Ensuites in HMOs; How I am getting £1,000 more rent per month as a result of installing ensuites…Plus they rent first! Let me share the recent HMO, with 5 rooms, 4 of which are ensuite. Im in Bristol, and one of my 2 cookie cutters is a 5 bed HMO with as many ensuites as possible. Rooms on their own in Bristol tend to rent £400 - £450, per month, roughly. This HMO is still under refurb, (I’ll post the two videos below from a few weeks ago down below so you can see the layout as they were taking shape) Deadline for tenant move in is 15th December (was 8th got pushed back a week) We are advertising and viewing it already, with previous sample photos. So the tenants are effectively viewing a building site, albeit it where the rooms are painted, but there is no flooring, tools everywhere and 4-5 trades still on site. We have rented out 3 rooms so far, at £750, £650 and I think the third one £630, anyway in that range. I am sure about the £750 one as Tiffany had a bet on with us in the office that she could get it (I thought it was not possible). She has already had the bottle of champagne to celebrate, and Ash owes her a meal now! I will bring in about £3,200 per month, where if not with ensuites, it would have been approve £2k - £2,250 per month. I find the amount they are prepared to pay crazy, and I am super grateful to Tiffany, who at 25, knows the rental market better than me, and to our talented photographer, but still.... The extra superb cash flow will easily allow me to replace tiles when they are a bit tired etc. What I found the most interesting, is that the 3 most expensive rooms went first. The only one which is not ensuite is still to be rented out, along one ensuite one. You might have thought that the cheaper room, which is basically getting a bathroom to itself, as no one else in the house will need to use the communal bathroom, would go first, but it is clearly going to go last. So ensuites in Bristol make a big different on the price we can charge, and also the speed of rental., and therefore the lack of voids.
Posted on: Fri, 28 Nov 2014 06:54:59 +0000