Good luck with this. You Are going to have a very hard year this year. But in the long run You will do just fine.
@stephengriffiths98302 жыл бұрын
HMO are hard work. You need to be on call 24/7 to deal with tenant arguments & maintenance issues. Plus all the HMO regulations (fire doors/fire extinguishers/PAT testing etc). Also, with increasing energy bills this will eat into your profit margins massively. I’m in the process of converting a six bed HMO back into a single let. Best decision I’ve ever made. Good luck with it, but be warned you will have a high turnover of tenants & voids which you need to factor in too.
@abdullahk869110 ай бұрын
Depends where the hmo is. As for bills charge tenants rent plus their share of the bills.
@Leethetypeofbloke10 ай бұрын
A property management company can deal with a lot of this and you can factor in the bills to the rent you charge. Still, hard work yes.
@abdullahk869110 ай бұрын
@@Leethetypeofbloke most of them are a complete waste of time!
@wicked-witch-of-the-west7 ай бұрын
How do you go about creating a brand new 5 bed HMO on a property you haven't even yet purchased? Do you need to approach the council first, and look at licensing, an architect first? What are the steps needed before you even put an offer in, to ensure you know it's worth purchasing. I'm struggling to find information Any help you can give me would be most appreciated
@mistaken_stranger83432 жыл бұрын
Hi I have a question for you regarding HMO mortgage. When you go to apply for a loan for a HMO, do you have to give a business plan as well as do research on the area to prove that there is a demand for this type of service in the area?
@mark-jonathanwilkinson29942 жыл бұрын
Yeah, and make sure there are comparables in the area as evidence for lending. Max borrowing is usually 75% of the total value of finished property and expect to pay around 0.83+% interest per month untill the remortgage.
@ProgressiveProperty Жыл бұрын
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@gavinhill26702 жыл бұрын
How are you getting kitchens for £1,500? Is that total cost, include fit? thanks
@bigbawsdogg2 жыл бұрын
Fitting a ktichen that size 500-900 depending on various factors. So total would be 2-2.5k. Small kitchen.
@ProgressiveProperty Жыл бұрын
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@malgosia11111 Жыл бұрын
Did you need planning permission? Nottingham is under Article 4. thx
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@dans243 Жыл бұрын
This particular property the juice doesn't seem to be worth the squeeze