If you own more than one single-let property and, as a landlord/investor, want to convert them to HMOs, then you will resolve a substantial residential issue. As the number of residents in the UK is increasing day by day, there are not enough single-let properties to settle them. A house in multiple occupation or HMO is the solution to this problem and an opportunity for investors to obtain a higher return on investments states HMO Property Designs.
In order to convert the property to an HMO, first, analyze its layout and location. These are the first parameters that will decide whether it can be a successful HMO or not.
1- Speak To The Local Council
You need to contact the council as most HMOs require a license. Moreover, some councils have different meanings and requirements when it comes to HMOs. Therefore, it is preferable to get in touch with the local HMO officer. When the HMO is three-story, five or more tenants are residing and sharing common facilities; it becomes mandatory to get the license.
For each property, you have to get a separate license which will be valid for five years. The HMO officer can provide you insights into the area, and it will be easier to obtain the license when you are in touch with the officials.
2- Get Planning Permission
In some areas, if you are abiding by the national and local legislation, you do not have to get planning permission. However, there are some locations where you need to get permission before you make any amendments. The ultimate goal is to make the place safe with adequate provision of all facilities. However, make the place rentable, keeping in line with government regulations and tenant’s needs.
3- Make Your Property Furnished
Considering the types of tenants you want to reside in, furnish the apartment. What looks good sells more. However, there is no such legal requirement to get durable furniture for it. But it will attract the tenants, especially if your target tenants are professionals. With such tenants and good furniture in place, there will be lesser need for repairs.
4- Consider The Layout
It is better to start with three bedrooms and two reception rooms, in the beginning. However, if you change the layout to expand the revenue, you can convert one reception room to a bedroom. But, make sure you do not use all space during the conversion. Let one reception room be used as a communal area for the tenants.
5- Proper Management
Managing multiple tenants can be difficult as a beginner. However, with HMO Property Designs, it becomes simplified. We help maintain a good check on tenants and ensure tenants are abiding by all rules. With our services, the landlord won’t have to worry in case of any emergency or breakdown. Besides, we keep all important documents highly confidential and secured.
Putting It All Together
For converting your single-let to HMO, you need to follow all rules and abide by all laws. The utmost priority is to ensure the safety and health of the people who will live in the apartment. Comply with the standard room size and other legislations when converting your property to HMO.