|Gross Rents (PCM)||£2,650|
|Estimated Net Profit (PCM)||£1,021|
Taking into consideration void periods, management and tenancy set-up costs, utilities including Council Tax and maintenance.
Sir Thomas White's Road
Coventry CV5 8DP
Sale completed: June 2020
This HMO Conversion in Coventry started life as a residential family home. It had four bedrooms, 1 bathroom on the ground floor and a shower room on the first floor. The majority of the accommodation was dated and in need of real modernisation.
The plan was to turn the property into an HMO with five bedrooms and five bathrooms. The first floor shower room had been updated quite recently so the investor was happy to leave this one as it was. The rest of the property needed a complete overhaul and the floorplan needed reworking.
We always work closely with our investors to get them the best return on their investment. Having carried out many similar projects in the past we also advise them what we think we help them achieve the best rental yield and leave them with the least possible void periods.
Conversion work was undertaken to turn this home into an HMO with five bedrooms, all of which are ensuite. Work was carried out to a high standard with the help of Magna IM. a local property maintenance company. We have worked with Magna on many conversion projects in the past so we know they understand what it involves.
Interested in investing in the Coventry HMO market? Want to understand how a HMO conversion in Coventry could work for you? Then contact us today.
|Return on Investment Calculations|
|Initial Deposit (20%)||£38,000|
|Refurbishment (including HMO Licence)||£67,972|
|Refinance After Refurbishment|
|New Value (Estimated) Winter (2020)||£274,965|
|New Mortgage Lend (80% LTV)||£219,972|
|Initial Mortgage Lend (80% LTV)||£152,000|
|Money Left In Deal||£49,054|
|Net Annual Income||£12,246|
|Return on Investment||25%|