The most common strategy amongst our investors is the HMO, and it’s one of our favourite strategies. Over the last decade, the demand for HMOs has grown by over 25% and their design has come a very long way! With such a huge rise in the cost of living and the ever-increasing mortgage rates, their popularity will continue to grow. The key to attracting high quality tenants is design led living spaces and we know how to do it well, really well! If you’re just starting out, HMO conversions can seem a little intimidating. But don’t worry, we’ve got you covered. You can read our blog on getting started here.
If you’re a little more advanced on your property journey, you might want to know our top tips on how to create the perfect HMO. Believe us, we’ve done it so many times, we’ve probably learnt most of what there is to learn! So let us save you the time (… and money!). Here are our top tips on designing a successful HMO to make sure that you’re never short of tenants.
Design with Community in Mind
HMO properties have the potential to bring people together and form close-knit communities. Happy, comfortable tenants will stick around longer, so it’s essential to design the space with this in mind. Creating communal spaces that are open and inviting will allow residents to feel more relaxed and at home. Having comfortable surroundings, cosy seating and creative interior design will encourage residents to spend more time in the communal areas rather than locked behind their doors.
Be Clear on your Target Market
Your design should always be centred around your end client. Will it be students, young professionals, contractors? Generally speaking, students will be more likely to want some social space where they can interact with their housemates, make friends and build relationships. Professionals are more likely to want private space and excellent connectivity to enable them to work productively. The colour scheme and the choice of furniture in bedrooms should reflect what the room is going to be used for. In the communal areas, you can get a little more creative! Bold interiors can encourage residents to be bold too so have a little fun, use brighter, more vibrant colours and key unique pieces to bring the space alive.
High Quality Furnishings
High quality tenants expect high quality furnishings. Buying cheap furniture is unlikely to create a space to set your HMO apart from your competitors. Choose luxury, stylish and comfortable furniture and furnishings to create a really homely space for your tenants to enjoy. It doesn’t have to be expensive and there are some great options out there for leasing HMO furniture too!
Make it Energy Efficient!
There are SO many benefits to creating greener HMOs. Not only are they better for the environment, they’re also better for your bottom line. What’s not to love about new ways to increase your net income?! You can find out more about our top tips for greener HMOs here.
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