Chapelfields, Coventry CV5 8DU
Sale Completed: October 2019
Homemaker Properties’ Anthony McMullan sourced the property on Craven Street in 2019. Work commenced to convert the property into an HMO with five bedrooms and five shower rooms. Work completed and the first tenant moved in during February 2020.
The property was previously being rented but as a residential let rather than a House of Multiple Occupation (HMO). The property originally comprised of; two reception rooms, three bedrooms, one large bathroom and a kitchen. The property was in need of some modernisation to bring it to the standard expected from renters.
There were not too many complications with this project. As chimney breasts were removed a party wall agreement had to be made. This took some time to reach agreement and caused a slight delay to the project.
The end result was a five bedroom property which met with local HMO regulations. Three of the rooms had ensuite shower rooms. Two of the rooms had their own shower rooms but they were separate to the room.
The property did let relatively quickly in what was a challenging rental market. The ensuite rooms became available at the beginning of the pandemic and as the first lock down hit. The investor is now achieving a whopping return on investment of 34.3%
You can read more about the figures behind this deal by downloading the case study below.
GROSS RENTS (PCM)
NET RENTS (PCM)
RETURN ON INVESTMENT
Taking into consideration void periods, management and tenancy set-up costs, maintenance and utilities including Council Tax.
Residential to HMO Case Study
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Excellent and Prompt Service
"I have been dealing with Anthony at Homemaker Properties for the last year. I have found the service to be excellent and prompt at all times. Based on my experience I will happily recommend the company to anyone who requires the services offered."
J. Choongh, Wolverhampton (Dec 2019)
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