LIVE FOR FREE AND EARN £42,000 INCOME AT THE SAME TIME. 2,700 Square feet.
Very successful Owner/Operator HMO operating since 2007,complete with beautiful self-contained modern owners accommodation in a rear extension of 1000 feet square which is attached to the house via a single door. Total internal area of the HMO and the owners accommodation is approximately 2,700 square feet. The owners accommodation comprises of a large bedroom 5M x 4.5M with walk in wardrobe, en-suite bathroom/shower room. Sitting/Dining room 9.5M x 4.5M with 12KW log burner, incorporating fully fitted Kitchen area ,3.5M x 2.7M and large ancillary walk in storage cupboard. Home office with pocket doors separating from sitting room 4M x 3M. All the flooring throughout is solid engineered oak boarding.
The HMO is in the remaining part of the main body of the house and comprises of 7 bedrooms one of which is en-suite, there are two further shower rooms and also a cloakroom with WC and basin. The main kitchen also comprises of a dining area, off which is a utility and boiler room. There is 15 meter long rear garden with raised decked area for outdoor dining, which is used by the owners and the lodgers by permission only. At the back of the garden a shed/summer house is situated for storage, tools lawnmower, wheelbarrow etc, the garden has a number of mature shrubs in the border and a log store for the log burner.
The front garden is large and mainly grass with a few mature cherry trees and a circular planting area for shrubs. The front drive is suitable for parking of two cars and there is ample on road parking for the lodgers and visitors in the cul-de-sac.
Income per annum is approximately £42,000 with full occupancy and this is achieved relatively easily because of relationships forged with a local international company and Universities over the years of trading. This results in lodger contracts being longer and more reliable than your average tenant.
Because of the tax rules regarding live in landlords capital costs of running and upkeep of the house can be set off against the income on a proportional basis , including for instance, utility costs, cleaning, garden maintenance, repairs, redecoration, new furniture and carpets, this normally results in very little tax to pay.
This HMO would be perfect for a retired or semi-retired people as well as working people as there is very little to do with regards to management and the accommodation is set up such that if you prefer you do not have to have day to day contact with the lodgers at all. This is the ultimate free living experience opportunity that you can lock up and go away on holiday for an extended period without worry. A cleaner visits once every 10 days and cleans the common parts of the property. On call trades are available to call out in the absence of the owner and posted on the notice board in the utility room.
The property was valued 2 years ago by a local residential estate agent who was unable to value it based on the income from the HMO as they had no experience in what they referred to as the commercial aspect of the property, therefore they valued it on a residential only basis. The valuation was £725,000, expecting to achieve £700,000.
Since then prices have risen by approximately 6.5% meaning that the property could expect to achieve a sale price of £745,000.
ASKING PRICE: including a very reasonable addition of £50,000 to reflect the income from the HMO is £795,000.
The property will be sold with the current tenants which means the buyer will be receiving income from the get go. The current owner is moving locally and is on hand and willing to help the new owners settle in and show them the ropes with the operating of the business.
Is accommodation included?:
see description above
Support and Training:
The current owner is happy to coach the new owner until they are settled and feel comfortable
Close to Bedford Park and the University, 20 minute walk into town and bus stop 200m away
Is this business home based: