With the increased demand for a house of multiple occupancy (HMO) property, more investors are interested in it. However, as an investor or landlord, you can increase your HMO property returns and fill your pockets by adding more value to them. We have some amazing tips that will help you increase the potential value of your HMO and also attract more professional tenants.
Though there is tough competition in HMO land, you can still stand out from the rest and up your game. Here’s what you have to do to increase your day-to-day earnings as an investor.
1. Extend The Property
In order to ramp up the potential of your HMO, add one (6m for semi or terraced house) or two-story extensions. You can use the extended space to add more bedrooms, which will ultimately increase the property’s rental yield. Remember to put an official application before doing this extension.
It would definitely require more budget but you can choose other methods too. For example, if there is an extra-large bedroom or living area, split it into two six and a half square meters of bedrooms. Or you can even use an un-used garage for that matter. Remember to analyze the layout and size of the house before incorporating an extension.
2. Focus On Interior Design
If you want to save yourself from the hassle of creating extra space and save some money as well, changing the interior design is a good option. It will definitely increase your return by 50% as most of the HMOs in the market feel entirely run down.
You can take it as an opportunity to add value to your property. Install new flooring, textured walls, fresh paint, or put up interesting photographs to add-up to its value. These small changes can yield more rent for each room.
3. Changing HMO Design
Shared accommodations can yield more returns if they are interesting and more creative. You can do this by incorporating well-spaced HMO Property Designs in your place. There are many property design ideas you can opt for.
Tenants nowadays prefer more space; you can fulfill their needs by providing larger bedrooms. A bigger room with a space of two beds is more desirable for tenants. If there is an excess over after two bed’s area, you can install an en-suite too.
4. Update The Kitchen
The kitchen, in shared accommodation, is used most frequently. If it is 15-20 years old, the cabinets would worn out, making it look messy. Modernizing and updating the kitchen would attract the attention of tenants.
You won’t believe how it would change the rent you charge per tenant. Make sure it has enough food storage space and clean flooring. It will help if you have 0.5m of worktop per person to meet the standard requirement.
Putting It Together
Now is a great time to add value to your property by following the amazing tips from HMO Property Designs mentioned above. You can earn greater returns through property valuation. Remember, if your property looks ravishing, you can also sell it to potential investors.