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  • HMO & Multi-Lets

    5 or 6 bed HMO

    Thats good to hear you say that - This is an old victorian house with tiled hall, slate fireplaces, cornicing, high ceilings, large architrave etc left intact despite added insulation. One room at least could have been divided, but I prefer to keep the grand proportions & detail.

    Im going to get a quote off a builder I've used & see if I can afford to do the work for the extra room - I think its probably about 15k extra for additional shower room & large living/dining room (18ft x 10ft). If cash was no problem Id go for it but I've probably another 20K to spend on finishing the main house & furnishings

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    Good luck with whatever your decide? 15k seems like a lot TBH, I always budget about 2-3k per bathroom, so I'd be thinking you'd be looking at something more like 3-5k for the job, but then again, hard to predict. For 15k, if you get £4k a year in extra earnings, 4 year break even would probably not worth it. I personally use 2 year max in such dilemmas.

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    It would include a new shower room within a small extension & creating a link to a single skin outhouse (18ft x 10) with asbestos roof - so need brickwork, insulation, roof, raise floor, plumbing electrics & plastering. I thought 15k was cheaper than equivalent in England! Meeting builder tomorrow so will see what he says.

    I like your formula of 2 year payback - good way to look at it

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    Oh I missed the extension part. Yeah, I usually budget extensions at £2k per sq.m, so that sound about right.

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    Hi Jowo,

    Congratulations on your new investment and well done on your refurb. 6 bed why not? I understand the thinking of will it put off tenants as it is a bigger house share so do what is best for you and what you are comfortable with.

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