Houses in Multiple Occupation (HMO) are popular among property investors in the United Kingdom. To purchase the right HMO that you will be able to profit from takes skill and experience. In today’s video you will be given three critical tips which will help you find the right HMO in your area. If you are new to buying HMO’s then this is a must watch.
The first critical tip that is discussed is about the sizes of the bedrooms. This is very important as you will want to rent out your rooms to the right tenants at the right price. Having the right sized bedrooms will enable you to rent out faster and it will also tend to lead to tenants renting for longer periods of time.
You want to look for bedroom sizes of a minimum of 6.5 square metres for a single room and around 8 square metres for a good sized double room. Obviously these are not hard and fast bedroom sizes but they should be used as a guide. You certainly don’t want bedrooms that are a lot smaller than this. Much larger bedrooms could be converted into tow smaller bedrooms.
Something that a lot of people overlook when buying an HMO is the kitchen space. This is going to be a communal area for the tenants in the property and you also need to consider the health and safety aspects. For large HMO’s you will need to provide 2 sinks, 2 cookers and so on. You also need to take into account that tenants will not want to share cupboards and so on. Will each tenant have enough space of their own and the facilities that they need?
The final tip is about the communal area such as a lounge. Space in this room is very important and you need to ensure that there are enough seats for all of the tenants that will be living in the property. Take some measurements and look for rooms that are over 10 square metres.
Watch the video for some additional information about these three crucial areas of purchasing an HMO.
Buying an HMO can be a headache and it can certainly be a lot of hard work. At CPI we have a number of years experience in property investment in the UK and we can offer you our “hands off” investment partnerships. To find out more and arrange for your totally free, no obligation, meeting with us please use the contact form here.
Here is the video.