Hello Medway property news readers!

The sun is shining this morning which fits the mood very well as I am happy to report that myself as well as Home-Share manager Crystal have successfully passed our level 4 ARLA exams. ARLA stands for the Association of Residential Letting Agents.

Today I am writing to you about a potential property investment I have spotted, a 3 bedroom house for sale on Grove Road, in extreme proximity to Strood station.

Here is the Zoopla link to view the property.
https://www.zoopla.co.uk/for-sale/details/69841512/

As you can see from the floor plans, there are 6 rooms and a basement. However, in order to rent all 6 bedrooms some works would be required in order to comply with Medway Council’s HMO Regulations: the kitchen would need to be extended to increase the floor space; two extra toilets would need to be added; and the addition of an extra shower/bath would be required (this could be alongside a toilet); and a living area of around 12m2 would need to be provide; and room 2 would need to be enlarged as its floor space is below the national minimum HMO room size of 6.52m2.

The rooms could rent from £575-800+ depending on the standard achieved, top-quality interior design and the number of en-suites without compromising on room space. Void periods in this area are generally low, around 1 week per year, as demand is high due to the proximity of a local business park, numerous local employers and excellent train and road links.

Of course the renovation work is likely to cost a significant amount of money so this should be accounted for when working out your figures. Although I’m a letting agent and not a builder I am involved and have been involved in managing a number of HMO renovations.

So if you wanted to discuss your ideas on what you would do with this property, feel free to send me an email to hasan@home-share.co.uk with your ideas and suggestions and I will let you know my thoughts.

Hasan