If you are a landlord in Coventry, Warwick, Leamington Spa, Stratford-upon-Avon, Solihull or Leicester looking to increase the potential return of your property portfolio, you should consider HMO conversions. Future Build are HMO specialists ideally positioned to guide landlords through the maze of regulations and criteria for licences concerning HMO conversions. Although the initial outlay of capital can be significant, eventually, the returns of having multiple tenants within a single property can pay dividends.
Working out beforehand how many tenants you plan to let and the space needed will determine the scale of the refurbishment.
Walls may need to be taken down or put up depending on the original layout of the building. For instance, three-bedroom Victorian terraced housing typically consists of two reception rooms, with one converting into an additional bedroom. For HMO conversions with more modern houses, garages and lofts are often modified into extra bedrooms to accommodate the multiple tenants.
Not all HMO dwellings need licenses, but when required, they are typically for one, two or five years, and an HMO with five or more occupants will require a license in any local authority. Still, HMO accommodations with fewer than five people will depend on the local council. Coventry City council amended the current rules so that any HMO now requires a license, and an HMO for more than six occupants necessitates planning permission.
Before you start to let your property, it’s essential to comply with the regulations thoroughly. It will need a current Electrical Condition Installation Report, meet the Fitness for Human Habitation standards, undergone a fire risk assessment, feature emergency lighting and locks for each bedroom.
At Future Build, we can help landlords in Coventry, Warwick, Leamington Spa, Stratford-upon-Avon, Solihull, and Leicester realise an HMO project that provides a fantastic return on their investment.
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