Save time and money on your next HMO refurbishment project simply by fostering the right kind of relationship with your refurbishment contractor. Communication, of course, is key, as is a detailed schedule of works where each development phase is signed off on completion. Most importantly however you want to be visiting the site when you can. Problems that are identified early on cost a lot less than problems that only become apparent later down the line.
The truth is that not every house is suitable for use as an HMO property. Whether it’s bedrooms or communal spaces, room sizes matter and there is best practice to follow not least of all regarding the fundamental matter of keeping your tenants happy and the property fully habited. So, stop waisting time viewing properties that are not going to work by setting out some rules about exactly what you’re looking for before you start your search.
Let’s face it HMOs are pretty popular these days and that means there’s more competition in the market, prices are higher and deals are harder to find. As ever the way to get the edge on the competition is being able to do your research properly. In today’s video Rob looks at researching an area in-depth according to five criteria. Yield, demand, competition, supply and population.
Government rules for houses of multiple occupation can be a bit of a minefield. Landlords ask us all the time about how they can be sure that they’re meeting HMO regulation head on. The good news is that your local HMO officer is there to help and as simple as it sounds a phone call to your local authority is all it will take to get you on the right track.
Reduce costs and increase your profits as a landlord by making your house of multiple occupancy (HMO) more energy efficient. By just making two small and inexpensive changes to the property you will significantly reduce your utility bills and add to your bottom line. But, it’s not all about the money. These days it’s every landlord’s responsibility to make sure that their properties consume as little energy as possible.
In this article we’re going to be looking at two browser extensions which are going to make looking for property online a lot more efficient. These are Property Tracker for Chrome and Property Bee for Firefox.
HMOs are different to standard buy to let properties in that regulations regarding fire safety can be more complicated and are often more expensive to implement. There are good reasons for this. For example in an HMO there are going to be more internal locks than in a family home and the tenants might not even speak to each other that often. But don’t worry. Fire regulations tend to be nothing more than common sense and your local HMO enforcement officer is there to help.
A question that comes up a lot with regard to furnishing houses of multiple occupation for professional tenants is whether or not to include a TV. We feel that providing a TV for the lounge is necessary, if only to encourage your tenants to mingle. Providing TVs for the bedrooms is expensive and typically unnecessary as most tenants will have their own and if not then they’ll have laptops or tablets they can use.
In order for you and your contractors to stay organised during the your HMO refurbishment project you are going to want to draw up 4 key documents or checklists. The first is a schedule of works so that you know when renovation work is going to happening. The second is a complete furniture checklist so you know exactly what you need for each room. The third is a full project schedule or diary and finally you’ll want a room plan to which to refer. Remember, detail can be easy to forget so you need to stay organised
When it comes to HMOs you need to think about your preferred tenant profile early in the process. There are plenty of different types of tenants to consider. Whether it’s professional, student, local housing allowance or social housing tenants each comes with their pros and their cons that you are going to want to weigh up in your strategy.
In the world of HMO investors today’s topic can be somewhat controversial. It’s the question of communal spaces and whether or not you should include a communal lounge in your properties. It is obvious that converting an existing lounge into an extra bedroom is going to increase your potential yield. But, in our opinion, by doing this you are incurring a hidden long term cost and loosing control over the tenant profile that your property is going to attract.