What
is an HMO?
Even in times of
uncertainty, bricks and mortar are thought of as being a safe place to
invest your hard earned cash, and that opinion doesn’t show any signs of
changing in the current climate.
Over the past twenty four
years we have experienced a fantastically high demand for investment properties
with a HMO being THE most sought after type. HMO stands for ‘House of Multiple
Occupation’ but to help confuse you there are different types of HMO. A standard
HMO is a residential property of any type which is let to 3 or more unrelated
people who share common facilities like a kitchen or bathroom. There is then such a thing as a Licenced HMO
which covers properties which are let to 5 or more unrelated people who share
common facilities and is spread over 3 or more floors. What many people don’t
realise is that you often need planning permission to create an HMO especially
in densely populated areas. Councils
use HMO licensing to improve the quality of housing and they give the steps you
need to follow to run a legal HMO property that is safe for your tenants. These
normally include details of minimum room sizes, the amenities needed and how to
keep your tenants safe from fires. Each local council will use slightly
different definitions so it’s important to know what they are and work with
them to keep everybody happy.
Here in Sheffield the
most popular locations for tenants wanting to live within a HMO property are
fairly obvious being the areas closest to the Universities, Hospitals and City
Centre. These are all areas that we here at Spencer will cover and generally speaking
we will have a steady flow of available HMO properties to buy throughout the
year.
If you are looking to
invest in a property like this, would like some advice or have a property that
you would like to sell, please call 0114 268 3682 and ask for Chris or Nicola
to see how we can help.
http://www.spencersestateagents.co.uk/
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