A house in multiple occupation, better known as HMO, is a property that is rented to three or more tenants, who aren’t part of the same household, that share amenities. The good news, HMO’s provide more people with affordable accommodation, while generating a rental income increase of four to five times your current return – compared to a single tenanted property. If you are considering converting your current property into an HMO, here’s what how to do it. Step 1: Location, location, location Before you consider converting your property to an HMO, check that it is in the right location. For example, a busy student area or close to good transport connections. Step 2: HMO Licensing A critical legal aspect of letting an HMO is getting the relevant licence. If you’re letting an HMO, it’s highly likely you’ll need some sort of licence to ensure that the property: is safe for […]
