The numbers we run at HMO feasibility: purchase cost, refurbishment cost (built up from a take-off, not a per-m² rate), professional fees, finance costs, projected gross and net yield, void allowances, management costs and a sensitivity analysis on rental rates.

A good feasibility report tells you whether to proceed, what to negotiate on the purchase price, and what risks to mitigate during the build. It also tells you when not to proceed — which is the highest-value output of the whole exercise.

The fee for a thorough feasibility is small relative to the cost of buying a property that doesn’t work.