Like any other rental investment, the more attractive your property is to potential tenants, the better price you will attain, and the quicker your property will let. With increasing competition for HMO landlords, be it from other HMO’s, purpose built student accommodation or inexpensive single lets, anything that makes your property stand out from the crowd can improve your rental yield.
Initial investment in your HMO is likely to increase your returns over the long term. For example, investing in hard wearing flooring in communal areas is likely to offer far better value for money than installing a cheaper alternative which will need constant replacing.
In this modern age, it is also worth investing in the tech side of your property. Wi-Fi is of the utmost importance to most tenants and can be a cause of termination if there is not adequate Wi-Fi provision to the property. It is worth planning for adequate, consistent Wi-Fi that covers the entire property when looking at any refurbishment.