This is a great opportunity in a prime Headingley location. Currently the property is split into a four bed house with a separate flat in the basement, but I think the secret with this one is to convert it back into a 6 bed house by opening up the stairs down to the flat.
You'd have two bedrooms in the basement, and then keep the rest of the layout the same - kitchen and living room on the ground floor, with two bedrooms on the first and second floors. I'd also put a Jack and Jill bathroom on each floor and re-furb the rest of the house in the usual way - new kitchen, strip the walls and re-plaster and re-decorate throughout with new floor coverings.
If you did all that, I think it'd cost between £25,000 and £30,000 and if you paid full asking (which in the current market you would have to at least that), then it would stand you at £215,000 - £220,000. If you then rented it out at £80pppw, then that's a return of over 11% which I'm sure youd agree is pretty good.
One small note of caution - you'd need proof that the house had been rented as an HMO since and prior to February 2012 when Article 4 came into play. As long as that's the case you should have no issues applying for, and getting a 6 bed HMO license once you've done all the works.
You'd have two bedrooms in the basement, and then keep the rest of the layout the same - kitchen and living room on the ground floor, with two bedrooms on the first and second floors. I'd also put a Jack and Jill bathroom on each floor and re-furb the rest of the house in the usual way - new kitchen, strip the walls and re-plaster and re-decorate throughout with new floor coverings.
If you did all that, I think it'd cost between £25,000 and £30,000 and if you paid full asking (which in the current market you would have to at least that), then it would stand you at £215,000 - £220,000. If you then rented it out at £80pppw, then that's a return of over 11% which I'm sure youd agree is pretty good.
One small note of caution - you'd need proof that the house had been rented as an HMO since and prior to February 2012 when Article 4 came into play. As long as that's the case you should have no issues applying for, and getting a 6 bed HMO license once you've done all the works.
