3 bed to 4 bed HMO conversion for a student let
This was a conversion from a 3-bed to a 4-bed property in Norwich. We created the fourth bedroom out of the lounge, similar to the property at Beverley Road.
We had bought it from someone who was renting out the house to one tenant. It was in good condition, so needed minimal refurbishment.
We added stud walls in the lounge, added new lighting and a heater in the fourth bedroom and furnished the property for students with furniture sourced from a specialist company. New white goods were installed in the kitchen.
This was all done within three weeks of completion. The Vendor had already given the tenant notice, so we were able to buy with vacant possession. It was ready for new tenants to move into three weeks from purchase. We let the rooms to students and sold the property to an investor. It took a long time for the sale to complete due to delays via the Purchaser’s solicitors.
- Purchase Price: £148,000
- Refurbishment: £15,587
- Legals & Other Costs: £9,367
- Sold Price: £200,000
- Profit: £27,046
Top Tip: Vet the other party’s solicitor if you want a quick sale.