HMO stands for houses in multiple occupation or houses of multiple occupancy. This kind of let involves three or more tenants who are not a family and so there are shared facilities such as bathrooms and kitchens in the property. Often it is students sharing a house while studying but it can also be any individuals who are happy to share living space with others.
Posts Tagged ‘hmo property’
Working out the right rental price for your property is one of the hardest decisions you’ll have to make as a landlord in property development. You want to make your investment worthwhile, but charge a price that is still attractive to potential tenants.
Houses of Multiple Occupancy are a unique opportunity to make more money from your property investment by renting space to several individuals at one time. A few fairly simple renovations can alter a property to make it suitable as a HMO meaning monthly revenue can double or even triple. However, renting a house as a HMO means dealing with more tenants, and the more tenants you have the more work there is. It is often not a case of letting the property then returning in 6 months to check out progress, but rather a much more active, hands on job for the landlord. If you aren’t sufficiently prepared for the HMO letting world, the tenants will eat you alive but if you are on top form, as involved as you need to be there is certainly a great deal of money to be made and enjoyable work to be done.