

We strategically picked a non-article 4 area, and went for 6 beds or less to avoid the need to go to planning. Our very first residential to HMO conversion.

We completed on this property as covid hit. The world went into lock down while materials and labour increased. Our builder added an additional £20k to the building works before we started. However the numbers still worked, and we wanted to prove we could do a repeatable model.

THE PLAN

In order to get the most from the space available it was necessary to take this project back to brick. This would allow the property to go from 2 bedrooms to 5 ensuite bedrooms.

The property was completely emptied leaving the four walls and roof. The floors were then added with 2.3m ceiling heights rather than 2.7m. This along with a dormer conversion at the rear created enough room for a 2nd floor.

Once we had that, it was a matter of adding the stud work to achieve the desired layout. A kitchen / diner / communal area and bedroom 1 on the ground floor, 2 bedrooms on the 1st floor and 2 bedrooms on the 2nd floor.

Taking the leap

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