If you’ve ever tuned in to the fix and flip podcast episodes of We Buy Houses Radio with Rick Otton, the main goal of any refurb project is to increase the value of the property. In HMO’s, adding more rooms is a great way to improve earning potential.
But before you go all out converting every available space in your property into a room for possible HMO customers, you need to know that there are standards that need to be observed. Remember that you HMO will need to be inspected by your local council who will run a risk assessment based on the prevailing Housing Health and Safety Rating System.
You also need to remember that, in some cases, there are some renovations or additions that may need planning permission from the council as well. If you are going to make a whole lot of changes to increase the number of rooms in your HMO then you need to:
- Keep a record of all applications.
- Keep a record of all correspondence with the legal authorities.
- Keep a record of all approvals.
This ensures that all the changes you make are not only legal but are covered for any future disputes and maybe even insurance purposes.
How to create more rooms for your HMO
There are quite a number of ways through which you can make more room for your HMO. Although some people get more creative than others, the more common methods to use include the following:
Transforming different rooms into functional living space:
No doubt you already knew this one. The problem is that most HMO owners only ever think about transforming rooms into extra bedrooms. This often presents a challenge because let’s face it, you will have a had time transforming that patio or closet space into a bedroom. There are, however, some rooms in the house that you may not think to transform into functional living space. We are talking about getting extra bathrooms or common areas. Imagine how much more your HMO will be marketable when you can say that it has 4bedrooms and 3 and a half baths in the advert? The half bath can easily be salved from extra closet space.
Make the reception, garage and basement new bedrooms:
As long as the room is big enough to fit a bed, maybe a night table and some closet space, then it can be transformed into an extra bedroom. We are talking about spaces like your garage, reception, basement and attic. With a little insulating and some remodelling, these spaces can make excellent bedrooms.
Build extra rooms outside:
If you have a backyard and have the right permits, you can easily construct an extra room outback. Of course, you cannot go building an entire three storeys back there, but you can build a single room that can be turned into a low paying bedroom.
Your other options include things like moving walls to create extra space for one more room within the house. There is a good chance that all those extra walls are costing you a lot of valuable space. If you can find a way to economically move them about and restructure the existing rooms, then you can actually create an extra room in there. These are all excellent tips on how to create more rooms for your HMO.