Conversion of a 5 bed/1 bath HMO into a 6 bed/2 bath professional HMO
This property was purchased as an existing five bedroom licenced HMO. It was dated and needed upgrading. Our plan was to convert the attic into an additional 6th bedroom, full upgrade of the property and to knock through the living room and separate dining room to create an open plan living space.
The beauty of this project was that it had a large kitchen and living room that would combine perfectly to give us the open plan living space, crucial if you want people to socialise in your HMO giving it the more homely feel. As it was an existing HMO (C4 for planning purposes) we could add the additional bedroom without the need for planning. Since 2016 in Wales all properties now need planning permission to convert them from a family home into a HMO.
The Numbers
Purchase price: £269,000
Purchase costs and refurb: £75,000 approx
Total purchase costs: £344,000
GDV: £380,000
Rent: £44,460
