Jade Bailey’s third HMO project had metal shutters over the windows when she bought it back in October 2017. Not that it phased her. Having always lived in flips, she knew that her eye for design and some light refurbs could transform the centrally located semi into a stylish Mansfield HMO.
From retail to residential…
Prior to investing in HMOs, Jade was a retail store designer, working with international brands such as Diesel, Superdry and Hugo Boss. Whilst on maternity leave with her first baby, she was suddenly made redundant from her job of 7 years. She had a stint as a wedding stylist, before catapulting herself into the property world.
Initially, she and her now husband Tim focused on buy-to-lets, but after getting impatient with the slow progress they decided to shake things up. ‘We soon realised it would take far too long to achieve the passive income we needed as a family. So we sold our buy-to-lets to focus on HMOs,’ says Jade.
Jade picked up HMO #3, at the time a neglected mock-Tudor semi, for £115,000. The property was an abandoned ex-housing association halfway house. ‘It soon become a squat and general drug den,’ says Jade.
‘It totally pulled the area down. There were lots of terrible social issues.’
Originally, Jade thought of turning the spacious house into 4 self-contained apartments with their own kitchens and dining spaces. However, she changed strategy after factoring in the additional council tax costs.
Instead, she set on transforming the property into a 4 bed mini mo, complete with en suites and kitchenettes. She renovated the property and had it ready to go on the market in just under 9 months.
‘I didn’t get finished as quick as I would of liked considering it was a pretty light refurb,’ admits Jade. ‘But due to other projects and a new born baby in the middle of it all, it was okay.’
Low cost refurb, high quality design
The refurb was kept simple, due to the limited funds she had available at the time. Building work on the Mansfield HMO was conducted by Jade’s husband’s construction business McNeil Construction.
She added a new kitchen and updated the four en suite bathrooms. All the rooms were redecorated based on Jade’s brand’s look, based on geometric designs with a monochrome colour palette.
‘I like to add a colour pop into each house,With HMO 3 it was copper. The one before that was bright yellow.’
Jade replaced the lighting throughout the house. She sourced the monochrome tiled flooring (that ‘everyone loves’) from specialist tile distributor emc tiles and they were laid by Majestic Tiling Solutions.
A new front door was added and the exterior was painted in Farrow & Ball Down Pipe grey. Copper chairs and and white cabinets from Landlord Furniture Co provide a soothing counterpoint to the patterned floor tiles.
‘When I create a house concept I consider every detail to ensure consistency in design and experience. So the whole house is it’s own design concept,’ Jade says.
‘Most investors would look at each space independently but this doesn’t create a strong aspirational living space for the tenant or a strong brand.’
All in all the renovation cost £25,000 and the house was revalued at an impressive £190,000.
‘The devil is always in the detail.’
Creating aspirational homes
Jade recently did her first couple of viewings for the house and received excellent feedback. ‘The first person told me it was the best house he had ever viewed,’ she says.
The house’s current occupants include a doctor, a teacher and an artisan bread maker, professionals who might normally shun house shares. Jade attributes them choosing the property to the high quality interior design throughout.
‘I love creating aspirational homes for people to live in, she says. ‘As long as I’m working in property, it will be my core motivation.’
Going forward, Jade hopes to make use of the huge loft space. She plans to convert it into two large bedrooms. ‘We might even consider re-configuring the entire house at some point.’
HMO #4 and HMO #5
Jade is expecting to complete her fifth HMO, a 6 bedroom property, by the end of the year. Presently she is focusing on her fourth HMO, which will also be a 6 bedroom property, with a large communal living space.
Additionally, she is hoping to expand her property portfolio through working alongside other investors. Projects similar to the Mansfield HMO #3, involving buying the worst houses on the best streets, will be at the forefront of her strategy.
‘I want to create a portfolio of design led aspirational homes that give me high yields and capital appreciation.’
She is also looking to take her design business to the next level. ‘I am currently working with other investors to create concept driven investment homes which stand out.’
‘With strong branding and design I want to become a market leader within the co-living and co-working concept.’
See more photos of Jade’s stunning interiors on her Instagram: @bee_space_
Follow her projects via Facebook: BEE Space properties.