newbie landlord wants to know, HMO costs, are these normal?

Collapse
X
  • Filter
  • Time
  • Show
Clear All
new posts

  • spiritdreams
    replied
    Dealing with agent's tradesmen is your first and primary mistake.

    They usually charge double of tradesmen you hire yourself, mainly because the agent gets a cut of the costs.

    I've had agent managed property before where any repair bills done by tradesmen from agent (which is deducted from rent) easily double those I get if I go direct to reputable local tradesmen.

    Don't bother go direct to the tradesmen recommended by the agent, they know not to damage the relationship they have with the agent of which they would get more jobs from, it is more of a symbiotic parasitic relationship built on your property.

    Built up a few trusted tradesmen yourself and call them out instead of using those from the agent, it will work out a lot better in the longer run, I myself have 1-2 gas engineers / plumbers, electrician whom I trust to take care of issues at market rates.

    Leave a comment:


  • Mable
    replied
    Isn't ARLA or Ombudsman the first to contact, and if no success go to sheriff/ small claims court. someone suggested launching a bankruptcy petition, which will force them to pay. whats that?

    Leave a comment:


  • Mable
    replied
    They are the agent's tradesmen. They took my call last time when they didn't know it was my number and l politely enquired about their costs but they no longer take my calls, messages and emails even though l am asking them to do further work in another property's flooring and bathroom, which he said would be interested in, in the only call that he answered from me, the first call. The workman said he would get back to me later that day to show me the cost breakdown of the work he did. nothing. its been a week now.
    l should of been informed of the costs no matter what no?

    Leave a comment:


  • DPT57
    replied
    Did you get quotes from other tradesmen or just ask the Agent to manage it? If the latter then I'm not surprised you're paying a premium

    Leave a comment:

Latest Activity

Collapse

  • Considering HMO licence
    LT72
    Hi I’m considering applying for a HMO license for a 5 bedroom house. But my fix rate mortgage is 6 months. So will need to find a new leader. So wondering if I should apply for it now, inform my current lender or wait till it end and get a HMO mortgage with the new leader. Is there a difference between...
    23-06-2019, 10:15 AM
  • Reply to Considering HMO licence
    JK0
    Why not let to 4 professionals, and leave one room vacant, so you aren't triggering licensing?
    23-06-2019, 21:11 PM
  • Reply to Considering HMO licence
    LT72
    Thanks DPT57 thanks for the detailed reply. Yes I’ve done the cost analysis and do admit it’s more cost to run a HMO. Its relatively big house
    and finding a family to rent it in order to achieve maximum rent is hard vs renting to 5 professionals. I’m guessing the best approach is apply a...
    23-06-2019, 21:08 PM
  • Short-term let (Air BnB, Booking.com) occupancy rates
    Bricey
    Hi all,

    This is my first time posting so please forgive me if I have used the incorrect forum.

    I am beginning to pull together an opportunity in the Bournemouth area to sublet an apartment on a HMO basis (shared bathroom and kitchen facilities) using outlets such as AirBnB,...
    18-06-2019, 21:03 PM
  • Reply to Short-term let (Air BnB, Booking.com) occupancy rates
    JamesHopeful
    I've stayed at an AirBnB similar to what is described. It was essentially just like staying at a small hotel, albeit without there being any staff permanently on site. It felt quite normal. But as above, I entirely agree that it'd either be C1 or sui generis use class....
    23-06-2019, 15:40 PM
  • Reply to Considering HMO licence
    DPT57
    This goes a bit beyond what youve asked, but can I suggest you do a full financial projection for this venture to make sure the sums really do stack up over a family let. As well as the licence fee you should factor in the cost of adaptations, increased mortgage and insurance costs, increased voids,...
    23-06-2019, 14:16 PM
  • Reply to Short-term let (Air BnB, Booking.com) occupancy rates
    jpkeates
    It can't be an HMO, because no one will have it as their main residence.
    It's essentially going to be a hotel or hostel - so it will require planning permission for a change of use, because it's going to be a commercial property not residential (and I think you'd be lucky to get it if the area...
    23-06-2019, 13:49 PM
  • Considering a HMO as an investment
    Draigflag
    Hey everyone, I've just joined, this is my first post. I'm Paul, I'm 31 and I live in Mid Wales. Under tragic circumstances I will be inheriting some capital sooner than I had imagined. I'm becoming keen on the idea of a HMO as an investment, but being pretty young and new to this field, I am looking...
    05-06-2019, 17:57 PM
  • Reply to Considering a HMO as an investment
    DPT57
    You will have to fully furnish them for this market and will need people to do the laundry, cleaning and change over between guests. Holidays lets is a very different market and would need speciallist insurance, probably non-standard btl mortgage if applicable and I think some Councils have a restriction...
    21-06-2019, 12:08 PM
  • Reply to Considering a HMO as an investment
    Draigflag
    Yes actually, as an alternative, I have considered buying a few smaller properties locally (houses are very cheap here) and having a letting agent fill them up for the summer for me. My parents ran a guest house for 20 years so I do actually have a bit of experience in this field. I live in a tourist...
    20-06-2019, 18:00 PM
Working...
X