Video Transcription
Durham House of Multiple Occupancy (HMO) Property Tour
Hi Richard Mews here again. I’m now at a Durham House of Multiple Occupancy (HMO) property investment and this HMO is two miles west of Durham, right next to an industrial estate, which is good location. It is not let to students. It’s let to professional tenants. The owner lives abroad, asked me to have a look. She’s looking to sell it.
It looks from what we’ve seen so far a very impressive building. Purpose built, detached and now I’m going to go inside and have a good look around.
I’m on the outskirts of Durham today looking at the HMO. I’m going to take you on a video tour, internally and externally. So, here we go.
You can see the outside of the property. This is an 11 bed HMO and it’s situated two mile west of Durham. Very well located and believe it or not, it’s not a student accommodation it is for professionals. Right next to the major industrial estate. Now at the moment it’s nearly all let. There’s one or two rooms that are empty because a new agent’s just took over. From what I can see so far, I’m very impressed. If you’ve got a look on the top, you can see solar panels on. Now that’s a great start. I’m going to go right through the property, join all these videos together and then come back to here later.
Here we are, communal kitchen. This is in excellent condition as you can see. Very well fitted out, modern, breakfast bar. It has a number of white goods, microwaves, fridge and even a television. So this is as nice as it comes. You can see you’ve got all the fire blankets. There’s the fridge freezer. The view out, just as I’ve said before you can see straight ahead, this is the industrial estate. We see the living accomodation. We have got one of the tenants watching the television in the lounge area, which is excellent. Really really nice.
This is one of the rooms without an en suite. You can see it’s got Wi-Fi, television. Really really spacious. If I’m honest I don’t think I’ve seen an HMO as good as this. Just going to look at the communal areas on the first floor. Here we have another living room, that’s quite nice. On the first floor now and there’s another kitchen. I wasn’t told what exactly was available, but this is a massive kitchen. The kitchen units are really really nice, top quality. As good as I’ve seen. See the view, you can see there again, all the factories units. Quite a big industrial estate and offices. This is quite nice, very nice actually. HMO.
So we’ll carry on. This floor as far as I’m aware, haven’t been able to get any keys that fit in the rooms. But there is shared bathrooms. We’ve got another fridge space there, washers, tumblers. So everything provided. I assume that this is the shared bathroom, which you can see has a push bike in it. It’s very very nice, very nice. I can see this being really good to attract tenants. Now I know on the ground floor and the second floor, these are all en suite. But I will post a little video later on showing that. Showing these rooms, the vacant ones. But I am really impressed.
You see some HMO’s that are really quite dingy and not to a very good standard. This is to a really nice standard, really nice. Honestly, I want to see the rooms. But I happen to know they’re very good as well. I’m sure you will have no problem finding a buyer for this.
Hi, it’s Richard Mews here. As you’ve seen, I’ve just put a post on Facebook of some properties that we’re going to see. First one was in Ushaw Moor. I’ve just been to see it. Seen the vendor’s agent. Now, this was supposed to be a Below Market Value (BMV) deal. But it’s turned out, we only got the inquiry last night and the vendor can’t afford to sell below the value. He’s spent a bit of money on it and in fact he’s tried to sell it a couple of times and had no takers. It will really struggle.
Not a good buy in the view that he paid too much for it and then did the work and now it’s at such a high level that he can’t really get his money back in the short term. So, not a BMV but I’ve explained about a lease option. This is a strong possibility. They’ve also tried to let it once and thought, right we don’t want to do that. But they’re very keen to hear more about this. So later today I want to send them the copies of the agreements that we do, the legal agreements and also the main points of what the option entails. In this case of monthly amount payable, what they’re liable for, what they’re not liable for and the option price. So we’ll set the price, a little bit higher than the money that they’ve spent on it. So it will protect their investment and then we’ll get it back. The beauty of the property as well, it’s in a decent area. In one of the villages, just outside Durham City. So it will be attractive to one of our lease option investors. I’ll keep you posted.