Starting from scratch – HMO?
I’m looking to get into property investment. Buying the property and renting it out. I am trying to learn everything as I can about HMO rules, but I am not sure if I really understand article 4 for HMO, has it made life difficult for the HMO landlord?
I would like to know everything about HMO’s. The rules of being a landlord with HMO’s, can you easily get a HMO licence if it’s not a HMO property? How to find HMO properties?
If you do the basic face lift and renovation how much increase in value can you expect in the property?
I would also love to have some Tips for HMO landlords.
Many thnaks
Prath
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Member Since February 2011 - Comments: 3453 - Articles: 286
9:19 AM, 23rd September 2019, About 7 years ago
Dear Prath,
I would suggest you start with our article search >> https://www.property118.com/?s=&cat=-1
And type in “HMO” and also “Article 4”
This will help to start narrowing down your questions, but as a newbie I suggest it may also cool your enthusiasm for starting out in the HMO world as your first property.
Member Since September 2013 - Comments: 104 - Articles: 3
10:15 AM, 23rd September 2019, About 7 years ago
Reply to the comment left by Neil Patterson at 23/09/2019 – 09:19
Prath,
you should understand also that it is not so straight-forward for a First Time landlord to obtain a HMO mortgage – many lenders require you to have some experience with a “vanilla” BTL before tackling a HMO. This can be as little as 6 months or as long as 2 years with some lenders.
An experienced broker will be able to assist with your queries, whether it be for a standard BTL property or HMO. We would be delighted to help if you need it. Neil has our contact details.
Member Since July 2016 - Comments: 156
10:47 AM, 23rd September 2019, About 7 years ago
You might want to await the outcome of the next general election before deciding whether to take the plunge! Some very nasty things may be in store for landlords if Mr Corbyn comes to power (on top of several nasty things already done by the Tories.)
My top tip with HMOs: quality properties in quality areas = quality tenants who pay the rent on time.
Member Since August 2014 - Comments: 2
1:15 PM, 25th September 2019, About 7 years ago
Can anyone give me advice about ACOIAID case. The local authority seem to be setting me up for a legal case and demand forms filled and work done very quickly. I have had no previous problems.