HMO Letting And Management

 If you own a vast property and plan to let it out, Home In Multiple Occupation (HMO) can be an option to be considered. Apart, from being popular nowadays, its also yields good returns for the owner of the property. According to statistics HMO properties can earn the owner up to three times the normal earnings otherwise. Tenants too find it value for money.

There can be a number of reasons for letting out the home as an HMO. The landlords may feel that letting out a property this way is more effective and effective. The main reason for this could be that it gives much better monetary returns. Another reason is that the room-share concept is getting popular among the student community and among the younger work population. This option is becoming a popular option for renters as they find it cheaper than paying rent by living alone.

In comparison to single lets, HMO properties do require more work on management. As a result, most property agents avoid it. It has a different set of rules and regulations and legislation to be adhered to. Converting a property into an HMO requires making arrangements so that many people can be accommodated in it and certain legal formalities have to be completed. The changes should be made with proper planning permission taken from the authorities. An HMO license is mandatory which is valid for a period of five years. Smoke alarms must be installed, safety certificates if required need to be applied and taken for, gas safety certificate needs to be issued too. Depending on different cities, additional certification might be required.  A separate HMO license is required for each HMO property a landlord owns. All paperwork, documentation, correspondence and approval certificates should be kept properly in safe hands.

A proper summary of the description of the property should be given in the advertisement so that prospective renters will have a clear picture when they come to visit the property. Photographs or a brochure should be handy considering the renter wants to carry it with him or her to help them to make their decision. Having an HMO property can be considered a great asset to an individual’s property profile but if not managed properly, it can lead to unnecessary liability and stress.

In order to get your property considered for HMO Letting and Management or if you already have an existing HMO and want to get assistance in its management, visit the website of Wycombe Sales, Lettings and Management. This website will take away the hassles out of converting and managing your HMOs and make your life comfortable. We will do all the necessary work required while your investment makes you profitable.

Leave behind the tensions and headaches of paperwork and legislation. So wait no more and visit the website of Wycombe Sales, Lettings and Management today converting your property in an HMO or for keeping up to with the changes in the legislation and market.