One of the biggest challenges in HMO property management in England is attracting quality tenants while also making a good return on investment. While making property improvements is important for tenant retention, it can also be a costly enterprise.
Fortunately, there are some cost-effective HMO upgrades that you can implement without breaking the bank, so let’s look at three affordable HMO improvements that can help you achieve your goals on a budget.
1.Use Paint To Achieve HMO Aesthetic Upgrades For Less
One economical HMO refurbishment strategy is to give your spaces a new coat of paint. This simplest of all DIY HMO upgrades can even be done without the need to pay for professionals to complete the job, and it can give your property a surprisingly fresh feel and look.
Opting for just two colours throughout the house will not only save you money, but it’ll also add a modern, seamless feel to the space. Two of the top shades to select are crisp white and a fashionable light grey since they will brighten up even small rooms while also creating a contemporary look that will prove popular with tenants.
2. Increase HMO Value Cheaply With An Upcycled Kitchen
Any HMO landlord in England will know that kitchens and bathrooms are two of the most crucial spaces in any property for prospective tenants. However, they’re also the two rooms that can be most expensive to upgrade. Fortunately, when it comes to your property’s kitchen, it’s often possible to carry out budget HMO renovations by upcycling the existing worktops, tiling, and cabinets.
If your property’s kitchen is looking outdated and tired, it can be tempting to consider gutting the whole room and starting again. But that isn’t going to be cheap! If there are no layout issues, you can simply replace the existing cabinet doors and drawer fronts with new, more modern versions, or for an even more affordable option, give them a coat of paint, along with some new upgraded hardware.
Tiling can be brought up to date by applying self-adhesive tile stickers. This works on both floors and walls, livening up the space and making it look brand-new without the high price tag. As for worktops, there are lots of possibilities ranging from vinyl wraps to tiles that can renovate your work surfaces without going to the expense of buying new ones.
3.Benefit From Low Cost HMO Compliance Upgrades
You can kill two birds with one stone by opting for low-cost HMO compliance upgrades that allow you to save money on your refurbishment project while also ensuring your property meets the latest standards. One of the most affordable and quick HMO fixes that will impress your tenants while helping you meet your energy-efficiency requirements is replacing old lamps with modern LED solutions. These not only look stylish but also help to slash energy use in the property.
Go one step further and fit LED motion sensor lightbulbs in communal areas of your HMO property in England to demonstrate your commitment to energy saving while also reducing energy bills on a budget. You could also consider installing a smart thermostat in the property. These are available from many suppliers at an affordable cost, and they’ll improve your EPC rating while making the property more appealing to eco-conscious tenants.
Affordable Improvements Can Attract Tenants
Making these three affordable improvements can make a big difference when it comes to attracting and retaining HMO tenants, however it’s also important to ensure their upkeep in the long-term. Using a professional HMO property management company in England is the best way to keep your tenants satisfied while reducing your workload.
Get in touch with our friendly team at The HMO Network by calling 01245 835859 or email us at beth@charlesdavidcasson.co.uk to find out more.