How Much Does A HMO Refurb REALLY Cost?

Okay, welcome back to the HMO podcast.

Now, before we start, I want to be clear about one thing, because I don't want you taking wrong message from today's episode.

Nothing I say today will replace the value in getting real quotes, quotes from builders who are experienced, who've been in your property and walked in and given you a price.

That will always be your most valuable costing tool.

But what I am giving you today is the thing that comes before all of this.

It's the thing that sits alongside it.

It's the ability to know, roughly speaking, what a project should cost you.

That way, when you're stacking your deal up from your desktop, you've got the confidence in your refurb numbers, but also confidence When you get a quote, you can tell whether it looks sensible, whether something might be missing, or whether you've got a problem.

That's the real skill.

It's not replacing quotes, it's being able to interrogate them and being able to predict with the highest possible degree of accuracy you can.

So today, here's what we're going to cover.

First of all, we're going to talk about what actually drives costs.

There are two things that are so important.

I'm going to talk about how to place your own project against them.

And secondly, we're going to talk about the cost stack.

We're going to talk about every element of a refurbishment in the order that it happens, because this is where most people's budgets fall apart.

And then finally, we're going to talk about some published benchmark figures and what our members have really spent per room across nearly 40 projects in the last 12 to 24 months.

Now, I honestly think that this is one of the most valuable things that I could possibly give you.

We are incredibly fortunate at the HMO Roadmap.

We work with thousands of people inside our community.

And we feature hundreds of projects and have them for many, many years, all over the country, people doing all sorts of things.

And that gives us an incredibly unique oversight into what you guys out there in our community are actually doing.

And of course, there is benchmark data out there.

You can extract that yourself.

It's not difficult to get.