Well-designed, high-spec HMO properties can stand out to your target tenants – whether you’re in the student or professional market. With our HMOs, I want prospective tenants to see photos of our space online and be sold before they even step foot into the property.
But how do we achieve the right look for our HMO properties and impress tenants? In this blog post, we’ll cover the importance of producing well-designed HMOs and my top interior design tips to help you create a property with WOW factor!
The Importance of Producing Well-Designed HMOs
As modern tenants are increasingly expecting more from their rental properties, well-designed, high-quality homes are more likely to catch our target tenant’s eye.
At the same time, standards of shared accommodation and HMOs are rising. Properties are becoming more interesting and creative. As there is so much competition in the market, standing out is more important than ever. Some HMO landlords may already be finding that older, more tired properties are losing out to newer, more attractive homes.
Because of this, great design can bring a number of benefits to you as an HMO landlord, in addition to the tenants that end up calling the property home. If your property is a cut above others on the market, you may benefit from:
- An increase in rental prices
- A better return on investment down the road
- The ability to obtain viewings much quicker
- The opportunity to fill rooms faster
Creating a WOW Factor in the Modern Era
Getting the right look for your HMOs is key, but naturally, it’s not always easy! It will take a lot of attention to detail and especially so if you’re on a tight budget.
It’s helpful to keep up with the latest interior design trends, particularly for your target market. Some of the most popular trends this year focus heavily on nature themes and calming living spaces, according to the Pinterest Predicts 2022 report.
These trends have been gaining steam as the COVID-19 pandemic triggered an acceleration in demand for this. And different shades of green have been particularly popular in the past couple of years.
4 Interior Design Tips for HMO Landlords
Don’t worry you don’t have to be an interior designer to produce a product that impresses your tenants! Here are four of my top interior design tips to help you create a property with the WOW factor.
1. Consider what your target tenants want and need. Make sure you know your product, market, and numbers before getting started with the interior design of your HMOs. Start by deciding what the primary function of each room is, and then design around this. Map out everything you want to include in each room.
2. Create an interior design mood board on Pinterest. Designing any property can be overwhelming. To help manage this, create a mood board on Pinterest. Choose a concept and look for inspirational images. This will help you move forward with design inspiration and clarity, in addition to a colour palette, materials, finishes, furniture, art, and accessories.
3. Play with splashes of colour and artwork. This can liven up darker spaces of a property. Often simple yet effective colour schemes can also make properties feel more like home. Be consistent with your colour scheme throughout the property to help create a cohesive theme. Additionally, putting vinyls and artwork on walls are little touches that can make a big difference.
4. Find budget-friendly options. There are numerous affordable solutions to help you achieve incredible interior designs in your HMOs. You may just need to get creative! We’ve found that interior panelling is one of the cheapest ways to transform properties. It’s versatile and really can be used in any space.
Putting It All Together
The focus for many young people, in particular, is on sophisticated living, and above all, you need to create a space your tenants are comfortable in.
With our portfolio of HMO properties, we love experimenting with different concepts and produce a range of looks. And we really enjoy pushing the boundaries with the interior design of our HMOs.
If you’d like to talk about interior design for HMOs further, come join us over in The HMO Community Facebook Group. And if you’re looking to take your HMO property portfolio to the next level, become a member of The HMO Roadmap!
About the Author:
Andy Graham is the founder and the lead trainer at The HMO Roadmap! He is also the co-founder of The HMO Mastermind and Smart Property, a specialist HMO property investment and management company. He writes as a regular columnist in different magazines about a variety of HMO topics and is the host of The HMO Podcast! Follow Andy on Instagram!