What Is a HMO?
Posted on 7th June 2021 at 14:35
HMO stands for Houses of Multiple Occupation, which is a British English term which refers to residential properties where communal areas exist and are shared by more than one individual (house hold). Most HMOs have been subdivided from larger houses designed for and occupied by one family.
HMOs can be a great resolution for tenants who want a home like feeling without having to have the responsibility of renting a whole house. There are a quite a few benefits to living in a HMO. Firstly, low rent prices. When you compare rent prices, including the up front deposit for a single let property (usually a month's rent), HMO room prices are considerably lower. And if you are looking for a home to rent by yourself, the last thing you want is to be paying high rent prices for a single let property. Yes the rent is lower due to renting out only one bedroom of the house, but not only do you have your own space in your bedroom, of course you still have access to the kitchens, bathrooms, communal areas even the garden. Living in a HMO makes renting easy as you don't have to worry about responsibilities such as repairs and maintenance as this is managed by your landlord. Utility bills are usually included in your rent (if you have a nice landlord) therefore you only have to worry about the one rental payment going out of your bank account each month.
Another positive to living in a HMO is a standard contract is usually around 6 months, therefore if you did find you didn't enjoy the property, the location or just fancied a change, you can up and leave (terms as agreed with the landlord) after the 6 months is up. Or you could continue your stay for another 6 months. This can be beneficial for tenants who are constantly having to move due to their job. Your stay in your property will depend on your agreements in your contract with the landlord which is why it is always important to read and keep a copy of your contract to avoid any technicalities when trying to leave or continue your stay in your HMO property. Living in a HMO also opens up the opportunity to get to know new people that you are living with and make new friends. This can make living independently a lot more enjoyable, especially if it is your first time living independently.
We specialise in HMOs here at TK Lifestyle Properties and are all about taking the stress of managing properties from a landlord, so they can continue to live the lifestyle they intended on when they first heard about property investing being a source of passive income.
Our solutions make landlords property income completely passive meaning that you don't have to do any work, if you're interested in our services please fill in your details on the contact form and we'll get back to you ASAP.
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