North Bristol HMO Conversion

Background

This property was a 3 bedroom semi-detached property with two reception rooms downstairs. We purchased in January 2019. The plan was to convert it into a state of the art 6 bedroom (5 en-suite, 1 off-suite) HMO.

Why this property, and what we did with it

The property was not only located near a large hospital, it is also very close to three very large employers, and so we knew tenant demand would be strong.  It is also in an area of Bristol where property prices are much lower then adjacent area, meaning the purchased stacked up well for us.

The property had some space to the side, which meant we could build a side extension to add two en-suite bedrooms, as well as a utility room  With the existing house, the main bathroom became an off-suite to the smaller bedroom, and we were able to convert the other two bedrooms as well as the lounge downstairs into en-suites. The existing kitchen was adjacent to the dining room, so we were able to create a large open plan kitchen/lounge

Numbers at a glance

Notes:

• Mortgage advance is based on a new property valuation of 400,000 after completion of the works.
• Initial Investment funded by bridging finance.