What's the cost of HMO full refurb contractor?

[Paul Sm 0]

Hello, 

I am starting with my first HMO and don't have time to manage the property and do the refurb. The property already has an extension. But we need to make all room ensuite and on top of that we have a full loft conversion. I guess it takes around 3 months work. How much a HMO full refurb contractor cost? I have a quote from a contractor, but I don't want to get ripped off. What's a fair rate?

Thanks for your advice.

[alastairkennedy 20]

Without looking at the property a fair rule of thumb for budget is 10k/bedroom (refurb, en-suite, basic fit out, common services eg. wired fire alarm, kitchen, modest garden, etc). Conversion/extension would be extra over; as would be licences / change of use. 
This is just a generic starting point though. If you don’t want to get ripped off, and don’t want to manage it yourself, employ a designer and contract administrator.  There are some agents who will take an HMO on from day one - refurb, advertise, let and manage all as a turnkey service.