What Will £43,000 Get You In Liverpool?
Late last year, I did a video showing you a property that one of my investors bought in Liverpool. The end goal is to turn the house into a buy, refurbish, refinance, rent (BRRR) property that's also an HMO (House of Multiple Occupancy). We're currently in the refurbishing stage, which involves a lot of decision making, including where to place the ensuites and toilets.
Once complete, the HMO will have three bedrooms. One of the ways we're looking to add maximum value to the property is by adding ensuites to the bedrooms where possible. We'll have the first room downstairs, close to the entrance. The room, however, doesn't require an ensuite since there's a downstairs bathroom. So the person that rents the room could have exclusive access to the said bathroom.
That said, the kitchen, which faces the bathroom, is somewhat small. So I recommend removing the bathroom entirely instead and tearing down the walls separating the two rooms to create an open concept kitchen. Then we can have a utility area at the back, where the bathroom now sits. “What of the bathroom and toilet?” you may be wondering.
Well, I think the investor will be able to add even more value to this HMO by having three bathrooms upstairs, i.e., one ensuite and two off-suites. I initially thought the bedrooms upstairs could each have an ensuite, but the location of one of the rooms doesn't allow it. Having an ensuite in that room would mean having the waste pipe go through the stairs and living room, which wouldn't be ideal.
So how do we go around this? At the end of the corridor leading from the room in question is a smaller room, which currently houses the boiler. I'll suggest to the investor moving the boiler downstairs and converting the space into two off-suites for the bedroom downstairs and the one that can't have an ensuite upstairs. As for the second upstairs bedroom, creating an ensuite for it shouldn't be a problem.
When all is said and done, this is how I picture the complete BRRR HMO:
- 3 double bedrooms
- 1 ensuite and 2 off-suites
- A roomy kitchen with a utility space
If all goes as planned, the refurbishing phase should be complete by March, including electrical wiring, plumbing, and carpet fitting. Then we can move on to the refinancing and refurbishing phases. So fingers crossed!
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