How You Can Convert Your Property into an HMO
An HMO, or house in multiple occupation, is a property that has been rented to three or more tenants who are not part of the same household or family. A lot of landlords have HMOs because they are considered a more effective way of running a rental portfolio. This is often related to being able to collect rent from a higher number of tenants, but the location of the property can also drive this decision.
There are some renters who choose to live in an HMO because the rental payments will generally be cheaper. They may also prefer to live with more people. House-shares are common among younger renters and students which makes HMOs a viable option for a lot of potential landlords.
If you are thinking of converting your property into an HMO, there are some steps that you need to work through first. This will include meeting the legal requirements to ensure that the property is habitable for multiple people. It’s advisable to consult property marketing services about these considerations.
Before You Start
It is important to note that the majority of HMOs need to have an HMO license. If you are going to rent your property to five or more renters from more than one family you will need a license. A license is also needed when your property is at least three storeys high and has shared bathroom or kitchen facilities.
If some of these criteria fit, but not all of them, you will still need … READ MORE ...