What Is An HMO?
Houses of Multiple Occupation
A property is classed as an HMO if three or more unrelated persons rents parts of the house, possibly sharing facilities like bathrooms and kitchens. Not all properties are suitable to be HMO’s and there are a number of extra regulations and costs but HMO’s can be substantially more profitable in comparison to standard residential lets. Many Landlords are now looking for HMO’s to be part of their portfolio’s in order to increase cash flow.
What return on investment (ROI) can I expect?
HMO’s have more overheads but can produce up to 75% more rental income and a ROI of 13% to 20%
Letcom Property Agents – Leaders In HMO Services
Letcom letting agents Basingstoke has over 18 years experience of managing HMO’s. Many letting agencies will not consider HMO’s because they are more work, but we have the skills to develop, set up and manage HMO’s.
- Rental valuation
- Advice on presentation
- Advice on regulations
- Advertise and market property
- Tenant viewings
- Tenant referencing
- Collection of holding deposit
- Preparation of tenancy agreement
- Collection of initial rent and deposit
- Gas and electrical checks
- Inventory and schedule of condtions
- Oversee maintenance issues
- Dealing with tenant problems 24/7
- Regular inspections
- Transfer of utility accounts
- Closing inspection and check-out