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2014 - HMO 1, Luton
4 Bed Terrace, Bathroom, Kitchen/Diner.
A typical bedroom with a workstation, shower unit and CAT6 internet wiring.
Shared use of the living room & kitchen.
We always install a modern kitchen with new appliances for low maintenance and call-outs.
Each Tenant has an extra "personal" fridge for their finer indulgences.
Project Details
Purchase Method: Open Market
Purchase Price: £150,000
Value 2022: £350,000
RICS Valuation
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Freehold
Bedrooms: 4
Receptions: 1
Bathrooms: 1
Parking: 0
Garden: 40 ft
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An opportunity arose in late 2014 to buy a similar property with the best rental income we had ever seen. It transpired that this would be a new door opening into the world of HMO room lettings.
HMO's or Houses of Multiple Occupancy are professionally organised houses with a room for each tenant. They need to meet a certain criteria for the Private Housing Department to grant a license. But once done and with full occupancy, these properties really can be the goose that lays the golden egg, every month!
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We always do a full refurbishment on the HMO's to mitigate tenant problems, long term maintenance and to get the best use of the space with an improved layout..
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Note:
Further financial information on all of our previous developments is available to investors upon receipt of a signed NDA.