Purchased in December 2013, this was Fi’s first investment property project, located just a couple of streets outside Reading’s ‘golden area’ for HMOs. It was bought as a three-bedroom terraced home, which we very quickly converted to a five-bedroom multi-let for young professionals. It was refurbished to a good standard and en-suites installed in three of the bedrooms. We deliberately left the downstairs bedrooms without en-suites, in case we ever wanted to convert the house back to a family home.
Through this project, we learned about the structural and servicing considerations of creating stud walls and en-suites; the importance of budgeting for absolutely everything, down to the last chopping board; and how much time and effort it takes to properly furnish and equip a property like this.
As a result, we now have agreements with a few businesses for supplying contract furniture and ‘landlord packs’, to include everything from beds and wardrobes to plates and wooden spoons. The time and effort it saves us is well worth the small additional cost, as it enables us to complete projects quickly and easily following the refurb.
This project should receive a big capital growth boost with the arrival of Crossrail, as the market has been predicted to grow by 40% from 2015 to 2019.