Property developers intent on accomplishing a substantial return on investments should examine the possibility of adding an HMO to your property portfolio. Buying a standard three-bedroom townhouse for HMO conversions can quickly turn your monthly rent collection from three tenants to five. At Future Build, as HMO specialists, we have assisted countless developers with their HMO conversions and HMO renovation projects across Coventry, Warwick, Leamington Spa, Stratford-upon-Avon, Solihull or Leicester.
An HMO is defined as three or more tenants who aren’t part of the same household and share amenities in the same dwelling. Therefore the type of house you will be looking for will have at least two bedrooms. Former schools or business premises can undergo HMO renovation and achieve licensing as an HMO under the converted building test. Whichever type of property you buy, make sure that it is close to local transport links and attractions to make it appealing to tenants.
The type of criteria you will need to fulfil to obtain a license will depend on the kind of property and the number of occupants. As an HMO specialist across Coventry, Warwick, Leamington Spa, Stratford-upon-Avon, Solihull or Leicester, Future Build has helped countless developers liaise with local councils to ensure their HMO projects are fully compliant. Another role we play as an HMO specialist is to guarantee the building meets all relevant Fire Safety regulations.
If you are interested in developing an existing property in your portfolio or HMO renovation and would like advice and a free quote from an HMO specialist, contact us to arrange a site visit.