HMO (House in Multiple Occupation) is a multi-family house where more than one tenant can live at a time. It could be a crucial task to sell an HMO property compared to a single-family house.
HMO is a unique property that is shared by multiple talents. It requires a unique method to sell the property.
What makes HMO a good investment for buyers?
If you are trying to sell your HMO, you need to know whether your HMO is a great investment opportunity for buyers. The following are important factors that have a strong impact on the decision of the buyers.
Size
The government standards and regulations for the HMO investment are very strict. A bedroom with a single bed should be at least 6.51 sq meters while the one with a double bed should be 10.22 sq meter.
The size of the property is also an important thing to consider. HMOs with 3 to 4 bedrooms are considered to be small HMOs for 3 to 4 tenants. As an investor, you can buy a house with 3 to 4 bedrooms and rent the rooms to different tenants.
It is a good idea to buy a small HMO property because it gets easier for the tenants to manage to live with one another. The smaller the house is the better it is because there is a chance of fewer individuals living together.
A larger HMO comes with more rooms. An investor might find it attractive to buy a larger property for a higher rental yield. However, you should also keep in mind that the operating cost of the house is higher.
A sensible investor would get a small HMO because it is easier to maintain and there is less chance of dispute among the tenants. Unlike a larger HMO where there are more tenants, there is a chance of disputes because they might not have separate bathrooms and a kitchen.
Most HMOs are small and compact suitable for 3 to 4 tenants. If your HMO is small, there are higher chances of it selling fast and quickly.
Location
The North of the UK is an attractive location for HMO investors because it is experiencing high economic growth. They are high employment opportunities and more people are moving to the hubs of Manchester and Liverpool.
In the Northwest part of the country, there is a high demand for HMO properties because more and more people are looking for affordable accommodation.
Moreover, as an investor, you consider targeting the students and young people because they are more likely to choose HMO houses because of their low level of income. HMO is a low-cost living for students. If your HMO house is in an area near universities and colleges.
The Market
HMO is a cost-effective and low-risk investment. It has a huge potential for growth due to the high rental yields.
An investor considers analyzing the HMO market in the area they want to invest. They collect all the relevant information and compare the prices of different properties. They also consider the rental yield he can expect from the tenants of that area.
Investors consider the existing investors in the market. If there are more investors in a particular area, that area is considered to be an attractive choice for investors. Your HMO is more likely to sell quickly if there are more HMOs already in your area.
HMO-High Maintenance Investment
If you are wondering whether investing in HMO is for you, pay heed to the fact the HMO is a high maintenance investment. Yes, there is an advantage of getting higher rental yields than single occupancy.
However, it is complicated to manage 3 to 4 tenants at once. You need to put a lot of effort into dealing with multiple tenants and their issues. Moreover, you have to maintain your property and meet the highest standards.
If you are tired of owning an HMO house, you can sell it fast by making the right decisions click here to read more.
Selling HMO at the Right Price
Do you own an HMO? Are you tired of maintaining it for years? Are you getting divorced and want to sell your HMO?
If you are considering selling your HMO, you should get in touch with professional advisors who attempt to sell your property at the right price. The professional advisors find potential investors for your property at the best possible price.
If you want to sell your HMO property to reinvest the cash on some other asset, it is a sensible option to get in touch with the professional sellers of HMO.
Hiring a competent HMO agent is going to make it easier for you to sell your HMO house. He has the relevant knowledge about the HMO industry to get the best price for your house. Local real agents also deal in selling HMO. However, hiring an expert is going to make a difference.
An expert has the right understanding of the HMO market and demand trends.
Get an instant offer for your HMO by getting in touch with Richard.
