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HMO Conversion – Completed 2019

    Home Case Studies HMO Conversion – Completed 2019

    Ruskin Walk, Bromley was a three bedroom terraced house that was actually Harvey Raybould’s first house purchased in 1997. Harvey lived in the house for around 10 years and then used it to embark on his journey as a landlord. When first purchased the property was in need of a full renovation and has gone through many refurbishments since.

    The first major renovation was after around 10 years of ownership including full redecoration, a new kitchen and more. This was important to bring the property up to the standard where it could be let as a family home.

    Harvey rented out the property as a single let for a number of years. The long term tenant decided to move out, so the next renovation project in 2014 project was to transform the property into a four bedroom HMO with a communal area.

    Our expert professional team of contractors got to work installing fire and safety equipment such as smoke alarms and fire doors. There was full re-decoration and we installed a new combi boiler as well as an additional toilet.

    In 2018 we expanded the property to provide the tenants with a much better place to live. We included more facilities and as a result we were able to increase the revenue possibilities of the property as well.

    We built an extension to the rear of the house and our team performed a full refurbishment which included a new kitchen, the fitting of 5 new ensuites, renewing of the electrics, a system boiler and accumulator, some new structural work, new safety equipment and more.

    The property is now completely different to when it was first purchased.

    Ruskin Walk - HMO Conversion
    Ruskin Walk - HMO Conversion
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    Here are the project financials

    Costs Summary
    Purchase Price: £298,000
    Extension & Refurbishment: £106,000
    Other Costs: £10,200

    Total Costs: £414,200

    Revaluation and Mortgage
    Commercial Revaluation: £550,000

    Investment Returns
    Rental Profit: £1,800 per month
    ROCE: 1270%
    Equity Created: £137,500

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