HMO Deal - Help Needed · Assets For Life Hub

HMO Deal - Help Needed

Hi gang!

I need help with a new deal as I'm missing some key elements and hope someone here can fill me in.

I have a 3-bed property with lapsed planning permission for a two storey side extension and a loft conversion. This would make a marvellous 6-bed HMO.

Market Value is currently £325k-£350k.

Purchase Price is £250k including all fees and tax.

Local HMO rooms are going for around £700pcm but they're nothing special.

Post conversion, looking at income of around £5400 pcm (6 x £900 as going for 'high end').

I would like to build:

2-storey side extension (approx. 3.5m x 7.5m), providing two large bedrooms with en-suites.
Loft conversion, providing large bedroom, en-suite and separate plant room.
Single storey rear extension (approx. 2m x 8m), extending the existing kitchen and dining room and providing a separate utility and toilet to one side (behind side extension).

What I would like to know is:

Am I correct in saying that a 2-storey side extension is not covered under PD so will require planning?
What ball-park figures should I expect for the conversion?
Typical timescales?
How do I calculate the 'commercial' value based on the HMO revenue?
Is somebody willing to JV on this? I'm specifically talking about cash for the conversion.

Thanks in advance for any help.

Regards,

Paul.

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HMO Deal - Help Needed