5 Quick HMO tips
- Gillie Barlow
- Feb 19, 2024
- 1 min read
Make sure you know the complete cost of the project before you begin. Always add in a contingency figure
Calculate the predicted ROI (Return on Investment) and if it’s likely to be less than 15% DON’T DO IT.
Do the Spareroom.com numbers. If there are any more than 3:1 rooms available to tenants looking, NOW is NOT the time to buy in that area.
Stick with one HMO tenant type
Ensure you (or your accountant) create a Profit and Loss statement that you analyse monthly. Even if you just have one HMO this will keep you on track and get you to drill down into minimising costs and maximising income.
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