HMO Rentals |
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SuperDave84
Robbie Keane ooh Thomas, how could you do this to me! Joined: 26 Aug 2011 Location: Far Fungannon Status: Offline Points: 21384 |
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Posted: 29 Jul 2019 at 5:22pm |
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If you've a three bed house, you'll make more money renting it to three single lads than you will to a family with three kids. The potential income is usually higher & the wear and tear (avoiding kids) is usually lower. The downside is the higher turnover of tenants as families with kids tend to be more stable than young professionals - there's an increased potential for lost rent for vacant periods. It's not exactly worth spending £5k to turn it in to a HMO in order to get 3x£300 per month instead of £800 from a family, if each of the rooms is empty for two months every summer. You can avoid that a little with individual twelve month leases & deposits, but it's still no guarantee you won't find yourself with empty rooms. Plus, if the individual tenants don't get on, it can be a pain in the hole to remove one and you'll end up having to take sides. There are better pensions than it, anyway. It definitely takes a fair bit more managing than simply renting the whole house as one unit; you have to work to earn the extra rent. It's natural though: three tenants definitely require more interaction than one tenant, even if they are in the same house.
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Bob Hoskins
Moderator Group Joined: 29 Jul 2007 Status: Offline Points: 20175 |
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So a house with mini flats in it?
Jesus christ Guppy are you insane, renting to a load of students what could possible go wrong
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Romario 2016: And the ticket mafia gets caught! Well, four years ago I had already told the government.
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bogball88
Liam Brady Joined: 16 May 2016 Location: Throne Status: Offline Points: 2674 |
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A HMO is a property rented to 3 or more people who are not related, typically students
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Bob Hoskins
Moderator Group Joined: 29 Jul 2007 Status: Offline Points: 20175 |
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What's the difference between renting a house and a HMO?
Each to their own and I wish you all the best but I couldn't think of anything worse as an investment. I have an estate agent in our office space, where they manage properties. Nothing but hassles
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Romario 2016: And the ticket mafia gets caught! Well, four years ago I had already told the government.
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bogball88
Liam Brady Joined: 16 May 2016 Location: Throne Status: Offline Points: 2674 |
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Not sure how much it would cost, but i would imagine it would be that at the most. If you have 5 people you need 2 bathrooms. With regards to the Holylands and the purpose built accomadation, I believe that he Holylands will always have a high demand for relatively cheap accomadation as opposed to the more expensive purpose build. Lads and lassies from Tyrone and Armagh will always prefer to be close to the Hatfield and the Rose
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bogball88
Liam Brady Joined: 16 May 2016 Location: Throne Status: Offline Points: 2674 |
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Houses of multiple occupation. The rules and regulations are a bit different in england as opposed to the black north here. We have a few in our area mainly because Ulster University Jordanstown is in our district. It only qualifies as a HMO if there are 3 or more people living in the same house who are not related. Things you will need to ensure you have are things like fire escapes, fire doors, approapriate locking on exit doors (ie not keys), Gas certificates annually, electrical too, and an energy performance certificate among other things. Its not too onoerous in the north to be honest
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Lostandfound
Liam Brady Joined: 05 Oct 2015 Status: Offline Points: 1122 |
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Her Majesty's Orgasm?
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DUBLIN DOC
Jack Charlton The F The F The FAI Joined: 30 Jun 2009 Location: Abbottstown Status: Offline Points: 9155 |
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Bob Hoskins
Moderator Group Joined: 29 Jul 2007 Status: Offline Points: 20175 |
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what's a HM0?
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Romario 2016: And the ticket mafia gets caught! Well, four years ago I had already told the government.
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bogball88
Liam Brady Joined: 16 May 2016 Location: Throne Status: Offline Points: 2674 |
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Where is this?
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bogball88
Liam Brady Joined: 16 May 2016 Location: Throne Status: Offline Points: 2674 |
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grand
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pre Madonna
Robbie Keane I am MALDING Joined: 30 Nov 2014 Location: Trumpton Status: Offline Points: 44659 |
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And make sure you stay as obnoxious as possible on every step!
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McG
Moderator Group SISAO? What the hell is SISAO? Joined: 27 Jan 2008 Location: Christmas Island Status: Offline Points: 27008 |
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Keep climbing that ladder Byrner
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YBIG Table Quiz winner 2016 & 2017
AS YOU WERE McGx |
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bogball88
Liam Brady Joined: 16 May 2016 Location: Throne Status: Offline Points: 2674 |
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Involved with these in the north through my work in the licensing end of it
Edited by bogball88 - 23 Jul 2019 at 3:43pm |
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