Case Study: My 1st own HMO conversion

1 Aug

Project / 5 bed HMO, Caversham Reading
Client / Own project
Completed: 2019

Welcome to Our Own Projects Series!

Located just a short walk from Reading's main train station and town center, as well as moments from Caversham's village center, this property is perfectly situated for busy young professionals.

The property underwent a complete back-to-brick renovation, transforming a 4-bedroom single-family dwelling into a high-specification 5-bedroom co-living house share, complete with our signature Scandinavian interior design.

The Story behind this project

During the renovation of my first "doer-upper" home—a flat in Putney, SW London—I decided it was time to embark on my property investing journey. It had always been my goal to undertake my own projects alongside my work on client projects. Rather than following the conventional path of building a portfolio through buy-to-lets (BTLs) and gradually moving up to Houses in Multiple Occupation (HMOs) or larger projects, I jumped straight into my first investment: a 5-bedroom HMO.

This decision came with its challenges, particularly in securing a commercial bridging loan. Many lenders prefer applicants with existing BTL experience. Fortunately, I found a lender willing to consider my expertise as an architect instead. At that time, I was also self-managing a share of the freehold for a block of nine flats (one of which was my own home), which provided me with valuable property management experience that worked in my favor with the lender.

I quickly identified Reading as my investment area. Its proximity—within an hour's drive from my SW London home—combined with significantly lower prices per square meter compared to SW London and strong potential for long-term capital growth made it an attractive option. After sourcing the property on Rightmove, I soon had my offer accepted, and the rest is history.