Upgrade your HMO property and increase your rooms’ asking prices with these 4 tips: Use Outdoor Space – Outdoor space is just as important as the interior when appealing to long-term tenants. Seating and eating areas are popular, especially in the summer months. Kitchens and Bathrooms – These rooms are important and could be potential …
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What happened in the HMO property market in Q1 2023? Data from SpareRoom, the room rental platform, revealed that rents across the HMO market had reached an all-time high in Q4 2022, in addition, the UK average room rent increased 13% year-on-year. Supply & Demand The demand for rental properties peaked between summer and autumn …
Unlocking Potential: Why Landlords Should Consider Converting Their Buy-to-Let into a House in Multiple Occupation (HMO) As the rental market continues to evolve, landlords are constantly seeking ways to maximise their returns and adapt to changing tenant demands. With sky-high interest rates and profits quickly declining many are asking themselves whether it’s best just to …
Furnishing an HMO (House in Multiple Occupation) is not required by law, but it is highly advisable for landlords to fully furnish their HMO property. Here’s a guide for the furnishings and fittings that an HMO landlord should supply: Unlike single lets, where the majority of landlords prefer to let out their property unfurnished, many …
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The associated costs of converting a house into an HMO will greatly vary dependant on numerous factors including; Extending a property to increase the number of rooms Loft, side, rear and wrap-around extensions General building works Additional Bathrooms Additional Kitchens Fire safety implementations General decoration
HMOs with four occupants or fewer will generally not require licensing or planning permission. However, if there are five or more occupants – from two or more households who are sharing amenities such as a kitchen or bathroom, will typically require licensing, and may require planning permission. Every council is different and will have different …
The Housing Health and Safety Rating System (HHSRS) replaced the former “fitness for human habitation” standard, as the new minimum standard for housing of multiple occupation. The HHSRS is concerned with removing potential hazards in any building and it imposes duties on Local Authorities to take action in the most serious cases. The Government has …
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If a landlord fails to continually meet the conditions of an HMO license without reasonable explanation you can face fines of up to £5,000. Serious breaches may also end with a license being revoked permanently.
An HMO licence generally lasts for a maximum period of 5 years. A Local Authority does reserve the right to grant a licence for a shorter period of time if it deems so necessary. Furthermore, licences are not transferable and if you purchase a property that is already a licensed HMO, the new Landlord will …
HMO licences come with conditions attached to ensure that the standards set for HMO’s are continually maintained. There are mandatory conditions that include; Annual Gas Safety certificates Electrical / appliance declarations Smoke alarm and fire regulations Tenancy agreements There are also conditions relating to the shared facilities in any HMO, the general management of the …
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