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’
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.
There are loads of people out there looking to rent a property but the reality is you want the best tenants there are available, ones that can keep up with the rent, that will treat the property with respect and that will hopefully stay for a long period of time. The market is competitive, so how can you make sure you get the perfect tenant for your property?
As a property investor you need to have your property let 52 weeks of the year or as close to that as possible. The summer can be a time of transition for many people, and you will often have tenants moving on at the end of an academic year for new jobs or courses, so take a look at our five top tips on letting your property this summer.
To furnish or not to furnish, that is the question! There are a number of arguments on both sides of the fence as to whether it is worthwhile renting your property with furniture and this blog will look at just a few of them, making you aware of the implications of renting a furnished property but also the benefits that furnishing could bring.