Browse All Tribes or choose a Tribe below:
By signing up I agree to Property Tribes Terms and Conditions
Already a PT member? Log In
Sign Up With Facebook, Twitter, or Google
By signing up, I agree to Property Tribes Terms and Conditions
Already a PT member? Log In
Don't have an account? Sign Up
To reset your password just enter the email address you registered with and we'll send you a link to access a new password.
I have been checking out many of the HMO refurb videos on youtube and it's interesting to see what people have done.Firstly let me say I do not know this guy nor have I done any due diligence (as I am not looking for a mentor etc) but the finish he has achieved is superb. When I was renting in my 20s as a youngster I would have been very happy to live in a place like this. Check it out. If you into HMO then this is what the competition is doing.When I look on spareroom.co.uk in my area I see so many dingy, dark rooms with nasty old beds, kitchens etc. HMOs with this sort of finish take it to another level.
Note - I am commenting on the finish only, I don't know the person and his service.
Thanks for raising this topic, it's an interesting one.IMHO it's important to understand your target tenant demographic when determining the standard of finish. It is also important to look at the competition and see where they pitch their rooms.If you over-spec a room for the area and the tenant demographic, then it will be the most expensive room in the area and may struggle to let.For the finish above, I would expect that property to be in an upmarket area and appealing to young professionals who are willing to pay a premium.Here's a reprise of our "HMO Week 2017" content, as it covers this topic in some detail in various videos:HMO Week 2017 - powered by Platinum Property PartnersMonday - Launch of HMO Week 2017 with Steve Bolton - discussing popularity of HMOs and trends in the marketTuesday - Sourcing an area suitable for an HMO and finding a suitable property Financing of HMOs - insights and criteria Wednesday - Legal and licensing considerations / refurbing an HMO and optimising the lay-outThursday - Small HMOs vs. "Super HMOs" Friday - Creating harmonious householdsSaturday - Avoiding voids in HMOsSunday - Getting rid of a bad tenant from an HMO
Vanessa Warwick Landlord and Co-Founder of PropertyTribes.com **If you have got value from Property Tribes, find out how you can support it in remaining a free to use community resource**
yes i understand your point about who your target tenant is. In my area (Cambridgeshire & Herts) if I look at the HMO accommodation available to young working professionals there is a wide variety.There is a lot of supply out there so if I was operating in that market I would want the best product at a keen price to keep the tenants happy and voids low. It's great to see people offering quality finished products.
I'd like to see that property again after it's been let for 3 years to see how it's stood up to some wear and tear.
yes absolutely. I would be wanting to do very regular inspections too.
Very regular inspections is one thing, getting someone to admit to causing damage is another!
"It was like that when I moved in" (err no, it was a freshly fitted kitchen).
"Those knife score marks on the worktop were someones boyfriend they're not seeing any more". (Oh that's ok then, great....)
etc. etc.As I said, I'd just like to see what that place looks like in 3 years time.
Hi, I’m Saj Hussain they guy in the video. I’ve been creating and running HMO’s for a few years in Birmingham. It’s a big City and has numerous sub-markets within the HMO sector. My focus is to target professional tenants who will pay a premium rent for a quality product in a very good location.
Over the years we have had the odd problematic tenant that has caused some damage or left owing rent. However, the vast majority respect the properties and look after them. We have cleaners that attend the properties on a weekly basis and will let us know if they notice anything out of the ordinary. We also carry out inspections on a monthly basis. Maintenance and repairs we jump quickly to keep the properties in good order. This way the tenants also see that we care about keeping the houses in good condition.
The aim is to create a property/product/home/environment that I’d be happy to stay in myself. The key learnings for me have been to be selective about the tenants we let to, have good systems in place to run the business and have a good team to run the systems.
Well done on the finish of your properties, impressive stuff.
Hi Saj, the property does look very nice and it has been a pet annoyance of mine that nice fittings have been abused because its not the tenants property.
Do you inspect the bedrooms on a monthly basis as well or just the communal areas out of interest?
I have a cleaner who goes in fortnightly and her feedback pays her wages!
I would be genuinely interested to hear how say this property wears a few years down the line if we both remember as it looks great and I hope it stays that way.
Hi Saj. Thanks for sharing the video on your new HMO. I did a similar project in london spending 70k on the refurb putting in soundproofing, firedoors, ensuites. And a great kitchen lounge ending up with 4 beds that command a premium rent. 2 and a half years later I’m still repaying the refurb costs !! How do your suns look like and what’s your Yield. ? Jeremy
Jeremy, is there anything you'd havd done differently in hindsight? Where was the bulk of your spend?