E&M Property Solutions take on HMO’s in Lancashire

At E&M Property Solutions, we are proud to be known as the HMO specialists of Lancashire. Our expertise in transforming standard properties into high-yielding Houses of Multiple Occupation (HMOs) is unmatched. Why? Because we offer fully comprehensive services all the way from sourcing, renovation through to photography and advertising.

HMO’s are often surrounded by negative opinions, but this blog will hopefully help you understand why there is a need for them and what the benefits are for both tenants and landlords.

What is an HMO?

A HMO, or House in Multiple Occupation, is a single property rented by at least three people who are not from one 'household' but share facilities like the bathroom and kitchen.

Each tenant will pay rent for a private bedroom which may or may not have its own private bathroom, and will share any communal spaces with other tenants. Included in the rental price are the utility bills, such as gas, electric, water, council tax and complimentary WiFi is often provided for tenants to use.

Further to this the HMO will be fully furnished, so each bedroom will have all the essentials such as a bed and wardrobe set, the kitchen will be fully equipped with white goods and all required equipment, and many even have a shared furnished communal living / dining area.

Who Use HMOs and Why?

HMOs are beneficial for various tenants.

Students seek proximity to universities and the socialisation of communal living.

Young professionals often desire affordable, flexible housing options close to urban centre’s, perhaps whilst saving up to rent or buy individually.

Low income individuals may turn to HMOs for more manageable fully equipped rental rate, having the bills included in the rental rate makes budgeting a lot easier.

Professional workers who come from overseas or have been transferred from out of the area and need affordable shorter term accommodation close to their place of work. For example many HMO’S in Burnley are used by NHS workers needing accommodation close to the hospital.

Why Are HMOs Beneficial for Property Owners?

For landlords and property investors, HMOs represent a lucrative venture due to higher rental yields when compared to single-let properties. Having more than one tenant also minimises financial risk—if one tenant leaves, the income flow from others continues, reducing the impact of vacancies.

What Makes a Great HMO?

A successful HMO combines functionality with appeal.

This means well-designed and equipped communal areas. Many HMO’s provide the basics, but E&M encourage landlords to give their HMO’s a touch of luxury.

Including extra touches, such as a smart tv in the communal area, extra kitchen goods, decor and wall art in bedrooms etc, adding those little touches make the property stand out and invite tenants in.

Having private and comfortable bedrooms that have plenty of modern storage options, and homely extras.

Perhaps most importantly having reliable utilities, and amenities that meet the specific needs of the target tenant group.

Safety features, such as fire doors and smoke alarms, are not just essential, they're a legal requirement, and of course we check these before we take on any new property.

How E&M Property Solutions Can Help

We like to imagine that we are the potential tenant, taking into consideration their wants, needs, affordability and desired location, our final aim is to produce an inviting, space you would be happy to call home.

Our full conversion service includes:

Sourcing: We know the areas that are in need of HMO’s and are happy to help landlords and investors purchase on and off market properties perfect for conversion.

Renovation: We will transform outdated properties into modern, code-compliant HMOs with our skilled in-house team.

Full Furnishing: We understand the importance of furnishing to attract the right tenants. Our ever changing designs are stylish, sturdy, stand out and suited to communal living.

Staged Photography: First impressions last, and our professional staged photos make your HMO stand out in the competitive rental market.

Video Walkthroughs: In the digital age, a video walkthrough is an invaluable tool for property viewings, especially for tenants coming from over seas, maximising reach and efficiency.

Advertising: Our targeted advertising strategies place your HMO in front of the ideal demographic, ensuring faster tenancies.

Full Management: Once your HMO is ready to be rented out, we can help you find the right tenants, ensure the right checks are made, and fully manage the whole process, including rent collections, inspections and ensuring everything is compliant.

The E&M Edge

We take pride in our local expertise and our commitment to exceptional standards. With E&M, your investment is not just refurbished but reinvigorated, positioning you to achieve the best possible return. Our bespoke service caters to each property's unique potential, and our track record is a testament to our dedication to excellence.

With E&M Property Solutions, you can rest assured that your HMO project is in expert hands. Transforming properties into profitable HMOs in Lancashire has never been easier—partner with us and watch your property's potential unfold.