If you have an investment property that you would like to rent out, you can consider the opportunity growing the income by transforming your property into an HMO (Houses in Multiple Occupancy), this is an industry of property investing in which the market is growing even when the real estate market is slowing down.
It is best to check if your local authority regulations ask you to have a license to transform your property an HMO, Ensure that you have the local authority license in writing so when this is later surveyed, you can show letter to verify that you have made enquiries before transforming your property into HMO and every little thing in HMO management was in order.
After you have done your research, preparing the permit requirement and get your HMO ready for rent you will need to find tenants. The right audiences for these are the student inhabitants particularly if your property is situated near a university or college. When you have property with shared facilities, make sure to attract the undergraduate students. They are students that want to share places to stay with their friends. They won’t mind sharing facilities and the most important thing for them is that they can enjoy the atmosphere of an HMO.
The real estate market isn’t at its best for first-time buyers which mean that young professionals that might be the initial stages of their career can be the right tenant group. When you are planning to invest more and then build a greatly admired HMO that appeals to this group; perhaps with car parking, high-speed hotspot access etc, you can expect to earn greater revenue from your HMO than you would from undergraduate students.
HMO is a great way of investing your property to create an income, but when you’re not sure about what you should do, or whether your current home is perfect for HMO, then you must find a service that can handle HMO property management to help you.