In Edinburgh there is a lack of high-quality student and HMO accommodation, creating a gap in the market for landlords who are willing to upgrade their existing investment properties. Below is a recent renovation that our team carried out, turning a three bedroom flat on Findhorn Place into a high quality, three bedroom HMO property.
The property consisted of:
- Kitchen/ dining room
- Living room
- Two double bedrooms
- Single bedroom
- Shower room
Although the property already had three bedrooms, it did not meet the specifications to qualify for an HMO licence as the third bedroom was too small. Our client wanted to convert the property to be eligible for an HMO licence, so our in-house Architect drew up plans that included changing the living room to a bedroom and using the single bedroom as a snug so that tenants still have a living room. The renovation work included:
- Converting the existing living room into a bedroom.
- Converting the existing single bedroom into a snug.
- Upgrading the bathroom and shower room.
- Redecoration throughout.
- New flooring throughout.
- New furnishings.
- All requirements to meet HMO standards.
The HMO licence has now been granted and, along with upgrading the bathroom, shower room, decoration and furnishings, has generated an increased rental income of £1,500pcm for our client.
|Valuation||£350,000 (+ £20,000 renovation costs)|
Contact us if you would like to discuss local investment opportunities or for advice on renovating your buy to let property.
Property Investment Advice
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