Conversion of a 3 bed semi detached house into a 5 bed, 5 bath quality shared house for working professionals

Project: Vicarage

Numbers:

Purchase

Refurb & Furnish

Other costs

All in

Revaluation

£88,000

£73,000

£10,000

£171,000

£175,000 (exp.)

Monthly rental 

Expenses incl mortgage

Monthly cashflow

Gross yield

Return on cash left in

£2,200

£1,200

£1,000

15.0%

30.1%

This property has been repossessed from the previous owner. Sadly, we don't know the exact story, as banks don't share details for that. 

However, we immediately saw the potential in this property, as we already owned another one right around the corner. So, tenant demand was already confirmed!

Straight at the beginning of the refurb we discovered that there is some structural damage to the front bay window that needed some attention. 

It was a first for us and on this occasion, our contingency budget, which we use for unforeseen issues, was spent on rectifying this issue. 

Current progress:

Works carried out:

Damp proof course

Structural repair of bay window

New windows and doors

New kitchen / diner

Full electrical rewire

Full interlinked fire alarm system

Full central heating system

Plaster throughout

4 en-suites, 1 off-suite

Decoration and furniture

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