Whether you’re an existing HMO landlord or are keen to invest in a house of multiple occupation in England, you need to be sure you’ve chosen the right property for your project.
Select well and you’ll have a great investment! But what makes a good HMO property? There is no exact science, but our team at The HMO Network have some helpful tips for you to consider when it comes to selecting the ideal property to convert into a HMO.
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Location Counts
The first key element to look for in a suitable HMO conversion property is a good location. You need to find a property located in an area of England that has good local amenities and transport links as well, of course, as strong demand for rental properties. You should always check the local HMO regulations to ensure you can convert a property in this area.
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Choosing The Right Property Type
The most popular properties for HMO conversions in England are traditional semi-detached or terraced houses that have a minimum of three bedrooms. You can create an all-ensuite six-bed HMO from this type of property, but you’ll need to check the property meets all building and fire safety regulations and that it’s structurally sound. If it isn’t, you’ll need to be committed to carrying out the work yourself if necessary.
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Arranging Your Floor Plan
You should ensure that you’ve created a floor plan that allows for separate sleeping and living areas for tenants that meet and, preferably, exceed the standards required. Focusing on minimum space sizes is a bad idea – instead, you should consider the flow and layout of your property to make sure it will be suitable for several tenants to live in comfortably.
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Considering Parking
If you’re choosing a property in an area outside of town, or without suitable public transport links, you should consider parking facilities. Ample on-street parking or a large driveway is ideal. However, to maximise your revenue opportunities, it’s often best to focus your property search on areas that benefit from regular bus, tram, train, or other public transport links.
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Purchase Price
A key consideration will always be the purchase price. You need to bear in mind that the cost of buying your investment property is just the tip of the iceberg. You also need to allow for the cost of renovating the property and bringing it up to the appropriate standards. Then, of course, you need to be certain you’re going to be able to get a good return on your investment.
To work out how much your potential return could be, you should remember to consider the costs of council tax, utilities, and any other expenses to get an accurate calculation.
Managing A HMO Property In England
Choosing the best property to convert into a HMO in England requires you to carefully consider many factors. However, if you follow our tips, you will boost your chance of successfully conquering the local HMO market.
Once you’ve bought and converted your HMO property, you then need to decide how to manage it! At The HMO Network we offer a comprehensive HMO property management service.
Get in touch with us today on 01245 835859 to find out more about how we can make your life as a HMO landlord easier and more convenient.