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> How Can You Tell If A Property Can Be Used As a
HMO? - Part 2 |
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So,
you've found a property which is near town, near some
local facilities, has some element of off-road parking
and looks fairly attractive from the outside. So,
you can now buy it? Right? Wrong...
What
you need to do now is a thorough evaluation of the
inside and the more you do, the quicker it will get
for you.
Its
not as easy as finding the property in the right area,
you now need to find the right property. And this
can sometimes be very tricky - in fact, I would go
so far as to say that I reject 4 out of 5 properties
I look at because they do not meet my criteria.
I
generally try and do my review of a property online
although its not always possible - it depends on how
much information the write-up gives you but you'll
certainly have a good idea from the description even
if there isn't a floor plan.
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If
you're serious about your property business in
2011, you will get this report, right now and
read the report today. |
Imagine,
month after month, having dozens of £400
deposits in your bank account,with almost no
chasing the rent and little tenant support—ever.
What an easy way to earn a living that would
be! You can have that life. I'll show you how.
- Why
HMO's Are The Perfect Property Investment
- HMO's
Are Not Problem Free
- Why
HMO's Are More Than Just a HMO
- The
HMO Survival Guide
-
Managing Your HMO Effectively
- Make
Money With This Report
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So,
what do you need to look out for?
1.
Generally you're looking to use one of the reception
rooms as a bedroom.
If
you have a front-to-back living room/dining room with
an arch-way seperating them, you may not be able to
do this. You may be able to if they have doors seperate
them but its not ideal as you would have to either
fill the doors in, soundproof and put a large wardrobe
in front of the doors or spend additional money making
that extra room.
2. You need plenty of
bathrooms.
If you are putting 4 or 5 people in a house, then
you can get away with just one bathroom but it will
be tight. I would recommend allowing one bathroom
per 4 people with the ideal being one ensuite and
four bedrooms sharing the one bathroom PLUS another
toilet/sink in a cloakroom or similar. My best house
has four bathrooms - one ensuite, one jack-n-jill
bathroom, one family bathroom and a cloakroom.
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3. Every room needs to be a minimum size.
This
does vary according to council but the national
guideline is 6.5 metres square (which is a small
single) with many councils now trying to enforce
a minimum size of 8.0 metres square. So look carefully
at room sizes and make sure they are big enough!
4.
You need a good combination of room sizes.
Its
not use just having singles or doubles, you do
need to have a mixture so that your house is aimed
at 2-3 price brackets. We generally have 1 ensuite,
4 doubles and 1 single per house which allows
for a good cross-section of people and prices
to aim our marketing at.
5.
Kitchen needs to be big enough to take at least
2 fridge freezers plus washing machine/tumble
driers if you don't have a utility.
Never
skimp on a kitchen as most of the tenants will
be using it every day for at least two meals.
If they have somewhere to sit, then that makes
it even better.
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These
are the five rules that I always follow when buying
a property - I would suggest that you use them when
searching for property on and off line and this will
save you time, avoid wasted viewing trips and allow
you to hone down on the exact property that will fit
your needs - and give you massive cashflow.
Is
there a perfect HMO - well no there isn't otherwise
I would have one!
But
there are some types of houses that lend themselves
so much better to being a HMO than others. Have a
good look at some floor plans from some new build
developers and you will see what I mean (more about
that in another article another day)!
|
If
you're serious about your property business in
2011, you will get this report, right now and
read the report today. |
Imagine,
month after month, having dozens of £400
deposits in your bank account,with almost no
chasing the rent and little tenant support—ever.
What an easy way to earn a living that would
be! You can have that life. I'll show you how.
- Why
HMO's Are The Perfect Property Investment
- HMO's
Are Not Problem Free
- Why
HMO's Are More Than Just a HMO
- The
HMO Survival Guide
-
Managing Your HMO Effectively
- Make
Money With This Report
|
|
If
you have any questions on the article above or you
would like any free impartial advice on HMO Investment
covering the following subjects; Armchair Investing,
Purchasing your own HMO, Financing for HMOs, Building
Works and regulations for HMOs or Purchasing the Right
Furniture to make a HMO work please do not hesitate
to contact us at 01604 521301 or via email on kranns@millenniaproperty.co.uk
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Matthew Moody
About
The Author:
Matthew
Moody is one of the UK’s top HMO experts and
the founder of www.yourhmoexpert.com a website dedicated
to providing property investors with free information
about investing in high quality professional HMO’s.
He runs regular workshops and speaks at events around
the country.
He also runs a HMO management agency with offices
in Northampton, Leeds, Lincoln, Hemel Hempstead
and Colchester together with a property sourcing
and education business, and a furniture package
supplier.
For more details, please contact Matthew on 01933
460270/01604 521301 or info@yourhmoexpert.com
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