HMO’s an Innovative Property Solution
Although London is one of the greatest cities of the world to live in, our city is in the middle of a housing crisis caused by the extreme cost of living.
In fact, the average rent is more than a third of a typical household income making London the most expensive city in Europe to rent accommodation.
That’s where an innovative, affordable and quality solution is needed, especially as more than 50,000 new homes need to be built a year to help ease the housing crisis.
The solution is Houses in Multiple Occupation, known as HMO.
Not only will this provide more people with affordable accommodation, as a landlord it will generate you a rental income increase of four times compared to a single dwelling.
For example, if you own a three-bedroom house, this can typically be converted into six units with the following suggested conversions:
- Adding a loft unit on the second (or third) floor
- Extending the rear of the property to add a unit (if the backyard is large enough)
- Converting existing living areas into separate units
- Installing ensuites and kitchenettes in all units
- Converting the current kitchen to a communal kitchen and laundry
The first step in converting your existing property into an HMO is to hire a specialist HMO agent that can tell you if the property can be converted or not. They can also advise you on the planning, licensing and health & safety requirements, so that you can get your HMO licence.
As landlords and property investors ourselves, we combine our love of property, design innovation and technical excellence to help our clients convert existing single dwelling houses into HMOs.
We bring together our trusted team, which includes…
- Heating engineer
- Project Manager/Builder
- Scaffolding team
- Roofing experts
… to convert single dwelling properties into innovative, affordable and quality HMOs.
Our HMO Promise
As specialists in HMO conversions since 2006, we promise you:
1) On-time and on budget completion regardless of the size or condition of your property.
2) You’ll be kept up to date at all stages. Communication is our key to success.
3) There’ll be no surprises and no excuses. We deliver what we say we will.
4) Your HMO conversion will be compliant, and you will receive the HMO licence
5) Rental returns of three times your current monthly rent (some of our clients achieve up to five times increase)
If you want to know if your single dwelling house can be converted to an HMO then call us on +44 (0) 203 286 6468 or email us at HMO@RekaProperty.co.uk.