Discover the Steps to Making a Property into an HMO
An HMO is a house of multiple occupation, which means it’s a property that has at least three tenants or more all in the same house but not part of the same family. A lot of property owners prefer HMOs because they believe it’s a more efficient way of getting the rental value out of a property. Renters will sometimes prefer this type of rental because it’s cheaper and others may like it because they enjoy being around other people.
What’s the Appeal?
Students and young renters like being able to share and landlords like it because the tenants stay longer and the property owner sees it as a dependable option. There are several steps to making a property a suitable HMO. It’ll need to meet all the legal requirements so that it’s suitable for multiple people. In most situations, it will require getting an HMO license. It’s always advisable to get the help of a professional floor plan creator when making these types of conversions
Do I Need a License?
With a property where you plan to let to at least five or more individuals in one house and if it is three stories high, then these are some of the factors that could mean you have to have an HMO license. If the tenants share kitchen facilities and bathrooms then you almost certainly need a license. Very often even if your rental property meets some and not all of those criteria, then it’s likely you would still …Discover the Steps to Making a Property into an HMO Read More