The top ten tips for building a profitable HMO portfolio were recently published by Property Reporter.
The top three are the foundation of the service offered by HMO Property Sourcing:
- Find the right property, with sufficient size and potential
- Choose the right location, (Stevenage has loads of advantages and advice about the areas within it is available).
- Suitable tenants – location will influence the density and type of potential tenants. HMO Property Sourcing only offers tenancy agreements to young professionals. The student market is not for our clients.
The next tips offer common-sense advice:
- Stick to your budget
- Know your local market
- Understand and meet your legislative requirements
- Use reputable tradespeople
- Future proof your property by using durable materials despite the initial expense
- Minimise maintenance costs
- Reversion costs – be aware of the cost of reverting your property should you wish to stop operating as an HMO
The tips were extremely familiar to the HMO Property Sourcing team. Martin Roche who heads our HMO property operation said: “We work hard to make sure that our clients’ experience of HMO investment is a smooth and profitable as possible.
“This includes showing the financial projections and sourcing proven local contractors and suppliers.
“As well as find great investments for them, we are actively involved in finding suitable tenants, managing the property and minimising void periods for our active investors.
“Great HMO property investment doesn’t have to be complicated.”
To find out more, contact Martin for an informal discussion.