At the end of December 2022 we completed another property refurbishment project in the heart of Cleethorpes. Back in October 2021 we sourced a three-bedroom terraced house, built between 1900 – 1929, on Mill Road Cleethorpes for one of our investor/landlord clients. 14 months later we opened a splendid six bedroom, fully en-suited HMO.
- The house was purchased for £97,500.00
- Estimated refurbishment costs £105,000.00
- Estimated revaluation £255,000.00
- ROI (Annual Cash Flow/Money Left In) 41.46%
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We started by stripping the whole property back to its bare bones. We moved door ways and built new stud walls in the bedrooms for the ensuites. And from there, added new sewage, plumbing, electrics and a whole load of plastering and tiling.
It was right at this stage that we began thinking about where furniture would go and how each room would be laid out. We wanted each room to be as large as possible but also for them to be comfortable and functional.
Big Decisions
Early on, we had to make a decision about where the en-suites would go in each room. The architect had suggested knocking a wall down between two rooms for two of the en-suites on the ground floor. But we felt that, with a slight alteration to the sewage, we had enough room in each bedroom without removing walls. On completion, we are still happy with that decision.
When we started thinking about the colour scheme that would be used in the property we first of all asked for feedback on social media. From there we chose a deep (almost black) anthracite grey and white. A bold decision and the first time we have used this colour scheme in one of our properties. So that the hall, stairs and landing wouldn’t become too dark or too white, we agreed to paint the lower part of the wall grey and the upper part white. Thankfully the investor liked the decision and agreed to pay extra for a dado rail to be installed. We are very happy with the result and think the dado rail finishes the wall off perfectly.
Property Refurbishment Issues
It didn’t all go smoothly though!
We began this project during the COVID pandemic and complied with all COVID restrictions. This included limiting the number of people working on the site at one time and ensuring that team members isolated whenever necessary. Then towards the end of COVID restrictions we found that there were issues in the supply of several materials. This was really frustrating at the time and caused significant delays.
We are always looking to grow our network of reliable trades and tested some new team members on this project. Disappointingly some of the workmanship was not up to the standard that we expect, meaning we had to redo the work, and in some cases bring in replacement trades people.
Property Refurbishment Wins
We, and the investor are thrilled with the finished product! The house looks great and feedback from viewers and the public has been very positive. It looks modern and very stylish. It is functional but also comfortable and homely. And even before the rooms were put on the market we had lots of interest from potential tenants.