When it comes to an HMO the name is the game really is profit and I gave a hypothetical example about how with a small investment such as adding a £100 desk to a room, it’s possible that you may achieve a £10 per week higher room rate on average.
These marginal gains make a big difference when we’re talking profit and it’s because of this that I always advise working with an experienced interior designer who understands HMOs to maximise your returns.
Here are six quick fire tips that I trust you will find helpful:
Opt for durable, low-maintenance materials
Because of the nature of an HMO, it’s essential to select materials that can withstand high levels of foot traffic and use.
Consider utilising resilient flooring options such as LVT and prioritise easy-to-clean surfaces like ceramic tiles in both the kitchen and bathroom areas.
Bear this in mind when considering furniture choices also (for example, cheap furniture may save you on the initial cost, but cost more in the long term through replacements).
Maximize space with multifunctional furniture
Be sure to maximise every inch of space and it’s worth utilising furniture that can serve multiple purposes, such as ottomans equipped with storage compartments or even fold-down beds to maximise on the use of floor space.
You may also want to look into things such as built-in wardrobes, shelves, and drawers to optimize the utilization of available space throughout the property (including in communal areas).
Use a neutral colour palette
Neutral tones such as white, grey and beige tend to be a good choice as they generally appeal to a broader range of tenants and contribute towards a sense of spaciousness and brightness.
Infuse personality with pops of colour
While neutral colours serve as a solid foundation, don’t hesitate to introduce vibrant accents through accessories like cushions, artwork, and rugs. These elements can inject personality and visual interest into the environment.
Expand the perception of space with mirrors
Mirrors are widely used by interior designers to visually enlarge a room and enhance its brightness. You will want to incorporate mirrors to help give the maximum sense of space and light throughout the property.
Don’t forget about the outdoor space
If your property includes outdoor areas, ensure they are not forgotten as a well-kept, attractive garden space can make a big difference when it comes to how attractive your property is to potential tenants.
You’d also be surprised at the difference it can make when looking at room rates and how easy rooms are to let. Don’t forget however, that you will want to ensure the garden is well maintained!
There’s certainly a lot to think about when it comes to investing in an HMO and if you’re considering an HMO as a potential investment avenue then we’d be more than happy to help.