Excellent Executive HMO Property
Meadow Way, HR2
REF 632
-
INVESTMENT
£390,000
-
GROSS YIELD
9.21%
-
ANNUAL RENT
£35,904
Sold
REF 632
INVESTMENT
£390,000
GROSS YIELD
9.21%
ANNUAL RENT
£35,904
This property is a three-storey executive detached house, built 2007, with just under 2,000 sq. ft of accommodation with a double garage and parking for six cars around the property, front and rear gardens, see house layout plan for details. The property is within a 15-minute walk to the City centre, Skylon Science park and University.
The property is licenced by Hereford council for 6 persons (this could be increased to 7 persons with the necessary planning permission). The property has 6 double bedrooms which are all single occupancy. The clients are all working professionals. The property is fully occupied with clients, which is fully managed by a specialist HMO management/letting agent.
The property has all the health and safety, fire doors, fire alarm system, fire extinguishers and fire blanket.
The communal area consists of: ground floor, very large lounge dining area, w/c, hallway and kitchen dining room.
First floor, wide landing, family bathroom with shower over bath, toilet and wash basin and storage cupboard, study room.
Second floor, landing, shower room with toilet and wash basin and storage cupboard
The bedrooms are fully furnished and decorated to a very high standard (communal areas have just been redecorated).
With the extra room subject to planning (minimal modification required, stud wall and new fire door from kitchen dining room to the lounge), the yearly rental income could be increased by £5,400.00, making a yearly income of £41,179.92.
The property is fully furnished with everything required to operate as a running HMO with clients and management in place, there would be no other costs involved.
*Based on 75% LTV 2.5% APR. Note. Always speak to a qualified HMO mortgage broker for an accurate quote. These rates are an example of the potential % APR rates only. Visit theHMOmortgagebroker.co.uk to find out the latest HMO mortgage rates.
The fee charged to the buyer in addition to the purchase price.
The deposit amount to secure the HMO opportunity. This is fully refundable in accordance with the terms & conditions (see FAQs) and is deducted from the purchasre price upon completion. In the case of this property, the reservation deposit is -- then the balance due on completion is £390,000.
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