HMOs are different to standard buy to let properties in that regulations regarding fire safety can be more complicated and are often more expensive to implement. There are good reasons for this. For example, in an HMO there are going to be more internal locks than in a family home and the tenants might not even speak to each other that often. But don’t worry. Fire regulations tend to be nothing more than common sense and your local HMO enforcement officer is there to help.
Whether you are managing a buy to let portfolio or looking to become a property developer with buy to sell, property refurbishment is going to be key to your success. Refurbishing your properties will increase their value, make them more attractive to your tenants and decrease what you will have to spend on maintenance. But, you will need to manage your refurbishment costs and know what to avoid.
Off plan investments work very well in 2017 and will almost certainly continue to do so well into the future. You can buy them at a discount and often the capital growth can be excellent. But, a word of caution, if you like the idea of speculative investing and buy a property with the intention of selling it on at a profit, you also need a plan B in case something goes wrong and you end up having to rent it out.
Do new build developments make good buy to let investments? Well yes, they do, but you shouldn’t get distracted from the fundamental principles of investing in property. For any buy to let to work in the long term the rental yields need to be high enough to cover your running cost and the property needs to be in the right location for a tenant-type that suits you.
As a property investor should you be buying property off plan or off market? Today we look at what these terms mean and ask whether investors should really be focussing on these categories or whether there are more important things to consider in a property deal.
For today’s article, Edward Sykes from Renovate Alerts has kindly agreed to contribute his thoughts on how to become a property developer. It’s not rocket science, but the phrase “fail to plan and you plan to fail” applies more to development and renovation projects than perhaps any other area in the property investment industry.
Save time and money on your next HMO refurbishment project simply by fostering the right kind of relationship with your refurbishment contractor. Communication, of course, is key, as is a detailed schedule of works where each development phase is signed off on completion. Most importantly, however, you want to be visiting the site when you can. Problems that are identified early on cost a lot less than problems that only become apparent later down the line.
The truth is that not every house is suitable for use as an HMO property. Whether it’s bedrooms or communal spaces, room sizes matter and there is best practice to follow not least of all regarding the fundamental matter of keeping your tenants happy and the property fully habited. So, stop wasting time viewing properties that are not going to work by setting out some rules about exactly what you’re looking for before you start your search.
Government rules for houses of multiple occupation can be a bit of a minefield. Landlords ask us all the time about how they can be sure that they’re meeting HMO regulation head on. The good news is that your local HMO officer is there to help and as simple as it sounds a phone call to your local authority is all it will take to get you on the right track.
Reduce costs and increase your profits as a landlord by making your house in multiple occupation (HMO) more energy efficient. By just making two small and inexpensive changes to the property you will significantly reduce your utility bills and add to your bottom line. But, it’s not all about the money. These days it’s every landlord’s responsibility to make sure that their properties consume as little energy as possible.