When renovating a buy to let or HMO property in Manchester, managing costs and getting it done quickly should be at the top of your list. But don’t forget about your costs in maintaining the HMO property long term once it’s a rental.
Below are some of the simple ideas we use to make our HMO property Management easier and cost effective.
Firstly the paint you’re using in your HMO rental properties…it all should be the same. For example all of our HMO properties are almost a cookie cutter. Instead of using a different colour for each HMO property that you own, always use the same colour.
This way when a tenant moves out, or you need to go in and touch up the walls, it is a simple fix…plus a way to save money. Also have a basic colour…I personally hate magnolia…but white always works…By implementing this system, you’ll never have to wonder what color, or where it’s at. It’ll all be the same, no matter which of your units needs attention.
Next I strongly suggest a master key system. This will save time and money over the long term. Every time a tenant moves out of one of our Professional HMOs, we just need to change the locks for security and safety via the multi system. Otherwise changing locks can be expensive if you are using a locksmith, and you’ll end up with the telltale sign a landlord: a huge wad of keys! There are technologies out there that help keep this cost at a minimum, but you need to address it during the renovation phase to get the best bang for your buck. We use a great technology that allows us to change out the core of the lock without changing the whole assembly. We also have one master key to open up everything in our HMO portfolio.
Next tip for HMO landlords are to install durable flooring. This means selecting a material like hardwood or vinyl tile and avoiding materials like carpet. You want to have floors that will be able to withstand a lot of wear and tear. Giving your floors treatments like polyurethane will help them last over the longer term. If you decide to put in carpet, keep it to the bedrooms. More so to give our professional HMOs a luxury touch is we add in additional padding under the carpets. This gives a hotel luxury feel to the rooms in the Professional HMO.
The goal is to make it simple and repeatable. By making these small adjustments, you’ll be able to save money and time over the lifetime of the unit. In addition to systematising your process, you make it easier when it’s time to turn over the unit from one tenant to another.
Recent Comments