Having completed work on a number of HMO properties and as we are currently working on another we thought it would be a good time to review what a good HMO property should have. Firstly, if you are looking at starting up your own HMO property then you should really consider reading up on the regulations and discussing your potential project with the council prior to diving in.
In this short blog we are not going to focus on the regulatory aspect of HMO's but rather the sort of building work and specification you should look to achieve when converting a property. Once you have chosen a suitable location and you are on the hunt for property, start to look for houses that are going to be able to accommodate the number of bedrooms and bathrooms you require. Remember if you go to 5 bedrooms then the regulations required are totally different to a 4 bed and below as you will need to have a HMO licence, so lets assume you are looking for a 4 bed. You want to be looking for a property with 3 bedrooms upstairs with the possibility of creating a fourth bedroom downstairs. This will reduce your purchase cost but help to maximise your yield when you come to let the rooms. You do however want to be able to keep a descent sized communal area as ensuring your HMO is a good size and finished to a good standard will be essential in reducing occupancy rates.
When you begin the refurbishment work draw yourself up a floor plan to help you plan the work. Try to maximise the space you have and aim to create 4 double bedrooms with as many en suites as possible as these rooms let a lot easier than singles. Ensure you get a qualified and experienced builder such as ourselves, to complete all electric work and plumbing as well as any other building work to ensure you meet the strict regulations for HMO and you get the high level of finish required. Completing all building work to a high standard will mean you have much less hassle when the property is occupied. You do not want to be making repairs and having multiple call outs whilst you have tenants in.
Once all the building work is finished you want to look to furnish the property with good quality furnishings to attract new tenants but also to reduce the work involved in replacing items. Buying cheap is often a false economy so make sure you get quality.
Whether you are looking for a HMO builder to help you with your project or you need a building in Banroldswick, Skipton, Colne or Harrogate contact Builders in Skipton today and we will be happy to help.