HMO Case Study: Windsor 3 Bed House into 6 Bedroom HMO
Our clients (two friends and business partners) approachedus just over six months ago to help them source, build and manage an HMO toearn some passive income and get their money working for them. Once they signedup with us, we got the process started. Our clients were the typical "cashrich/time poor" profile, of which we have helped many before.
We sourced them a property that was tailored to theirrequirements. Within weeks of signing up with us, we found them a propertythrough an online auction house. This isa two-storey mid-terraced property with a brick single-storey section to thefront left side. There are gardens to the front and the rear. The property hasan access footpath to the rear. Situated in the town of Windsor, this house isconveniently located approximately 2.4 miles from M4 motorway junction six anda mile from Windsor & Eton Central Station.
The property was guided at £300,000 as a cash purchase onlybecause it was a non-traditional building. We at Savoys Properties provide boutique style, all inclusive,affordable co-living house share accommodation. In addition, we specialise in providing excellent self-containedproperties and high-end HMO. We operate in London, and the Home Counties.
We refurbish and manage properties across the UK to providehigh quality homes for professional tenants with an HMO specialism. We havedeveloped the necessary experience, team and tools to effectively executeprojects & we manage the entire process, from property sourcing through toproject management, refurbishment and management post-completion.
How we Helped
Once we understood our clients financial position,we were able to effectively source a property suited to their criteria.
We undertook an initial feasibility to convert a3-bedroom house into a 6-bedroom HMO
We had the full legal pack checked and reviewedby our solicitors
We provided a fixed cost for the build beforethe property was purchased
We assisted in helping the client secure financewith the help of our specialist broker using the “gamechanger” product withOctane Capital (25% deposit and 100% build cost)
We provided full access to our power team
We helped provide the “experience” our clientswere lacking in order to secure the funding
We produced a comprehensive report detailing thefull schedule of works and comparables to assist the valuers
We were able to obtain a pre-commercialvaluation day-1 before we started any works on the property which came in at £550,000
We managed the entire design and planningprocess
We estimated a build time of 6 months butcompleted in 5 months on budget
Once the build was complete we marketed theproperty and had all 6 rooms fully let within 5 days
Proposal for Works
A full renovation, includingadditions into the rear of the property, was carried out to create six,high-quality, double bedroom all with en-suites, a beautifully designed kitchenspace and communal area to encourage co-living and friendships amongst our clients.
Situatedin the town of Windsor, this house is conveniently located approximately 2.4miles from M4 motorway junction 6 and a mile from Windsor & Eton Central Station.
The site is a mile from the nearest Tesco Express, and thereis also a Waitrose (approximately a mile away) and a Tesco supermarket (1.7miles away) within easy
reach. There is an Empire cinema around 3 miles away in Slough.There is also a Vue cinema under 5 miles away in Staines and an Odeon cinemaunder 6 miles from the home in Maidenhead.
Railway stations: There are 2 stations within walking distance - Windsor & Eton Central is 1 mile away (22 min walk) and Windsor & Eton Riverside is around 1.2 miles away (25 min walk). Motorway Junctions: M4 J6 is the closest junction (2.4 miles). Flights: London Heathrow Airport is approximately 6.5 miles away.
Hospitals: The nearest hospital is Ashford Hospital (6.3 miles).
Schedule of Works
A total cost for the project was £175,000.
Large Body of works: -
4m Rear Extension
Brick skin and insulation to make it “mortgageable”