There is something about these that I absolutely love. I think its the potential, and the almost certainty that you can get a bargain off it due to its condition (remember you make money when you buy, not when you sell).
It’s asking for £500,000+ and its a 6 bed beast. Possible ideas:
- Turn it into a 6 bed HMO. In this area, anything on 2 or more stories, with 2 or more unrelated tenants, it must be registered as a HMO (House of Multiple Occupancy). If you need more information on this please call me and I will explain it in greater detail. A typical HMO room will achieve around £500pm which, at £500,000, will give you 7.20% Yield. Remember there are many other factors with HMO properties! Again, want advise, just give me a call / email.
- Turn it into 2 flats. Most probably a 1st floor and 2nd floor split level. I haven’t seen the floorplans (some reason the agent hasn’t done them)
- Flip it. Buy, do it up using trusted builders, and put it back on the market. I would say this property in good condition is worth £630,000+ on a bad day.
We love Victorian houses. They are (normally) built like, well… houses, and provide great foundation and layouts to conversions and or restructure possibilities. I’ve probably seen the best part of 80-90 Victorian houses personally. Love them.
It’s semi detached too, so there may be some possibility of extensions (if that garage comes with it), and a massive bonus is that if you want to do an extension, you only have 1 neighbour to annoy.