I want to rent out my (currently let) house as HMO / House Share...info needed.

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    I want to rent out my (currently let) house as HMO / House Share...info needed.

    Hi, i currently have a 5 bedroom trerraced house let out to a family im not too happy wit, nothing too major but disturbing neighbours (friends of mine) with noise, nucience children etc...

    Anyway it got me thinking about increasing revenue from my proprty by letting out all 5 bedrooms and the large downstairs dining room as a house share (6 tennants).

    The property also has a large kitchen, a large living room and 2 bathrooms.

    I just dont know where to start, i know about the regulations for renting property out as i have it rented out now and ive had a look on spareroom.com so i know it will be financially a top idea after the initial layout for furniture etc...

    I just need some guidance if anyone can help me.

    Thank you

    Max

    #2
    Approach your local council. They normally have a good selection of material to cover the necessary bases.

    Otherwise, internet searches on HMO's is good.

    You may need to think about planning permission in your area, probably licensing as well.
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      #3
      Max,

      HMO's are the best residential asset class in my opinoin.

      A few things to be aware of.

      You will almost certainly need to have fire doors on all "hot" areas (ie not bathrooms) and a full mains interlinked fire alarm system (you don't say if its two or three storeys but this will decided what type of alarm you need).

      You will need to speak to your local council to find out what their licencing regime is - ie the standard of 5 rooms + 3 stories may be different in your area.

      You need to get the best possible furniture in order to get premium rents - you don't say where you are but if you have a really nice property, then aim for professionals with rents at £400+ pcm

      Good luck

      Matthew
      Last edited by LandlordZONE; 15-05-2011, 15:43 PM.
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