We are often asked ‘should a HMO be furnished?’ The simple answer is that HMO’s in London are not required to be furnished, however they are generally expected to be! What furniture will the landlord provide? Well, HMO property landlords should be providing at the very minimum, essential furniture:
In the world of property management, landlords are constantly seeking to maximise returns, therefore, in this article, we will explore whether taking the time to invest in quality furnishings for your London HMO (House in Multiple Occupation) can lead to higher yields and more responsible and attentive tenants.
Do High Quality Furnishings Attract Better HMO Tenants?
When it comes to HMOs, attracting tenants is just the beginning. Maintaining the property and ensuring it’s well-cared for is equally important. But can the allure of high quality furnishings inspire tenants to be more responsible in maintaining the property?
Let’s take a look!
- Attractive Environment: Quality furniture can make your HMO in London stand out among competitors. Luxury furnishings add an element of desirability that can attract tenants who appreciate a comfortable and aesthetically pleasing living space.
- Pride in the Home: Tenants who move into a HMO property with quality furnishings are more likely to feel a sense of pride in their home. This pride can translate into greater care for the property as tenants are motivated to maintain the overall condition, including the furnishings.
- Higher Rental Income: Well-furnished HMOs can command higher rental rates. Tenants who are willing to pay a premium for a luxury living space may also be more inclined to treat the property and furnishings with care.
- Positive Reviews and Word-of-Mouth: Satisfied tenants often leave positive reviews and recommend properties to friends and colleagues. High-quality furnishings can lead to better tenant experiences, which can lead to positive feedback and increased demand for your HMO.
Taking it one step further, there are companies who supply specific HMO furniture packages and are worth looking into whatever your budget.
The Role of HMO Landlords in the Care of Furnishings
We’ve established that the answer to Should A HMO Be Furnished? is yes! However, HMO landlords play a crucial role in influencing tenant behaviour when it comes to the maintenance of the furnishings and the property itself. Here we have some idea’s for landlords to promote better care in their properties:
- Investing Wisely: While it’s tempting to cut costs on furnishings, HMO landlords should recognise that investing in quality pieces can yield long-term benefits. Durable furnishings are less likely to require frequent replacement, saving time and money.
- Setting Expectations: HMO Landlords should clearly communicate their expectations regarding property maintenance and the care of furnishings. Providing tenants with a handbook or guidelines on how to care for furniture will encourage responsible behaviour from the outset.
- Regular Inspections: Making regular inspections of the property, including the condition of furnishings, can help HMO landlords identify any issues early on. Addressing concerns promptly can prevent minor problems from becoming major repairs.
- Tenant Education: Consider offering tenants tips and resources on furniture care. This can include information on cleaning, maintenance, and reporting any damages promptly. The better informed tenants are, the more likely they are to take proactive steps to preserve the property and its furnishings.
Balancing Investment in HMO Furnishings with Return
While investing in quality furnishings has many benefits for landlords with HMOs in London , it’s important to strike the balance between investment and return on investment (ROI). Here are some considerations to ensure your investment is cost-effective:
- Budget Constraints: Understand your budget limitations and prioritise furnishings that offer the greatest value. Focus on high-traffic areas such as the living room and kitchen, where the quality of furnishings is most noticeable.
- Durable and Low-Maintenance Choices: Choose furnishings that are stylish, easy to maintain and durable. This will minimise ongoing maintenance costs and extend the life of your investments.
- Tenant Screening: Carefully screen potential tenants to ensure they are responsible and reliable. A thorough tenant selection process can reduce the risk of damage to furnishings and property.
- Regular Maintenance: Implement a maintenance schedule for furnishings to ensure they stay in good condition. Regular cleaning and minor repairs can prevent the need for costly replacements.
Setting the Right Standard can Lead to Higher HMO Rental Income
Quality furnishings can help attract responsible HMO tenants who take pride in their living space. However, HMO landlords must strike a balance between investment and ROI and play an active role in setting expectations and standards as well as promoting responsible tenant behaviour.
If you are wondering should a HMO be furnished and would like more information on this topic, or if you are a London landlord looking for a greater return on your HMO property, then get in touch with the team at Ashmore Residential. We would love to hear from you. Email us at firstname.lastname@example.org or call us on 020 8366 9777 .