We got the email from our solicitor today that we’ve completed*on Walter Road, which is great news! *For non-UK readers, completion here means we have paid the full purchase price and the Title will now be registered in our name.
Walter Road was not within our original plan for Invest 1 in the first 6 months, but we decided to take it on because we had a keen investor who was interested in a bigger project, so we created Invest 2.
Paperwork is underway and solicitors are figuring out what they require, doing searches etc. Exchange will probably happen within 4 weeks. We met with a local student let specialist who confirmed that the higher end student market would enjoy this location, along with the young professionals. If we can get planning approval for the rooms to be ensuite rooms, we see a higher yield possibility. Got paperwork on the planning today, will update in next post.
This property came with planning permission for a 7 room HMO. After agreeing to take the deal, we could see that more value can be added STPA of course, with at least 1 extra room and possibly 2 depending on approval and budget. Original Plan The planning came with 7 rooms with ensuites. This however would require the water mains to be upgraded as the flow rate is not sufficient for 7 showers. There was also a potential requirement for an upgrade to the electrics for 7 shower heater/ pumps as running these from 1 domestic supply would be too much. To reduce the expense due to the above considerations, we decided it will have 3 shared bathrooms instead, with 1 on the ground floor and 2 on the middle floor.
This property came from PSW, and receiving their email with the summary document started the process of deciding if it was a good investment, what the strategy would be, if the suggested strategy paid off or not etc. The basics: Purchase: £135,900 Other costs: £5,000 Refurb: £60,000 Total Spend: £200,900 Investor subscribers can see the returns here: