The Gid Rich Project Ltd bought a 3 bed semi-detached Victorian house with signs of historic movement. We secured the sale at £100,000, following a structural survey, which highlighted a number of issues. The sale completed and works commenced shortly before Salford Council introduced an Article 4 direction restricting small HMO in late November 2018. We underpinned the rear section of the property, built a small extension and converted the house to a licenced 5 bed HMO.
The works took 9 months and we started lettings in September 2019. All of the rooms have en-suite showers. We also tidied up the garden and have a regular gardener, which enhances the outside space during the summer months.
Description | Cost |
---|---|
Purchase Price | £100,000 |
Costs Including fees and interest | £105,000 |
Bank Valuation | £240,000 |