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  • HMO & Multi-Lets

    HMO Analysis

    Does anyone have a good system for working out refurb cost for turning properties into HMO.  All costs.  Thank you

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    I don't mean to appear unhelpful but this is a bit like asking how long is a piece of string. I've converted several properties into HMO's and keep close track of costs (I'm have a construction project management background) and would be happy to share if you can describe the property and the nature of the works which are needed to convert into HMO. I tend to buy really run down properties which need stripping out completely and then rebuilding on the inside. As a really broad brush figure my latest conversion was £85k for a six bed but included all new heating and wiring, re-plastering right through, new roof, new kitchen the whole works. High spec and providing fantastic yield. 


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    Your piece of string is longer than mine (ahem) I have spent £0 on refurb up to £25k but never done an hmo of 6 beds. I have spent more on an identical project as had to outsource more than on another. Is the string now tangled?

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    Agreed with the length of the string comparison

    I have completed six HMOs in the last few years.

    As a very Rough guide it's generally around 11k per room. So in effect converting a 4 bed house into a 6 bed HMO would cost 66k.

    Justa guide but serves me well


    Also don't forget to factor in the costs for furniture and white goods etc


    Good luck

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    I agree with the other comments – it depends on the spec of the HMO you are looking to create.  For example, it would cost more to create an HMO for professionals than for students, particularly if all your bedrooms are ensuite.  I completed a high end 6 bed HMO last year and it cost over £100K but that included an extension, thermal and noise insulation, high spec central heating/hot water system and complete re-wire. To give you an idea of how much a conversion can potentially cost, check out Oli’s excellent post here: https://www.propertytribes.com/our-6-bed...27940.html.

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