Magazine Road, Ashford was a five bedroom semi detached property. We purchased this house in November 2015 and our project goal was to develop the property into an HMO with seven bedrooms. This was an extensive refurbishment project and we created three en suite rooms, two shared bathrooms and an additional two toilets.
It didn’t end there. We had to rewire the property and provide new plumbing as well. We also installed a fully fitted kitchen and we provided new windows. Thanks to our amazing contractor team the transformation was complete in mid-February 2016 and the finished property looked totally unrecognisable from the original.
You can see from the before and after photographs the amount of work that was required to bring this property up to scratch as a viable HMO. Not only did we refurbish the house but we provided all new furniture as well. Letting of the property was pretty easy as most people loved the property. It is fully let out now and we manage the property.
Here are the project financials
Costs Summary
Purchase Price: £275,000
Refurbishment Costs: £60,000
Other Costs: £8,500
Total Costs: £343,500
Refinance Valuation
Price: £425,000
Investment Returns
Rental Profit: £1,650 per month
ROCE: 80%
Equity Created: £106,250