Even during the current unpredictable COVID climate that we find ourselves in, it’s reasonable to foresee that shared living will continue to be in high demand now and in the future. Given the changing demographics coupled with a housing supply shortage it is predicted that HMOs will increase in demand and become more commonplace throughout the UK over the coming years.
Data shows that landlords who are letting HMOs are reaching the highest rental yields, so it is no wonder that this type of letting is becoming increasingly popular. However, the acquisition of an HMO is a big leap for a landlord who is new to property letting; it brings with it a heightened level of responsibilities and legal requirements. HMOs can cost more to maintain, taking back around 23% of gross rental income. Additionally, utilities and council tax cost more on HMOs, which are likely to be deducted from the rental income. Therefore, it’s prudent to ensure that before taking this step that you have all the information required to make sure the investment is right for your portfolio. At Morrisseys we have a strong HMO management department, and we provide a fully managed service for busy landlords. We supply a range of shared accommodations to tenants and, as such have an in-depth knowledge of what works and what doesn't. Ensuring you make the most of your investment.
We would be delighted to talk to you more about your property investment and how we can help take the stress out of lettings. Whilst ensuring you remain compliant and up to date with all the new legislation that is ever changing in this specialist area of the lettings market.
Get in touch
Call us on 01903 211600 or send us a message...