Best Places for Professional HMOs in Manchester
Firstly everyone has their own personal opinions regarding virtually everything. I have my own personal opinions on for Best Places for Professional HMOs in Manchester. Putting Manchester into context, it is one of the largest cities in the UK with over 3 million residents. This translates into a very big market. On the plane I met 2 hedge fund gents who moved from London and bought flats in Manchester due to the cost of living. These gents were making alot of money that is why they were not inclined to live in a Professional HMO.
Northern Manchester property prices are much cheaper than in South Manchester. Actually there are places in South Manchester quite pricey such as Didsbury. It is hard to have a professional HMO in a pricey area. Your yields will be lower yet you might have capital appreciation. More so in cheaper areas, you might have higher yields yet probably harder to manage. You will find more owner occupiers in the Southern part of Manchester than the North, thus more stability.
Regarding what professionals are seeking in Manchester, two things…Transportation routes and proximity to their work. Not everyone works in the city center. We learned that many local businesses outside of the immediate city center provide us tenants. One particular area has several hundred thousand sq feet of warehouse space. There is large employment in the immediate area. Many investors just look at Salford for professional HMOs or Student HMOs. I am not sure this is absolutely correct.
I believe to have open horizons and farm various areas. I strongly suggest studying spareroom.co.uk to see what is the competition and demand for rooms.
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