Irving II

5 Beds

5 Bath

1 W/C

AN INTRODUCTION

With our projects 1 and 2 now complete, project 3 underway and a proven repeatable model it was time to scale our base business.

Purchase price: £168,000 | Buying Fees and Stamp Duty: £6,250 | Renovation: £128,000 (Including furniture) | Revaluation: £340,000 ROI: 44.4%

KEY INFORMATION

This residential to HMO conversion was sourced on the open market which resulted in some competition and a comparably higher purchase price. With it being an end-terrace property so being wider than our other projects, it sitting in a great location and the numbers still meeting our criteria, we were happy to agree to a purchase price of £168k.

THE PLAN

Using our repeatable model this was another back to brick residential to HMO conversion allowing the property to go from 2 up 2 down to 5 ensuite bedrooms with communal kitchen/dining/living area. 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

BECOME A MENTEE WITH PERFECT ABODE