Clumber Street, Hull
CONVERSION OF A DATED DOUBLE FRONTED MID-TERRACED HOME TO A FIVE ROOM LUXURY HOUSE SHARE FOR YOUNG PROFESSIONALS.
This type of fully furnished, all-inclusive, social living is really popular among young professionals, especially in places where a large number of people come in from out of the area for work. They rarely know people making it a great opportunity to meet people outside of the work environment. In addition many of the tenants renting this type of property are in a job placement for a fixed term (usually 12 months) and there is little point going through the hassle of setting up home and utilities in their name for such a relatively short period.
Clumber Street is located in an area of high demand with the target tenant type, a prime location, and so it came up in the results of the regular property search. Seeing potential further investigation was hastily made.
Having knowledge and experience in the local area and this specific investment strategy – HMO (Houses in Multiple Occupation), upon viewing the existing floor plan with some minor alterations the property could be turned into a 5 letting room property with amenities that would command top room rates. With the addition of a good quality interior finish and some added extras it was forecast (and subsequently achieved) that the room rates could break the area ceiling prices.
Even at deal sourcing stage, prior to viewing, a property’s potential can be seen and this property was without doubt one of those properties. Approximate costings are put together prior to visiting the property in order to ascertain if it is worth putting any more time into the property. However, a viewing and thorough inspection are absolutely essential to produce more accurate costings.
Once these costings have been made and the end values researched the property’s potential returns can be calculated along with the maximum that can be paid for the property.
Immediately following legal completion on the purchase, the property underwent an eleven week refurbishment programme. This included a single storey rear extension (completed under permitted development laws) and the redesign of some of the existing ground floor rooms.
The rear reception room had an opening created into the new extension to form an ‘L’ shape open plan kitchen, dining and living space with breakfast bar for house mates to chat while others cook.
The old kitchen was not adequate to house all of the amenities required for five individuals and so it was split to create a new utility room and a ground floor shower room to serve the two bedrooms on the ground floor.
The three bedrooms, shower room and separate WC to the first floor were fully refurbished and the fourth small room was turned into a study room.
Co-Living Standards for Longevity
There are standards that must be adhered to such as minimum room sizes, amenity standards, fire regulations and the HHSRS (Housing Health and Safety Rating System) but it is felt that these are the bare minimum that you would expect from rented property.
At Realm 47 we install a number of additional items into our properties to minimise maintenance & provide longevity which has a positive effect on cashflow for the investor & reduces the need to disturb tenants.
We also add fixtures & fittings for aesthetic, ergonomic and functional benefits to the occupants.