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HMO Conversion – Completed 2017

    Home Case Studies HMO Conversion – Completed 2017

    We purchased Broadmead Road, Folkestone, in July 2017. The property was extremely run down and in need of massive modernisation and required a full refurbishment. This included everything such as new wiring, and new heating and hot water systems.

    We planned to convert this property into a 6 bedroom with 4 ensuite licensed HMO.

    Work started quickly after the purchase of the property. We started by knocking down the walls that were no longer needed and then started on the stud partition work to reconfigure the house into 6 bedrooms with 4 ensuites.

    Then there was a complete rewire of the property and we installed a new system boiler and accumulator. We also installed a new kitchen, new bathrooms, full safety and fire alarm systems and equipped the living area with furniture. Finally we provided a full interior design for all of the tenant rooms.

    All of this work was completed by the end of October 2017 which was fast considering the amount of work required. The first tenants moved in to the HMO in the third week of November 2017 so we minimised the amount of time the property was vacant.

    Broadmead Road - HMO Conversion
    Broadmead Road - HMO Conversion
    Broadmead Road
    Broadmead Road
    Broadmead Road
    Broadmead Road
    Broadmead Road
    Broadmead Road
    Broadmead Road
    Broadmead Road
    Broadmead Road
    Broadmead Road
    Broadmead Road Kitchen Collage
    Broadmead Road Kitchen Collage
    Broadmead Road
    Broadmead Road
    Broadmead Road
    Broadmead Road

    Here are the project financials

    Costs Summary
    Purchase Price: £195,000
    Refurbishment Costs: £49,500
    Stamp Duty and Fees: £11,353

    Revaluation and Mortgage
    Commercial Revaluation: £330,000
    Mortgage Amount Raised: £247,500

    Investment Returns
    Rental Profit: £1,600
    Equity Created: £74,146
    ROCE: 209%

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    • Home
    • About Us
      • About CPG
      • Our Service Guarantees
      • Creative Property’s Covid-19 Policy
    • Our Services
      • Land Owners
      • Property Owners
      • Property Professionals
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    • Acquisitions
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    • Contact Us
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