Tracey Woods HMO
Director of Landlord Smart
Forum Partner
I am interested to know just how much investors budget for furnishing their HMOs, SA units or property projects and what factors do they bear in mind when selecting the price range?
There are many trade suppliers that are used to providing furniture of differing levels to the rental sector and HMOs. The cost does vary dependent upon the standard you want to achieve. Trade suppliers are good as they offer service and quality with 3 year guarantees to back their furniture too. As a rule of thumb for a bedroom I would budget £400-500 which would get you a bed, wardrobe, chest of drawers and bedside table. For a lounge/diner you would be looking at around the £500 budget.Hi Tracey,
HMO is something i am considering. What would be a typical budget for furnishing (for a 4-5 bed) in your opinion?
I would totally agree with you comment about not spending big just for the sake of it. I believe that decisions as to the quality and type of furniture purchased must always be based on what your tenant or customers will expect (also can be considered what is currently being offered to raise yourself above the market and achieve maximum returns).It would depend on the furnishings required but I doubt you would get much change out of £2,000?
The idea of leasing probably means you can buy higher quality furnishings than you might otherwise have been able to afford and also helps short term cash flow. But don't spend big just for the sake of it.