Hello Readers,
A recent property alert has brought up a fantastic property in Balmoral Road, Gillingham that’s up for sale at £300k. You can view the property here, and there’s a matterport tour here.
This three bedroom property has excellent potential and based on an initial look over the layout, I think you could get five or six rooms out depending on loft space.
With rents ranging between £650-750 for an en-suite and £575-650 for non-en-suite you could get some fantastic returns.
Here’s the floor plan:
Depending on the work required, you may need planning permission from Medway Council to convert it from a residential building to a HMO, but that is likely to be granted as long as proper health and safety procedures are followed to ensure the property will be in a good condition for living.
In any case, it would be prudent to fit the property in compliance with HMO standards, with fire doors, interlinked smoke alarms, carbon monoxide alarms and a heat detector in the kitchen.
As well as considering a loft conversion, you may choose to add en-suite bathrooms, but I would certainly recommend checking Medway’s regulations before commencing any work.
The best bit about this investment is that it is very close to Gillingham station and Medway Maritime Hospital, ensuring that capital growth will be good.
Medway continues to be an excellent area to invest and particularly within Gillingham, the HMO market is strong, so this one is definitely worth checking out!
If you want to hear about the latest buy-to-let deals, subscribe to this blog at Medway Property News. If you are considering investing in property in the area (including how I would recommend converting this property and wanted to talk about it, I’m happy to give my impartial advice. The best way to contact me is through LinkedIn.
Hasan
